HITE Hedge Asset Management LLC Purchases 1,043,050 Shares of EQT Co. (NYSE:EQT)

HITE Hedge Asset Management LLC lifted its position in EQT Co. (NYSE:EQT - Free Report) by 686.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,194,927 shares of the oil and gas producer's stock after purchasing an additional 1,043,050 shares during the quarter. EQT comprises about 4.1% of HITE Hedge Asset Management LLC's holdings, making the stock its 4th biggest holding. HITE Hedge Asset Management LLC owned approximately 0.20% of EQT worth $55,098,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of EQT. MML Investors Services LLC grew its stake in EQT by 29.3% during the 3rd quarter. MML Investors Services LLC now owns 17,895 shares of the oil and gas producer's stock worth $656,000 after purchasing an additional 4,057 shares in the last quarter. Bard Financial Services Inc. purchased a new stake in shares of EQT during the third quarter worth approximately $878,000. Sanctuary Advisors LLC raised its holdings in EQT by 104.7% during the third quarter. Sanctuary Advisors LLC now owns 63,507 shares of the oil and gas producer's stock worth $2,327,000 after purchasing an additional 32,484 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new position in EQT in the third quarter worth $165,000. Finally, Blankinship & Foster LLC purchased a new stake in EQT during the third quarter worth about $4,051,000. 90.81% of the stock is owned by institutional investors and hedge funds.

EQT Price Performance

EQT stock traded up $1.44 during trading hours on Wednesday, hitting $50.01. 8,735,630 shares of the stock traded hands, compared to its average volume of 7,775,177. The stock has a 50-day simple moving average of $50.56 and a 200 day simple moving average of $46.83. The company has a market cap of $29.88 billion, a P/E ratio of 125.03, a P/E/G ratio of 0.64 and a beta of 1.35. EQT Co. has a one year low of $30.02 and a one year high of $56.66. The company has a current ratio of 0.70, a quick ratio of 0.51 and a debt-to-equity ratio of 0.37.

EQT (NYSE:EQT - Get Free Report) last released its earnings results on Tuesday, April 22nd. The oil and gas producer reported $1.18 EPS for the quarter, topping analysts' consensus estimates of $0.98 by $0.20. The business had revenue of $2.15 billion for the quarter, compared to the consensus estimate of $2.16 billion. EQT had a net margin of 4.37% and a return on equity of 4.35%. Equities analysts forecast that EQT Co. will post 3.27 earnings per share for the current year.

EQT Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 2nd. Stockholders of record on Wednesday, May 7th will be issued a dividend of $0.1575 per share. This represents a $0.63 annualized dividend and a dividend yield of 1.26%. The ex-dividend date is Wednesday, May 7th. EQT's dividend payout ratio is 157.50%.

Wall Street Analyst Weigh In

EQT has been the topic of several recent research reports. Sanford C. Bernstein raised shares of EQT from a "market perform" rating to an "outperform" rating and set a $73.00 price target on the stock in a report on Wednesday, January 15th. Piper Sandler decreased their target price on shares of EQT from $36.00 to $35.00 and set a "neutral" rating on the stock in a research report on Tuesday. Morgan Stanley reaffirmed an "overweight" rating and issued a $67.00 target price (up from $63.00) on shares of EQT in a research report on Wednesday, March 26th. Mizuho raised their price objective on EQT from $57.00 to $60.00 and gave the stock an "outperform" rating in a report on Tuesday, April 1st. Finally, Citigroup boosted their target price on EQT from $51.00 to $60.00 and gave the stock a "buy" rating in a report on Monday, March 17th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and twelve have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $55.50.

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.