ClearBridge Investments, an investment management firm, published its “Mid Cap Strategy” third-quarter 2022 investor letter – a copy of which can be downloaded here. The ClearBridge Mid Cap Strategy underperformed its Russell Midcap Index during the third quarter. On an absolute basis, the Strategy had losses across 10 of the 11 sectors in which it was invested during the quarter. The leading detractors were the health care, financials and consumer discretionary sectors, while the industrials sector was the sole positive contributor.. Try to spare some time to check the fund’s top 5 holdings for you to have an idea about their best stock picks this 2022.
In its Q3 2022 investor letter, ClearBridge Investments Mid Cap Strategy 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 a $15.0 billion market capitalization. EQT Corporation (NYSE:EQT) delivered a 88.12% return since the beginning of the year, while its 12-month returns are up by 96.41%. The stock closed at $41.03 per share on November 18, 2022.
Here is what ClearBridge Investments Mid Cap Strategy has to say about EQT Corporation (NYSE:EQT) in its Q3 2022 investor letter:
"We also added natural gas company EQT (NYSE:EQT) in the energy sector. As one of the lowest-cost domestic producers, EQT stands to benefit from its position as a leading supplier of natural gas to a world suffering from critically low energy reserves. The Russian invasion of Ukraine and threats to hold natural gas exports hostage have spurred a surge in European energy prices, generating long-term agreements by European countries to purchase U.S. natural gas.
This strong demand and elevated prices have helped EQT strengthen its balance sheet and position it to take advantage as opportunities emerge for natural gas to plug the gaps in the global energy transition from fossil fuels to renewables."
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 57 hedge fund portfolios at the end of the second quarter of 2022, compared to 52 funds in the previous quarter. EQT Corporation (NYSE:EQT) delivered a -16.47% return in the past 3 months.
In August 2022, we also shared another hedge fund’s views on EQT Corporation (NYSE:EQT) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q3 page.
Disclosure: None. This article is originally published at Insider Monkey.