NEOS Investment Management LLC Purchases 13,201 Shares of EQT Corporation $EQT

NEOS Investment Management LLC grew its position in shares of EQT Corporation (NYSE:EQT) by 14.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 102,572 shares of the oil and gas producer’s stock after buying an additional 13,201 shares during the period. NEOS Investment Management LLC’s holdings in EQT were worth $5,454,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in EQT. BlackRock Inc. bought a new stake in EQT during the second quarter worth about $3,204,125,000. Wellington Management Group LLP boosted its stake 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 in the last quarter. Bank of New York Mellon Corp bought a new position in shares of EQT during the 2nd quarter valued at $512,148,000. Bank of America Corp DE raised its position in 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 worth $225,478,000 after purchasing an additional 284,244 shares during the period. Finally, The Manufacturers Life Insurance Company purchased a new position in EQT in the 2nd quarter worth $163,705,000. Hedge funds and other institutional investors own 90.81% of the company’s stock.

Key EQT News

Here are the key news stories impacting EQT this week:

• Positive Sentiment: Analysts at Zacks reportedly increased their earnings estimates for EQT Corporation, a potentially supportive signal for the stock if the revisions reflect improving natural-gas market expectations or company-specific fundamentals. Zacks Research Brokers Boost Earnings Estimates for EQT
• Neutral Sentiment: EQT AB agreed to acquire a majority stake in specialty insurance and reinsurance broker McGill and Partners from Warburg Pincus for approximately $2 billion. McGill’s founder and CEO Steve McGill will continue to lead the business, while existing management and employees will retain significant ownership. Because this is an EQT AB private-equity transaction—not a deal by EQT Corporation—it should not directly affect the NYSE-listed energy producer’s earnings, assets, or valuation. EQT to acquire McGill and Partners
• Neutral Sentiment: Additional coverage of the McGill transaction describes it as part of private equity’s broader expansion into insurance brokerage. The repeated headlines may create ticker-name confusion, but they provide no new catalyst for EQT Corporation. EQT strikes $2bn deal for insurance broker McGill
• Negative Sentiment: A separate report says EQT is considering a fund-to-fund transfer involving AIG Hospitals, another EQT AB portfolio company. This is also unrelated to EQT Corporation and is unlikely to explain movement in EQT shares. EQT planning fund-to-fund transfer for AIG Hospitals

Analyst Upgrades and Downgrades

EQT has been the subject of several analyst reports. Sanford C. Bernstein restated an “outperform” rating on shares of EQT in a research report on Thursday, July 30th. BMO Capital Markets lowered their target price on EQT from $76.00 to $70.00 and set an “outperform” rating for the company in a research note on Wednesday, May 13th. Stephens increased their target price on EQT from $71.00 to $72.00 and gave the company an “overweight” rating in a report on Wednesday, July 22nd. Jefferies Financial Group reduced their price target on EQT from $77.00 to $75.00 and set a “buy” rating on the stock in a research report on Wednesday, July 1st. Finally, Wall Street Zen cut EQT from a “hold” rating to a “sell” rating in a research note on Saturday, July 25th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $68.10.

Insider Buying and Selling

In other EQT news, CEO Toby Rice sold 175,328 shares of the business’s stock in a transaction on Friday, August 14th. The shares were sold at an average price of $55.03, for a total transaction of $9,648,299.84. Following the transaction, the chief executive officer directly 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.72% of the stock is owned by insiders.

EQT Stock Down 0.1%

Shares of NYSE:EQT opened at $55.11 on Monday. EQT Corporation has a 1 year low of $47.94 and a 1 year high of $68.24. The company has a market cap of $34.47 billion, a PE ratio of 12.79 and a beta of 0.58. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.67 and a quick ratio of 0.67. The stock’s 50-day moving average is $52.67 and its 200 day moving average is $56.33.

EQT (NYSE:EQT) last released its quarterly earnings data on Tuesday, July 21st. The oil and gas producer reported $0.39 earnings per share for the quarter, missing the consensus estimate of $0.41 by ($0.02). The business had revenue of $1.68 billion during the quarter, compared to analysts’ expectations of $1.76 billion. EQT had a return on equity of 9.31% and a net margin of 28.44%.The company’s quarterly revenue was down 29.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.45 EPS. Sell-side analysts anticipate that EQT Corporation will post 3.96 EPS for the current year.

EQT Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Wednesday, August 5th were paid a $0.165 dividend. The ex-dividend date of this dividend was Wednesday, August 5th. This represents a $0.66 dividend on an annualized basis and a yield of 1.2%. EQT’s dividend payout ratio (DPR) is presently 15.31%.

EQT Company Profile

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.