Canoe Financial LP Invests $89.91 Million in EQT Co. (NYSE:EQT)

Canoe Financial LP acquired a new position in shares of EQT Co. (NYSE:EQT) during the third quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 2,500,000 shares of the oil and gas producer’s stock, valued at approximately $89,907,000. EQT accounts for approximately 2.2% of Canoe Financial LP’s investment portfolio, making the stock its 15th biggest position.

Other institutional investors have also recently added to or reduced their stakes in the company. Innealta Capital LLC acquired a new stake in EQT in the 2nd quarter valued at $28,000. Hexagon Capital Partners LLC grew its stake in EQT by 18,080.0% in the 3rd quarter. Hexagon Capital Partners LLC now owns 909 shares of the oil and gas producer’s stock valued at $33,000 after acquiring an additional 904 shares during the period. Blue Trust Inc. grew its stake in EQT by 149.5% in the 2nd quarter. Blue Trust Inc. now owns 998 shares of the oil and gas producer’s stock valued at $37,000 after acquiring an additional 598 shares during the period. Wolff Wiese Magana LLC grew its stake in EQT by 936.1% in the 2nd quarter. Wolff Wiese Magana LLC now owns 1,005 shares of the oil and gas producer’s stock valued at $37,000 after acquiring an additional 908 shares during the period. Finally, Rise Advisors LLC grew its stake in EQT by 224.8% in the 3rd quarter. Rise Advisors LLC now owns 1,036 shares of the oil and gas producer’s stock valued at $38,000 after acquiring an additional 717 shares during the period. Institutional investors and hedge funds own 90.81% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. Morgan Stanley reissued an “overweight” rating and issued a $45.00 price target on shares of EQT in a research note on Friday, September 13th. JPMorgan Chase & Co. raised their price objective on EQT from $37.00 to $39.00 and gave the company an “overweight” rating in a report on Thursday, September 26th. Wolfe Research initiated coverage on EQT in a report on Thursday, July 18th. They issued an “outperform” rating and a $51.00 price objective on the stock. UBS Group decreased their price objective on EQT from $38.00 to $36.00 and set a “neutral” rating on the stock in a report on Wednesday, September 18th. Finally, Stephens decreased their price objective on EQT from $47.00 to $46.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 24th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $42.18.

EQT Stock Performance

NYSE EQT opened at $37.48 on Monday. The company has a market cap of $16.55 billion, a P/E ratio of 27.16 and a beta of 1.06. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.73 and a quick ratio of 0.73. The stock has a 50-day moving average of $34.87 and a two-hundred day moving average of $36.59. EQT Co. has a 1-year low of $30.02 and a 1-year high of $45.23.

EQT Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Investors 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 (DPR) is 45.65%.

About EQT

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.