The latest 13F reporting period has come and gone, and Insider Monkey is again at the forefront when it comes to making use of this gold mine of data. We at Insider Monkey have plowed through 867 13F filings that hedge funds and well-known value investors are required to file by the SEC. The 13F filings show the funds’ and investors’ portfolio positions as of September 30th. In this article we look at what those investors think of EQT Corporation (NYSE:EQT).
EQT Corporation (NYSE:EQT) shareholders have witnessed an increase in enthusiasm from smart money in recent months. EQT Corporation (NYSE:EQT) was in 57 hedge funds’ portfolios at the end of the third quarter of 2021. The all time high for this statistic was previously 50. This means the bullish number of hedge fund positions in this stock currently sits at its new all time high. There were 43 hedge funds in our database with EQT holdings at the end of June. Our calculations also showed that EQT isn’t among the 30 most popular stocks among hedge funds (click for Q3 rankings).
At Insider Monkey, we scour multiple sources to uncover the next great investment idea. For example, lithium prices have more than doubled over the past year, so we go through lists like the 10 best EV stocks to pick the next Tesla that will deliver a 10x return. Even though we recommend positions in only a tiny fraction of the companies we analyze, we check out as many stocks as we can. With all of this in mind we’re going to check out the recent hedge fund action encompassing EQT Corporation (NYSE:EQT).
Jonathan Barrett of Luminus Management
Do Hedge Funds Think EQT Is A Good Stock To Buy Now?
At the end of the third quarter, a total of 57 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of 33% from the previous quarter. The graph below displays the number of hedge funds with bullish position in EQT over the last 25 quarters. So, let’s review which hedge funds were among the top holders of the stock and which hedge funds were making big moves.
The largest stake in EQT Corporation (NYSE:EQT) was held by Adage Capital Management, which reported holding $81.7 million worth of stock at the end of September. It was followed by D E Shaw with a $72.5 million position. Other investors bullish on the company included Citadel Investment Group, Antipodes Partners, and Appaloosa Management LP. In terms of the portfolio weights assigned to each position Quaker Capital Investments allocated the biggest weight to EQT Corporation (NYSE:EQT), around 15.91% of its 13F portfolio. Nierenberg Investment Management is also relatively very bullish on the stock, setting aside 12.04 percent of its 13F equity portfolio to EQT.
As aggregate interest increased, some big names were leading the bulls’ herd. Antipodes Partners, managed by Jacob Mitchell, created the biggest position in EQT Corporation (NYSE:EQT). Antipodes Partners had $61.1 million invested in the company at the end of the quarter. Jonathan Barrett and Paul Segal’s Luminus Management also initiated a $44.5 million position during the quarter. The following funds were also among the new EQT investors: Paul Marshall and Ian Wace’s Marshall Wace LLP, David Greenspan’s Slate Path Capital, and Frank Fu’s CaaS Capital.
Let’s check out hedge fund activity in other stocks similar to EQT Corporation (NYSE:EQT). These stocks are Globus Medical Inc (NYSE:GMED), US Foods Holding Corp. (NYSE:USFD), AerCap Holdings N.V. (NYSE:AER), Kilroy Realty Corp (NYSE:KRC), Apartment Income REIT Corp. (NYSE:AIRC), Lincoln Electric Holdings, Inc. (NASDAQ:LECO), and Advanced Drainage Systems Inc. (NYSE:WMS). This group of stocks’ market valuations are closest to EQT’s market valuation.
| Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
|---|---|---|---|
| GMED | 37 | 266753 | 2 |
| USFD | 29 | 1071095 | -6 |
| AER | 42 | 1448787 | -3 |
| KRC | 24 | 422839 | -2 |
| AIRC | 17 | 270935 | 3 |
| LECO | 21 | 288792 | 1 |
| WMS | 21 | 1092988 | -5 |
| Average | 27.3 | 694598 | -1.4 |
View table here if you experience formatting issues.
As you can see these stocks had an average of 27.3 hedge funds with bullish positions and the average amount invested in these stocks was $695 million. That figure was $838 million in EQT’s case. AerCap Holdings N.V. (NYSE:AER) is the most popular stock in this table. On the other hand Apartment Income REIT Corp. (NYSE:AIRC) is the least popular one with only 17 bullish hedge fund positions. Compared to these stocks EQT Corporation (NYSE:EQT) is more popular among hedge funds. Our overall hedge fund sentiment score for EQT is 90. Stocks with higher number of hedge fund positions relative to other stocks as well as relative to their historical range receive a higher sentiment score. Our calculations showed that top 5 most popular stocks among hedge funds returned 95.8% in 2019 and 2020, and outperformed the S&P 500 ETF (SPY) by 40 percentage points. These stocks gained 28.6% in 2021 through November 30th and still beat the market by 5.6 percentage points. Unfortunately EQT wasn’t nearly as popular as these 5 stocks and hedge funds that were betting on EQT were disappointed as the stock returned -5% since the end of the third quarter (through 11/30) and underperformed the market. If you are interested in investing in large cap stocks with huge upside potential, you should check out the top 5 most popular stocks among hedge funds as most of these stocks already outperformed the market since 2019.
Follow Eqt Corp (NYSE:EQT)
Follow Eqt Corp (NYSE:EQT)
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Disclosure: None. This article was originally published at Insider Monkey.
