Ninepoint Partners LP Makes New $23.06 Million Investment in EQT Co. (NYSE:EQT)

Ninepoint Partners LP acquired a new position in shares of EQT Co. (NYSE:EQT) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 500,000 shares of the oil and gas producer’s stock, valued at approximately $23,055,000. EQT makes up approximately 3.4% of Ninepoint Partners LP’s portfolio, making the stock its 7th biggest holding.

Several other hedge funds have also recently bought and sold shares of the stock. Wellington Management Group LLP raised its stake in 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 worth $2,716,968,000 after acquiring an additional 20,700,921 shares in the last quarter. State Street Corp raised its stake in EQT by 24.5% during the third quarter. State Street Corp now owns 37,095,597 shares of the oil and gas producer’s stock worth $1,359,183,000 after acquiring an additional 7,290,822 shares in the last quarter. Geode Capital Management LLC raised its stake in 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 acquiring an additional 3,582,418 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in EQT by 1.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,093,857 shares of the oil and gas producer’s stock worth $234,878,000 after acquiring an additional 80,799 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC grew its holdings in shares of EQT by 386.9% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 4,347,660 shares of the oil and gas producer’s stock worth $205,830,000 after purchasing an additional 3,454,741 shares during the last quarter. 90.81% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on EQT. StockNews.com upgraded EQT from a “sell” rating to a “hold” rating in a report on Friday. Wells Fargo & Company increased their target price on EQT from $52.00 to $53.00 and gave the stock an “overweight” rating in a report on Wednesday, January 8th. Morgan Stanley increased their target price on EQT from $45.00 to $56.00 and gave the stock an “overweight” rating in a report on Monday, November 25th. Mizuho upgraded EQT from a “neutral” rating to an “outperform” rating and increased their target price for the stock from $48.00 to $57.00 in a report on Monday, December 16th. Finally, Piper Sandler increased their target price on EQT from $35.00 to $36.00 and gave the stock a “neutral” rating in a report on Thursday, March 6th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, EQT currently has an average rating of “Hold” and a consensus price target of $52.56.

EQT Trading Up 3.8 %

NYSE:EQT opened at $50.71 on Friday. EQT Co. has a 1-year low of $30.02 and a 1-year high of $56.66. The business’s 50-day moving average price is $50.82 and its two-hundred day moving average price is $43.51. The company has a current ratio of 0.70, a quick ratio of 0.51 and a debt-to-equity ratio of 0.37. The firm has a market capitalization of $30.30 billion, a price-to-earnings ratio of 126.79, a PEG ratio of 0.64 and a beta of 1.12.

EQT (NYSE:EQT) last released its quarterly earnings results on Tuesday, February 18th. The oil and gas producer reported $0.69 EPS for the quarter, topping analysts’ consensus estimates of $0.50 by $0.19. The company had revenue of $1.82 billion for the quarter, compared to analyst estimates of $1.81 billion. EQT had a return on equity of 4.35% and a net margin of 4.37%. On average, equities analysts expect that EQT Co. will post 3.27 earnings per share for the current year.

EQT Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Tuesday, February 18th were given a dividend of $0.1575 per share. This represents a $0.63 dividend on an annualized basis and a dividend yield of 1.24%. The ex-dividend date of this dividend was Tuesday, February 18th. EQT’s dividend payout ratio is currently 157.50%.

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.