HITE Hedge Asset Management LLC Acquires 7,285 Shares of EQT Co. (NYSE:EQT)

HITE Hedge Asset Management LLC grew its position in EQT Co. (NYSE:EQT) by 5.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 151,877 shares of the oil and gas producer’s stock after purchasing an additional 7,285 shares during the quarter. HITE Hedge Asset Management LLC’s holdings in EQT were worth $5,565,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Modera Wealth Management LLC purchased a new stake in EQT in the 3rd quarter worth approximately $562,494,000. Holocene Advisors LP purchased a new stake in EQT during the third quarter valued at $97,979,000. Canoe Financial LP bought a new position in shares of EQT in the third quarter worth about $89,907,000. Merewether Investment Management LP purchased a new stake in shares of EQT during the second quarter valued at about $69,452,000. Finally, Castle Hook Partners LP acquired a new stake in shares of EQT during the 3rd quarter worth approximately $48,817,000. Institutional investors own 90.81% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Truist Financial lifted their price target on shares of EQT from $32.00 to $41.00 and gave the stock a “hold” rating in a research note on Tuesday, November 26th. Wells Fargo & Company upped their price target on shares of EQT from $42.00 to $52.00 and gave the stock an “overweight” rating in a research note on Monday, November 25th. Mizuho upped their price objective on shares of EQT from $45.00 to $48.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. Piper Sandler increased their price objective on shares of EQT from $32.00 to $34.00 and gave the stock a “neutral” rating in a report on Monday, November 4th. Finally, Stephens boosted their target price on shares of EQT from $37.00 to $38.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 30th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $44.67.

EQT Stock Performance

Shares of NYSE:EQT opened at $44.53 on Tuesday. EQT Co. has a fifty-two week low of $30.02 and a fifty-two week high of $48.02. The company has a debt-to-equity ratio of 0.65, a current ratio of 0.51 and a quick ratio of 0.51. The firm’s 50 day simple moving average is $39.53 and its 200 day simple moving average is $37.18. The company has a market capitalization of $26.57 billion, a price-to-earnings ratio of 53.01 and a beta of 1.14.

EQT (NYSE:EQT) last posted its quarterly earnings results on Tuesday, October 29th. The oil and gas producer reported $0.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.06 by $0.06. EQT had a return on equity of 3.74% and a net margin of 5.52%. The firm had revenue of $1.28 billion for the quarter, compared to analysts’ expectations of $1.35 billion. During the same period in the prior year, the business earned $0.30 EPS. The company’s revenue for the quarter was up 8.2% compared to the same quarter last year. As a group, sell-side analysts forecast that EQT Co. will post 1.36 earnings per share for the current year.

EQT Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Wednesday, November 6th were given a dividend of $0.1575 per share. This represents a $0.63 dividend on an annualized basis and a yield of 1.41%. The ex-dividend date of this dividend was Wednesday, November 6th. EQT’s dividend payout ratio (DPR) is presently 75.00%.

EQT Company Profile

EQT Corporation operates as a natural gas production company in the United States. The company sells natural gas and natural gas liquids to marketers, utilities, and industrial customers through pipelines located in the Appalachian Basin. It also offers marketing services and contractual pipeline capacity management services.