Assetmark Inc. Invests $1.01 Million in EQT Co. (NYSE:EQT)

Posted by Defense World Staff on Aug 11th, 2023

Assetmark Inc. purchased a new position in shares of EQT Co. (NYSE:EQT – Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 31,773 shares of the oil and gas producer’s stock, valued at approximately $1,014,000.

A number of other hedge funds also recently modified their holdings of the business. Capital World Investors acquired a new stake in shares of EQT during the first quarter worth about $497,156,000. Clearbridge Investments LLC raised its position in EQT by 6.3% in the 4th quarter. Clearbridge Investments LLC now owns 12,190,616 shares of the oil and gas producer’s stock valued at $412,409,000 after buying an additional 718,040 shares during the last quarter. Geode Capital Management LLC raised its position in EQT by 3.4% in the 4th quarter. Geode Capital Management LLC now owns 7,769,994 shares of the oil and gas producer’s stock valued at $262,420,000 after buying an additional 253,502 shares during the last quarter. Renaissance Technologies LLC raised its position in EQT by 6,029.6% in the 1st quarter. Renaissance Technologies LLC now owns 6,424,264 shares of the oil and gas producer’s stock valued at $221,059,000 after buying an additional 6,319,457 shares during the last quarter. Finally, PointState Capital LP acquired a new stake in EQT in the 1st quarter valued at approximately $163,646,000. Institutional investors and hedge funds own 92.95% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on EQT shares. Wells Fargo & Company lifted their target price on EQT from $39.00 to $46.00 and gave the company an “overweight” rating in a research report on Friday, June 30th. StockNews.com initiated coverage on EQT in a research report on Thursday, May 18th. They issued a “hold” rating on the stock. Jefferies Financial Group raised their price target on EQT from $46.00 to $49.00 in a research note on Friday, July 7th. Tudor Pickering upgraded EQT from a “hold” rating to a “buy” rating in a research note on Tuesday, June 20th. Finally, JPMorgan Chase & Co. decreased their price target on EQT from $45.00 to $44.00 in a research note on Wednesday, June 28th. Six research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $48.88.

Get Our Latest Stock Report on EQT

EQT Stock Down 2.8 %

EQT stock opened at $42.80 on Friday. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.35. The firm has a market capitalization of $15.48 billion, a PE ratio of 4.81, a PEG ratio of 1.04 and a beta of 1.22. EQT Co. has a 1-year low of $28.10 and a 1-year high of $51.97. The business’s 50 day simple moving average is $39.90 and its 200 day simple moving average is $35.11.

EQT (NYSE:EQT – Get Free Report) last issued its quarterly earnings data on Tuesday, July 25th. The oil and gas producer reported ($0.17) EPS for the quarter, beating analysts’ consensus estimates of ($0.26) by $0.09. EQT had a return on equity of 10.61% and a net margin of 38.44%. The firm had revenue of $993.08 million for the quarter, compared to analyst estimates of $1.01 billion. During the same period in the prior year, the firm posted $0.83 EPS. The company’s revenue for the quarter was down 38.4% on a year-over-year basis. As a group, research analysts anticipate that EQT Co. will post 2.09 EPS for the current year.

EQT Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Wednesday, August 9th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.40%. The ex-dividend date is Tuesday, August 8th. EQT’s dividend payout ratio is 6.75%.

Insider Buying and Selling at EQT

In other EQT news, CAO Todd James sold 31,170 shares of the company’s stock in a transaction on Friday, June 9th. The stock was sold at an average price of $38.56, for a total value of $1,201,915.20. Following the transaction, the chief accounting officer now directly owns 39,392 shares of the company’s stock, valued at approximately $1,518,955.52. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.53% of the company’s stock.

EQT Company Profile

(Free Report)

EQT Corporation operates as a natural gas production company in the United States. As of December 31, 2022, it had 25.0 trillion cubic feet of proved natural gas, natural gas liquids, and crude oil reserves across approximately 2.0 million gross acres, including 1.8 million gross acres in the Marcellus play.