Appaloosa LP Sells 995,000 Shares of EQT Co. (NYSE:EQT)

Appaloosa LP decreased its stake in shares of EQT Co. (NYSE:EQT) by 55.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 800,000 shares of the oil and gas producer’s stock after selling 995,000 shares during the quarter. Appaloosa LP’s holdings in EQT were worth $36,888,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of EQT. Principal Financial Group Inc. boosted its holdings in EQT by 39.4% during the third quarter. Principal Financial Group Inc. now owns 700,714 shares of the oil and gas producer’s stock worth $25,674,000 after buying an additional 198,227 shares in the last quarter. CWA Asset Management Group LLC purchased a new stake in EQT during the third quarter worth $215,000. Assetmark Inc. boosted its holdings in EQT by 8.9% during the third quarter. Assetmark Inc. now owns 27,899 shares of the oil and gas producer’s stock worth $1,022,000 after buying an additional 2,283 shares in the last quarter. Atria Investments Inc purchased a new stake in EQT during the third quarter worth $201,000. Finally, Covestor Ltd lifted its holdings in EQT by 437.9% during the third quarter. Covestor Ltd now owns 2,856 shares of the oil and gas producer’s stock valued at $105,000 after purchasing an additional 2,325 shares in the last quarter. Institutional investors and hedge funds own 90.81% of the company’s stock.

EQT Price Performance

EQT stock opened at $49.03 on Thursday. EQT Co. has a 12-month low of $30.02 and a 12-month high of $56.66. The stock has a market cap of $29.29 billion, a P/E ratio of 122.57, a PEG ratio of 0.64 and a beta of 1.12. The company has a 50-day moving average price of $50.71 and a 200 day moving average price of $43.28. 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) last released its quarterly earnings data on Tuesday, February 18th. The oil and gas producer reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.19. EQT had a net margin of 4.37% and a return on equity of 4.35%. The firm had revenue of $1.82 billion during the quarter, compared to analysts’ expectations of $1.81 billion. Sell-side analysts anticipate that EQT Co. will post 3.27 earnings per share for the current year.

EQT Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Tuesday, February 18th were given a dividend of $0.1575 per share. This represents a $0.63 annualized dividend and a yield of 1.29%. The ex-dividend date was Tuesday, February 18th. EQT’s payout ratio is currently 157.50%.

Analysts Set New Price Targets

Several equities analysts have issued reports on EQT shares. Truist Financial increased their price objective on shares of EQT from $41.00 to $56.00 and gave the company a “hold” rating in a report on Monday, January 13th. Mizuho raised shares of EQT from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $48.00 to $57.00 in a report on Monday, December 16th. Piper Sandler increased their price objective on shares of EQT from $35.00 to $36.00 and gave the company a “neutral” rating in a report on Thursday, March 6th. Morgan Stanley increased their price objective on shares of EQT from $45.00 to $56.00 and gave the company an “overweight” rating in a report on Monday, November 25th. Finally, Jefferies Financial Group increased their price objective on shares of EQT from $45.00 to $55.00 and gave the company a “buy” rating in a report on Friday, January 3rd. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $52.44.

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.