CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Makes New $19.38 Million Investment in EQT Co. (NYSE:EQT)

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT acquired a new stake in EQT Co. (NYSE:EQT) in the 3rd quarter, HoldingsChannel.com reports. The fund acquired 529,045 shares of the oil and gas producer’s stock, valued at approximately $19,384,000. EQT makes up 1.4% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s portfolio, making the stock its 18th largest holding.

Other institutional investors and hedge funds also recently modified their holdings of the company. Cetera Investment Advisers bought a new stake in shares of EQT during the 1st quarter worth about $2,274,000. UniSuper Management Pty Ltd boosted its stake in shares of EQT by 563.1% during the 1st quarter. UniSuper Management Pty Ltd now owns 29,102 shares of the oil and gas producer’s stock worth $1,079,000 after acquiring an additional 24,713 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of EQT by 17.7% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 468,677 shares of the oil and gas producer’s stock worth $17,374,000 after acquiring an additional 70,325 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of EQT by 8.4% during the 1st quarter. Vanguard Group Inc. now owns 50,865,664 shares of the oil and gas producer’s stock worth $1,885,590,000 after acquiring an additional 3,942,802 shares in the last quarter. Finally, Swedbank AB bought a new stake in shares of EQT during the 1st quarter worth about $4,073,000. 90.81% of the stock is owned by institutional investors and hedge funds.

EQT Stock Down 0.6 %

EQT stock traded down $0.23 during mid-day trading on Tuesday, reaching $36.13. The company’s stock had a trading volume of 1,894,126 shares, compared to its average volume of 7,031,773. The company has a market capitalization of $15.95 billion, a price-to-earnings ratio of 26.35 and a beta of 1.06. EQT Co. has a 12 month low of $30.02 and a 12 month high of $45.23. The business’s 50 day simple moving average is $34.47 and its 200 day simple moving average is $36.61. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.73 and a current ratio of 0.73.

EQT (NYSE:EQT) last issued its quarterly earnings data on Tuesday, July 23rd. The oil and gas producer reported ($0.08) earnings per share for the quarter, beating the consensus estimate of ($0.20) by $0.12. EQT had a net margin of 12.45% and a return on equity of 4.52%. The company had revenue of $952.51 million for the quarter, compared to analyst estimates of $1.06 billion. During the same period in the prior year, the firm earned ($0.17) earnings per share. The company’s revenue was down 6.5% on a year-over-year basis. As a group, research analysts anticipate that EQT Co. will post 1.37 earnings per share for the current year.

EQT Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Wednesday, November 6th will be issued a dividend of $0.1575 per share. This represents a $0.63 dividend on an annualized basis and a dividend yield of 1.74%. The ex-dividend date is Wednesday, November 6th. EQT’s dividend payout ratio is presently 45.65%.

Analyst Ratings Changes

EQT has been the subject of several recent analyst reports. Morgan Stanley reiterated an “overweight” rating and set a $45.00 price target on shares of EQT in a research note on Friday, September 13th. JPMorgan Chase & Co. upped their target price on shares of EQT from $37.00 to $39.00 and gave the company an “overweight” rating in a research note on Thursday, September 26th. Stephens decreased their price target 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. UBS Group cut their price objective on EQT from $38.00 to $36.00 and set a “neutral” rating for the company in a report on Wednesday, September 18th. Finally, Mizuho lowered their target price on shares of EQT from $43.00 to $41.00 and set a “neutral” rating on the stock in a report on Friday, October 4th. One analyst has rated the stock with a sell rating, seven have given a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $42.18.

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.