Cushing Asset Management LP reduced its stake in shares of EQT GP Holdings LP (NYSE:EQGP) by 10.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,296,008 shares of the oil and gas company’s stock after selling 145,094 shares during the quarter. Cushing Asset Management LP owned 0.49% of EQT GP worth $34,863,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds also recently modified their holdings of EQGP. The Manufacturers Life Insurance Company grew its position in EQT GP by 7.4% during the second quarter. The Manufacturers Life Insurance Company now owns 8,032 shares of the oil and gas company’s stock worth $242,000 after buying an additional 556 shares during the period. Bank of New York Mellon Corp acquired a new position in EQT GP during the third quarter worth about $245,000. Keybank National Association OH acquired a new position in EQT GP during the third quarter worth about $278,000. JPMorgan Chase & Co. grew its position in EQT GP by 112.4% during the third quarter. JPMorgan Chase & Co. now owns 9,928 shares of the oil and gas company’s stock worth $287,000 after buying an additional 5,253 shares during the period. Finally, Raymond James & Associates grew its position in EQT GP by 199.2% during the fourth quarter. Raymond James & Associates now owns 25,477 shares of the oil and gas company’s stock worth $685,000 after buying an additional 16,962 shares during the period. Institutional investors own 10.05% of the company’s stock.
Several brokerages have weighed in on EQGP. Zacks Investment Research lowered shares of EQT GP from a “hold” rating to a “sell” rating in a research report on Tuesday, January 16th. Royal Bank of Canada lowered shares of EQT GP from an “outperform” rating to a “sector perform” rating and upped their target price for the stock from $29.00 to $32.00 in a research report on Monday, February 12th. Seaport Global Securities lowered shares of EQT GP from a “buy” rating to a “neutral” rating in a research report on Tuesday, February 20th. Citigroup restated a “neutral” rating and set a $31.50 target price on shares of EQT GP in a research report on Monday, January 22nd. Finally, Wells Fargo & Co restated a “market perform” rating and set a $31.00 target price on shares of EQT GP in a research report on Wednesday, February 21st. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company’s stock. EQT GP presently has an average rating of “Hold” and a consensus price target of $31.55.
EQT GP (NYSE:EQGP) last released its quarterly earnings results on Thursday, February 15th. The oil and gas company reported $0.26 EPS for the quarter, missing the consensus estimate of $0.28 by ($0.02). The business had revenue of $224.51 million during the quarter. EQT GP had a net margin of 31.41% and a return on equity of 12.52%. sell-side analysts predict that EQT GP Holdings LP will post 1.11 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, February 23rd. Stockholders of record on Friday, February 2nd were given a $0.244 dividend. The ex-dividend date of this dividend was Thursday, February 1st. This is a positive change from EQT GP’s previous quarterly dividend of $0.23. This represents a $0.98 annualized dividend and a dividend yield of 4.09%. EQT GP’s dividend payout ratio is currently 100.00%.
EQT GP Profile
EQT GP Holdings, LP (EQGP) is a limited partnership company and subsidiary of EQT Gathering Holdings, LLC (EQT Gathering Holdings). The Company was formed to own EQT Corporation’s (EQT’s) partnership interests in EQT Midstream Partners, LP (EQM), a limited partnership formed by EQT to own, operate, acquire and develop midstream assets in the Appalachian Basin.
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