Mirae Asset Global Investments Co. Ltd. Purchases 159,851 Shares of EQT Corporation $EQT

Mirae Asset Global Investments Co. Ltd. purchased a new stake in EQT Corporation (NYSE:EQT) in the third quarter, HoldingsChannel reports. The institutional investor purchased 159,851 shares of the oil and gas producer’s stock, valued at approximately $7,762,000.

Other large investors also recently bought and sold shares of the company. BlackRock Inc. acquired a new stake in shares of EQT during the second quarter worth about $3,204,125,000. State Street Corp lifted its holdings in shares of EQT by 3.7% in the 2nd quarter. State Street Corp now owns 39,679,249 shares of the oil and gas producer’s stock valued at $2,109,746,000 after purchasing an additional 1,398,316 shares during the last quarter. Wellington Management Group LLP boosted its position in shares of EQT by 41.4% in the 2nd quarter. Wellington Management Group LLP now owns 22,565,479 shares of the oil and gas producer’s stock valued at $1,199,807,000 after purchasing an additional 6,603,286 shares during the period. Bank of New York Mellon Corp acquired a new stake in shares of EQT in the 2nd quarter valued at about $512,148,000. Finally, Bank of America Corp DE boosted its position in shares of EQT by 7.2% in the 2nd quarter. Bank of America Corp DE now owns 4,240,709 shares of the oil and gas producer’s stock valued at $225,478,000 after purchasing an additional 284,244 shares during the period. Institutional investors and hedge funds own 90.81% of the company’s stock.

EQT Price Performance

Shares of EQT opened at $52.62 on Thursday. EQT Corporation has a fifty-two week low of $47.94 and a fifty-two week high of $68.24. The company has a market capitalization of $32.92 billion, a price-to-earnings ratio of 12.47 and a beta of 0.68. The firm has a 50-day simple moving average of $53.20 and a 200-day simple moving average of $55.54. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.71 and a current ratio of 0.71.

EQT (NYSE:EQT) last issued its quarterly earnings results on Tuesday, October 27th. The oil and gas producer reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.05. The firm had revenue of $1.77 billion for the quarter, compared to analysts’ expectations of $1.76 billion. EQT had a return on equity of 8.89% and a net margin of 28.40%. The firm’s revenue for the quarter was down 9.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.52 EPS. On average, equities research analysts anticipate that EQT Corporation will post 3.86 earnings per share for the current year.

EQT Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Shareholders of record on Wednesday, November 4th will be paid a $0.17 dividend. This is an increase from EQT’s previous quarterly dividend of $0.1650. The ex-dividend date is Wednesday, November 4th. This represents a $0.68 annualized dividend and a dividend yield of 1.3%. EQT’s dividend payout ratio (DPR) is 15.64%.

Insider Buying and Selling at EQT

In other news, CEO Toby Rice sold 175,328 shares of the business’s stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $55.03, for a total value of $9,648,299.84. Following the transaction, the chief executive officer owned 2,157,865 shares of the company’s stock, valued at approximately $118,747,310.95. The trade was a 7.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.72% of the company’s stock.

Analyst Ratings Changes

Several research analysts have commented on EQT shares. Scotiabank cut their price target on EQT from $54.00 to $53.00 and set a “sector perform” rating on the stock in a research report on Tuesday, October 27th. Weiss Ratings reissued a “hold (c+)” rating on shares of EQT in a report on Wednesday, October 28th. Stifel Nicolaus initiated coverage on EQT in a report on Wednesday, September 9th. They issued a “buy” rating and a $66.00 price objective for the company. Truist Financial raised their target price on shares of EQT from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Monday. Finally, Freedom Broker cut their target price on shares of EQT from $81.00 to $77.00 and set a “buy” rating on the stock in a report on Wednesday, October 28th. Two analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and seven have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $68.00.

EQT Company Profile

EQT Corporation is a natural gas exploration and production company headquartered in Pittsburgh, Pennsylvania. The company develops and operates unconventional oil and gas properties, with a primary focus on natural gas and natural gas liquids produced from shale formations.

EQT’s operations are concentrated in the Appalachian Basin, particularly the Marcellus and Utica shale formations in Pennsylvania, West Virginia and Ohio. Its activities include drilling, completion, production and management of natural gas wells, along with related gathering and infrastructure operations that support the transportation of its products to market.

The company traces its roots to Equitable Gas, founded in 1878, and has evolved through multiple stages of expansion and restructuring in the U.S.