EQT Corporation (NYSE:EQT) reached a significant milestone on October 21, 2023, when its stock price hit a new 52-week high of $61.36 during midday trading. The stock closed at $61.22, with a trading volume of 4,709,890 shares, marking a notable increase from its previous close of $58.60.
Analysts have recently provided updated ratings and price targets for EQT, reflecting a generally positive outlook. Wells Fargo & Company adjusted their target price from $68.00 to $66.00 while maintaining an “overweight” rating on the stock. Melius initiated coverage on August 20, 2023, advising a “buy” rating with a price objective of $64.00. In addition, UBS Group increased their price target from $65.00 to $67.00, also assigning a “buy” rating. Citigroup raised its target from $60.00 to $63.00, indicating a similar bullish stance.
Currently, a total of eighteen equity research analysts have rated EQT with a “buy” recommendation, while seven analysts have assigned a “hold” rating. According to data from MarketBeat.com, the average rating for EQT is “Moderate Buy,” with an average target price of $63.65.
Recent Financial Performance
EQT’s recent quarterly earnings report, released on October 21, 2023, highlighted a solid performance. The company reported earnings per share (EPS) of $0.52, surpassing analysts’ expectations of $0.50 by $0.02. The company’s revenue for the quarter was $1.75 billion, slightly below the consensus estimate of $1.78 billion, but still reflected a remarkable 52.6% increase year-over-year. The net margin stood at 22.59%, with a return on equity of 6.88%. The previous year’s EPS for the same quarter was just $0.12.
In conjunction with these results, EQT announced a quarterly dividend of $0.165 per share, an increase from the prior $0.16 dividend. The annualized dividend now stands at $0.66, yielding approximately 1.1%. The dividend payout ratio is 22.60%, indicating a prudent approach to shareholder returns.
Insider Activity and Institutional Holdings
On October 28, 2023, EQT’s Executive Vice President, J.E.B. Bolen, sold 1,422 shares at an average price of $52.79, totaling $75,067.38. Following this transaction, Bolen retains ownership of 69,486 shares, valued at approximately $3,668,165.94. This sale represents a 2.01% decrease in his ownership stake.
Institutional investors have also been active, with several firms adjusting their positions in EQT. Avantax Advisory Services Inc. increased its stake by 4.3% in the first quarter, now holding 10,389 shares valued at $555,000. Similarly, LPL Financial LLC raised its holdings by 12.7%, bringing its total to 323,295 shares worth approximately $17.27 million. Federated Hermes Inc. significantly boosted its position by 3,996.9%, acquiring 2,622 shares valued at $140,000.
Overall, approximately 90.81% of EQT’s stock is currently owned by institutional investors and hedge funds, indicating strong confidence in the company’s prospects.
EQT Corporation, based in the United States, operates primarily within the natural gas production sector, selling natural gas and liquids to various customers through pipelines in the Appalachian Basin. The company’s strategic focus on production and marketing services continues to support its growth trajectory.
Investors and analysts alike are closely monitoring EQT’s performance as the company navigates the dynamic energy market landscape.
