Is EQT a Smart Long-Term Investment Pick?

ClearBridge Investments, an investment management firm, published its “Mid Cap Growth Strategy” second quarter 2022 investor letter – a copy of which can be downloaded here. The ClearBridge Mid Cap Growth Strategy underperformed the Russell Midcap Growth Index during the second quarter. On an absolute basis, the Strategy had losses across all 10 sectors in which it was invested during the quarter (out of 11 sectors total). The leading detractors were the IT and consumer discretionary sectors, while the real estate sector was the smallest detractor. Go over the fund’s top 5 positions to have a glimpse of its finest picks for 2022.

In its Q2 2022 investor letter, ClearBridge Mid Cap Growth Strategy Fund mentioned EQT Corporation (NYSE:EQT) and explained its insights for the company. Founded in 1888, EQT Corporation (NYSE:EQT) is a Pittsburgh, Pennsylvania-based energy company with an $18.3 billion market capitalization. EQT Corporation (NYSE:EQT) delivered a 127.83% return since the beginning of the year, while its 12-month returns are up by 184.59%. The stock closed at $49.69 per share on August 24, 2022.

Here is what ClearBridge Mid Cap Growth Strategy Fund has to say about EQT Corporation (NYSE:EQT) in its Q2 2022 investor letter:

“We initiated a position in EQT (NYSE:EQT), the largest natural gas producer in the U.S., which possesses high-quality acreage within the Marcellus Shale basin. EQT has benefited from tight supply and demand dynamics as cleaner-burning natural gas takes global share from coal and exports to Europe and Asia provide an avenue of demand growth. Longer-term contracts enhance EQT’s earnings visibility as Europe eliminates its dependence on Russian gas.”

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Our calculations show that EQT Corporation (NYSE:EQT) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. EQT Corporation (NYSE:EQT) was in 52 hedge fund portfolios at the end of the second quarter of 2022. EQT Corporation (NYSE:EQT) delivered a 6.06% return in the past 3 months. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q2 page.

Disclosure: None. This article is originally published at Insider Monkey.