On June 26, 2023, Arden Trust Co disclosed that it reduced its position in EQT Co. (NYSE:EQT) by 24.5% during the first quarter of the year. This move was revealed in the company’s most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor reported owning 29,774 shares of the oil and gas producer’s stock after selling 9,669 shares during this period. At the end of Q1, Arden Trust Co’s holdings in EQT were worth $950,000.
Interestingly enough, EQT had also recently announced a quarterly dividend which was paid on June 1st to shareholders of record on May 10th. Shareholders received a $0.15 dividend representing a $0.60 annualized dividend and a dividend yield of 1.53%. On Tuesday, May 9th, the ex-dividend date took place indicating that only shareholders who owned shares prior to this date would be eligible for receiving the dividend payment.
While reading through Bloomberg data, several research analysts commented on EQT shares discussing their outlook on the company’s performance moving forward. UBS Group initiated coverage on shares of EQT with a “neutral” rating and set a price target at $36 per share for the company in an April 19th report. Wells Fargo & Company decreased their target price from $41 to $39 but maintained an “overweight” rating in their report on Tuesday, April 11th.
Stephens began coverage on shares of EQT with an “equal weight” rating a month later along with providing a price objective at $36 for June24the company’s stocks . While other entities such as StockNews.com backed up Stephens’ sentiment by issuing its own coverage asserting that holding onto stocks was advantageous versus shedding it altogether; even if no profits appear imminent or flashy.Shortly thereafter, Mizuho upgraded EQT’s target price projection from $48 to $52 on May 19th. Bloomberg consensus rating established that the stock has a “Moderate Buy” rating with an average target price of $49.59.
With EQT Co. (NYSE:EQT) shares being evaluated and scrutinized through multiple sources in the financial news space, it’s clear that many are keeping an eye on this company and will continue to do so in the months ahead.
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Institutional Investors Show Interest in EQT Co.’s Shares Amid Growing Pressure for Fossil Fuel Industry Players to Adapt.
EQT Co., an oil and gas producer listed on the NYSE, has seen a surge in the number of institutional investors and hedge funds vying for its shares. Vanguard Group Inc., for instance, recently hiked its stake in EQT by 19.8% in the third quarter to 38,038,225 shares, worth $1.55bn. Capital World Investors has also joined the ranks with a $497m position taken during 1Q 2023. Renowned investment groups such as Clearbridge Investments LLC and Geode Capital Management LLC have also increased their stakes in EQT.
Despite this surge of investment interest, Todd James, Chief Accounting Officer at EQT recently sold off 31,170 shares of EQT stock on June 9th at an average price of $38.56 – totalling $1,201,915.20 – leaving him with just over 39k shares totalling more than $1.5m. This movement comes after EQT announced a quarterly dividend to shareholders who were issued a payment of $0.15 per share on Thursday June 1st.
The firm’s latest market capitalisation stands at $14.17bn with a current price-to-earnings (PE) ratio at a low 3.48 but PWEG ratio strong at just under one unit (0.79), indicating growth potential for EQT and keeping investor intrigue high.
For FY2023, equities research analysts project that EQT will post earnings per share (EPS) of around £2.49 based on impressive Q1 results which saw it rake in revenue of $1.83bn coupled with EPS figures beating analyst estimates.
This all bodes well potentially for investors considering taking positions within a sector which has become increasingly popular due to burgeoning global demand for zero-emission energy sources like renewable energy which is putting pressure on fossil fuels industry players to adapt.