Moore Capital Management LP Makes New Investment in EQT Corporation $EQT

Moore Capital Management LP bought a new position in EQT Corporation (NYSE:EQT) during the second quarter, according to its most recent disclosure with the SEC. The firm bought 113,154 shares of the oil and gas producer’s stock, valued at approximately $6,016,000.

Several other hedge funds have also bought and sold shares of the stock. Greykasell Wealth Strategies Inc. purchased a new position in EQT during the fourth quarter valued at approximately $26,000. Meeder Asset Management Inc. bought a new stake in shares of EQT during the 2nd quarter valued at $26,000. Wedbush Fund Advisers LLC lifted its stake in shares of EQT by 251.8% during the 2nd quarter. Wedbush Fund Advisers LLC now owns 577 shares of the oil and gas producer’s stock valued at $31,000 after buying an additional 413 shares in the last quarter. Gables Capital Management Inc. bought a new position in EQT in the 2nd quarter worth $37,000. Finally, Root Financial Partners LLC boosted its holdings in EQT by 35.4% in the 1st quarter. Root Financial Partners LLC now owns 773 shares of the oil and gas producer’s stock worth $49,000 after buying an additional 202 shares during the period. Institutional investors own 90.81% of the company’s stock.

Insiders Place Their Bets

In other EQT news, CEO Toby Z. Rice sold 175,328 shares of the firm’s stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $55.03, for a total value of $9,648,299.84. Following the completion of the sale, the chief executive officer owned 2,157,865 shares of the company’s stock, valued at $118,747,310.95. This trade represents a 7.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 274,042 shares of company stock valued at $15,005,076. Corporate insiders own 0.72% of the company’s stock.

EQT Stock Down 0.0%

NYSE EQT opened at $54.56 on Monday. The stock has a 50 day moving average price of $52.33 and a 200-day moving average price of $56.41. EQT Corporation has a one year low of $47.94 and a one year high of $68.24. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.67 and a current ratio of 0.67. The company has a market capitalization of $34.13 billion, a P/E ratio of 12.66 and a beta of 0.58.

EQT (NYSE:EQT) last released its quarterly earnings results on Tuesday, July 21st. The oil and gas producer reported $0.39 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.02). EQT had a net margin of 28.44% and a return on equity of 9.31%. The business had revenue of $1.68 billion for the quarter, compared to analysts’ expectations of $1.76 billion. During the same period in the previous year, the company earned $0.45 EPS. EQT’s revenue for the quarter was down 29.2% compared to the same quarter last year. As a group, equities analysts predict that EQT Corporation will post 3.96 EPS for the current fiscal year.

EQT Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Wednesday, August 5th will be paid a dividend of $0.165 per share. The ex-dividend date of this dividend is Wednesday, August 5th. This represents a $0.66 dividend on an annualized basis and a dividend yield of 1.2%. EQT’s payout ratio is currently 15.31%.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on EQT. The Goldman Sachs Group cut their target price on EQT from $65.00 to $63.00 and set a “buy” rating for the company in a research report on Tuesday, June 30th. BMO Capital Markets dropped their price target on EQT from $76.00 to $70.00 and set an “outperform” rating for the company in a research note on Wednesday, May 13th. Freedom Capital raised shares of EQT to a “strong-buy” rating in a report on Tuesday, June 30th. Jefferies Financial Group reduced their price objective on shares of EQT from $77.00 to $75.00 and set a “buy” rating on the stock in a research report on Wednesday, July 1st. Finally, UBS Group dropped their target price on shares of EQT from $74.00 to $73.00 and set a “buy” rating for the company in a research report on Wednesday, July 8th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat, EQT currently has a consensus rating of “Moderate Buy” and an average target price of $68.10.

About EQT

EQT Corporation (NYSE: EQT) is a U.S.-based energy company focused on the exploration, development and production of natural gas. Headquartered in Pittsburgh, Pennsylvania, the company concentrates its upstream operations in the Appalachian Basin, producing from major shale formations including the Marcellus and Utica. EQT’s primary product is natural gas, with production activities supported by associated liquids and conventional gas assets where applicable.

In addition to drilling and well development, EQT operates and coordinates the infrastructure and commercial activities necessary to bring gas to market.