PNC Financial Services Group Inc. lowered its position in EQT Co. (NYSE:EQT) by 64.5% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 102,470 shares of the oil and gas producer’s stock after selling 185,827 shares during the quarter. PNC Financial Services Group Inc.’s holdings in EQT were worth $1,219,000 at the end of the most recent reporting period.
Other institutional investors have also recently added to or reduced their stakes in the company. Manning & Napier Group LLC acquired a new position in EQT in the 2nd quarter valued at about $63,606,000. LSP Investment Advisors LLC purchased a new stake in shares of EQT during the 2nd quarter valued at approximately $45,397,000. State Street Corp lifted its holdings in EQT by 24.7% in the first quarter. State Street Corp now owns 17,973,021 shares of the oil and gas producer’s stock valued at $127,069,000 after acquiring an additional 3,554,443 shares during the last quarter. Encompass Capital Advisors LLC grew its position in EQT by 1,146.3% in the second quarter. Encompass Capital Advisors LLC now owns 3,650,198 shares of the oil and gas producer’s stock worth $43,437,000 after acquiring an additional 3,357,323 shares during the period. Finally, Clearbridge Investments LLC increased its stake in EQT by 66.3% during the first quarter. Clearbridge Investments LLC now owns 5,579,207 shares of the oil and gas producer’s stock worth $39,445,000 after acquiring an additional 2,224,745 shares during the last quarter. Hedge funds and other institutional investors own 98.59% of the company’s stock.
EQT stock opened at $14.48 on Friday. The stock’s fifty day moving average is $15.66 and its two-hundred day moving average is $13.00. The stock has a market cap of $3.70 billion, a PE ratio of -1.88 and a beta of 1.47. EQT Co. has a 1-year low of $4.21 and a 1-year high of $17.97. The company has a debt-to-equity ratio of 0.49, a current ratio of 0.99 and a quick ratio of 0.99.
EQT (NYSE:EQT) last posted its earnings results on Monday, July 27th. The oil and gas producer reported ($0.18) earnings per share for the quarter, missing the consensus estimate of ($0.14) by ($0.04). EQT had a negative return on equity of 0.31% and a negative net margin of 54.71%. The business had revenue of $527.10 million for the quarter, compared to analysts’ expectations of $798.11 million. During the same quarter in the previous year, the firm earned $0.09 EPS. EQT’s revenue for the quarter was down 59.8% compared to the same quarter last year. On average, research analysts expect that EQT Co. will post -0.32 earnings per share for the current fiscal year.
A number of research firms have recently issued reports on EQT. Morgan Stanley boosted their price target on shares of EQT from $12.50 to $15.00 and gave the company an “equal weight” rating in a research note on Friday, August 21st. Royal Bank of Canada restated a “buy” rating and set a $16.00 price target on shares of EQT in a research note on Tuesday, July 28th. Zacks Investment Research cut EQT from a “hold” rating to a “sell” rating and set a $17.00 price objective for the company. in a research note on Tuesday, August 4th. Mizuho initiated coverage on EQT in a report on Wednesday, July 22nd. They set a “buy” rating and a $22.00 target price for the company. Finally, Credit Suisse Group upgraded shares of EQT from a “neutral” rating to an “outperform” rating and boosted their price target for the stock from $13.00 to $16.00 in a research note on Wednesday, July 1st. They noted that the move was a valuation call. Two research analysts have rated the stock with a sell rating, four have given a hold rating and nine have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $15.97.
About EQT
EQT Corporation operates as a natural gas production company in the United States. It produces natural gas, natural gas liquids (NGLs), and crude oil. As of December 31, 2018, this segment had 21.8 trillion cubic feet of proved natural gas, NGLs, and crude oil reserves across approximately 1.4 million gross acres.
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