Modera Wealth Management LLC Makes New Investment in EQT Co. (NYSE:EQT)

Modera Wealth Management LLC bought a new stake in EQT Co. (NYSE:EQT) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 15,351,924 shares of the oil and gas producer’s stock, valued at approximately $562,494,000. EQT comprises about 7.2% of Modera Wealth Management LLC’s investment portfolio, making the stock its biggest position. Modera Wealth Management LLC owned approximately 3.48% of EQT at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. Price T Rowe Associates Inc. MD boosted its stake in EQT by 22.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 64,877,405 shares of the oil and gas producer’s stock valued at $2,405,007,000 after acquiring an additional 11,993,729 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of EQT by 8.4% during the first quarter. Vanguard Group Inc. now owns 50,865,664 shares of the oil and gas producer’s stock worth $1,885,590,000 after purchasing an additional 3,942,802 shares during the period. Bank of New York Mellon Corp increased its holdings in EQT by 2.3% in the second quarter. Bank of New York Mellon Corp now owns 20,348,475 shares of the oil and gas producer’s stock valued at $752,487,000 after purchasing an additional 464,781 shares during the last quarter. Clearbridge Investments LLC increased its holdings in EQT by 2.9% in the second quarter. Clearbridge Investments LLC now owns 9,084,686 shares of the oil and gas producer’s stock valued at $335,952,000 after purchasing an additional 253,186 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in EQT by 19.8% in the second quarter. Dimensional Fund Advisors LP now owns 4,224,784 shares of the oil and gas producer’s stock valued at $156,243,000 after buying an additional 697,824 shares during the period. Institutional investors and hedge funds own 90.81% of the company’s stock.

Wall Street Analyst Weigh In

EQT has been the subject of a number of recent analyst reports. Citigroup raised EQT from a “neutral” rating to a “buy” rating and upped their price target for the company from $37.00 to $44.00 in a research note on Thursday, October 3rd. Truist Financial decreased their price target on shares of EQT from $36.00 to $32.00 and set a “hold” rating for the company in a report on Monday, July 22nd. Stephens dropped their price objective on EQT from $47.00 to $46.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 24th. Piper Sandler lowered EQT from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $43.00 to $32.00 in a research report on Thursday, August 15th. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $45.00 price objective on shares of EQT in a research report on Friday, September 13th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $42.18.

EQT Stock Performance

EQT stock traded up $0.52 during midday trading on Friday, reaching $37.48. 6,633,652 shares of the company’s stock were exchanged, compared to its average volume of 7,034,294. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.73 and a current ratio of 0.73. The stock’s 50-day simple moving average is $34.87 and its 200 day simple moving average is $36.61. The firm has a market cap of $16.55 billion, a price-to-earnings ratio of 27.16 and a beta of 1.06. EQT Co. has a 52 week low of $30.02 and a 52 week high of $45.23.

EQT (NYSE:EQT) last released its quarterly earnings data on Tuesday, July 23rd. The oil and gas producer reported ($0.08) EPS for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.12. The firm had revenue of $952.51 million during the quarter, compared to analysts’ expectations of $1.06 billion. EQT had a net margin of 12.45% and a return on equity of 4.52%. The company’s revenue for the quarter was down 6.5% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.17) earnings per share. On average, analysts expect that EQT Co. will post 1.37 earnings per share for the current fiscal year.

EQT Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Wednesday, November 6th will be issued a $0.1575 dividend. The ex-dividend date of this dividend is Wednesday, November 6th. This represents a $0.63 annualized dividend and a yield of 1.68%. EQT’s dividend payout ratio is currently 45.65%.

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.