Hennessy Advisors Inc. Trims Stock Position in EQT Co. (NYSE:EQT)

Hennessy Advisors Inc. cut its holdings in EQT Co. (NYSE:EQT) by 15.1% during the 4th quarter, Holdings Channel reports. The firm owned 673,968 shares of the oil and gas producer’s stock after selling 119,800 shares during the period. Hennessy Advisors Inc.’s holdings in EQT were worth $31,077,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Wellington Management Group LLP grew its holdings in EQT by 38.7% during the 3rd quarter. Wellington Management Group LLP now owns 74,153,050 shares of the oil and gas producer’s stock valued at $2,716,968,000 after buying an additional 20,700,921 shares during the last quarter. State Street Corp lifted its position in shares of EQT by 24.5% in the third quarter. State Street Corp now owns 37,095,597 shares of the oil and gas producer’s stock valued at $1,359,183,000 after acquiring an additional 7,290,822 shares in the last quarter. Modera Wealth Management LLC purchased a new stake in shares of EQT in the third quarter valued at $562,494,000. Geode Capital Management LLC increased its position in EQT by 34.4% during the 3rd quarter. Geode Capital Management LLC now owns 13,997,574 shares of the oil and gas producer’s stock worth $511,159,000 after purchasing an additional 3,582,418 shares in the last quarter. Finally, Clearbridge Investments LLC raised its stake in EQT by 2.9% in the 2nd quarter. Clearbridge Investments LLC now owns 9,084,686 shares of the oil and gas producer’s stock valued at $335,952,000 after purchasing an additional 253,186 shares during the last quarter. 90.81% of the stock is owned by hedge funds and other institutional investors.

EQT Trading Up 2.7 %

Shares of EQT opened at $53.86 on Friday. The company has a debt-to-equity ratio of 0.65, a current ratio of 0.51 and a quick ratio of 0.51. EQT Co. has a 12 month low of $30.02 and a 12 month high of $53.98. The stock has a market cap of $32.13 billion, a PE ratio of 64.12 and a beta of 1.12. The stock’s 50-day moving average is $45.33 and its two-hundred day moving average is $38.55.

EQT (NYSE:EQT) last released its quarterly earnings results on Tuesday, October 29th. The oil and gas producer reported $0.12 earnings per share for the quarter, topping analysts’ consensus estimates of $0.06 by $0.06. The firm had revenue of $1.28 billion during the quarter, compared to analysts’ expectations of $1.35 billion. EQT had a return on equity of 3.74% and a net margin of 5.52%. EQT’s quarterly revenue was up 8.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.30 EPS. Equities analysts forecast that EQT Co. will post 1.44 earnings per share for the current fiscal year.

Insider Activity at EQT

In other EQT news, Director Thomas F. Karam sold 30,154 shares of the company’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $44.83, for a total value of $1,351,803.82. Following the completion of the transaction, the director now directly owns 201,608 shares of the company’s stock, valued at $9,038,086.64. This represents a 13.01 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.63% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on EQT shares. JPMorgan Chase & Co. raised their price target on shares of EQT from $50.00 to $53.00 and gave the stock an “overweight” rating in a research note on Friday, January 3rd. Truist Financial lifted their target price on shares of EQT from $41.00 to $56.00 and gave the stock a “hold” rating in a research note on Monday. Citigroup increased their price target on EQT from $44.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Piper Sandler lifted their price objective on EQT from $32.00 to $34.00 and gave the company a “neutral” rating in a research report on Monday, November 4th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $49.00 price target on shares of EQT in a research note on Monday, January 6th. One research analyst has rated the stock with a sell rating, six have given a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $49.94.

EQT 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.