State of Michigan Retirement System Sells 10,000 Shares of EQT Co. (NYSE:EQT)

State of Michigan Retirement System cut its holdings in EQT Co. (NYSE:EQT - Free Report) by 5.3% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 179,700 shares of the oil and gas producer's stock after selling 10,000 shares during the period. State of Michigan Retirement System's holdings in EQT were worth $8,286,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the business. Wellington Management Group LLP increased its stake in shares of EQT by 38.7% in the third quarter. Wellington Management Group LLP now owns 74,153,050 shares of the oil and gas producer's stock worth $2,716,968,000 after purchasing an additional 20,700,921 shares during the period. State Street Corp increased its stake in EQT by 24.5% during 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 during the period. Geode Capital Management LLC increased its stake in EQT by 34.4% during the third quarter. Geode Capital Management LLC now owns 13,997,574 shares of the oil and gas producer's stock valued at $511,159,000 after acquiring an additional 3,582,418 shares during the period. Charles Schwab Investment Management Inc. increased its stake in EQT by 28.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 5,013,058 shares of the oil and gas producer's stock valued at $183,678,000 after acquiring an additional 1,108,134 shares during the period. Finally, Allspring Global Investments Holdings LLC increased its stake in EQT by 386.9% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 4,347,660 shares of the oil and gas producer's stock valued at $205,830,000 after acquiring an additional 3,454,741 shares during the period. 90.81% of the stock is currently owned by institutional investors.

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Analyst Ratings Changes

EQT has been the topic of several research reports. Citigroup boosted their price target on EQT from $44.00 to $51.00 and gave the company a "buy" rating in a research note on Friday, December 6th. Sanford C. Bernstein raised EQT from a "market perform" rating to an "outperform" rating and set a $73.00 target price on the stock in a report on Wednesday, January 15th. Piper Sandler upped their target price on shares of EQT from $35.00 to $36.00 and gave the company a "neutral" rating in a research report on Thursday. Scotiabank cut shares of EQT from a "sector outperform" rating to a "sector perform" rating and dropped their target price for the company from $55.00 to $54.00 in a research report on Friday, January 17th. Finally, Wells Fargo & Company upped their target price on shares of EQT from $52.00 to $53.00 and gave the company an "overweight" rating in a research report on Wednesday, January 8th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $52.44.

EQT Stock Performance

NYSE:EQT traded up $0.80 during mid-day trading on Friday, hitting $46.96. The stock had a trading volume of 9,479,347 shares, compared to its average volume of 8,826,783. EQT Co. has a twelve month low of $30.02 and a twelve month high of $56.66. The stock has a market cap of $28.06 billion, a price-to-earnings ratio of 117.40, a PEG ratio of 0.64 and a beta of 1.12. The company's 50 day simple moving average is $50.58 and its 200 day simple moving average is $42.89. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.51 and a current ratio of 0.70.

EQT (NYSE:EQT - Get Free Report) last released its quarterly earnings results on Tuesday, February 18th. The oil and gas producer reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.19. The firm had revenue of $1.82 billion for the quarter, compared to analysts' expectations of $1.81 billion. EQT had a net margin of 4.37% and a return on equity of 4.35%. On average, equities research analysts forecast that EQT Co. will post 3.27 earnings per share for the current year.

EQT Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th were issued a $0.1575 dividend. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $0.63 annualized dividend and a yield of 1.34%. EQT's dividend payout ratio is currently 157.50%.

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.