Jennison Associates LLC Invests $22.97 Million in EQT Co. (NYSE:EQT)

Jennison Associates LLC bought a new stake in shares of EQT Co. (NYSE:EQT) during the 4th quarter, Holdings Channel reports. The institutional investor bought 498,105 shares of the oil and gas producer’s stock, valued at approximately $22,968,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Wellington Management Group LLP increased its holdings in shares of EQT by 38.7% during the third 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 acquiring an additional 20,700,921 shares in the last quarter. Modera Wealth Management LLC purchased a new stake in EQT during the 3rd quarter worth approximately $562,494,000. State Street Corp increased its stake in EQT by 24.5% during the 3rd 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 purchasing an additional 7,290,822 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of 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 worth $511,159,000 after buying an additional 3,582,418 shares during the period. Finally, Holocene Advisors LP purchased a new stake in shares of EQT during the third quarter valued at $97,979,000. 90.81% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages recently issued reports on EQT. Sanford C. Bernstein upgraded EQT from a “market perform” rating to an “outperform” rating and set a $73.00 target price for the company in a research note on Wednesday, January 15th. Citigroup lifted their target price on EQT from $44.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, December 6th. JPMorgan Chase & Co. increased their price target on shares of EQT from $50.00 to $53.00 and gave the stock an “overweight” rating in a report on Friday, January 3rd. Truist Financial lifted their price objective on shares of EQT from $41.00 to $56.00 and gave the company a “hold” rating in a research note on Monday, January 13th. Finally, Bank of America began coverage on shares of EQT in a research note on Monday, October 28th. They issued a “buy” rating and a $50.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, EQT presently has a consensus rating of “Moderate Buy” and a consensus target price of $49.94.

Insider Activity at EQT

In related news, Director Thomas F. Karam sold 30,154 shares of the firm’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 transaction, the director now directly owns 201,608 shares of the company’s stock, valued at approximately $9,038,086.64. This trade represents a 13.01 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.63% of the stock is owned by corporate insiders.

EQT Stock Up 1.4 %

Shares of EQT opened at $52.89 on Thursday. The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 0.65. The firm has a market cap of $31.56 billion, a P/E ratio of 62.96, a PEG ratio of 0.62 and a beta of 1.08. The stock’s 50 day moving average is $47.57 and its two-hundred day moving average is $40.11. EQT Co. has a 12 month low of $30.02 and a 12 month high of $54.85.

About EQT

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.