ClearBridge Investments, an investment management company, has released its Q3 2022 Investor Letter “Mid Cap Strategy” – a copy of which can be downloaded here. The ClearBridge Mid Cap Strategy underperformed its Russell Midcap Index in the third quarter. On an absolute basis, the strategy posted losses in 10 of the 11 sectors in which it was invested during the quarter. The health care, financials and consumer discretionary sectors were the main detractors while the industrials sector was the only positive contributor. Take some time to review the fund’s top 5 holdings so you can get an idea of the best stock picks in 2022.
In its Q3 2022 letter to investors, ClearBridge Investments Mid Cap Strategy mentioned EQT Corporation (NYSE:EQT) and explained his findings for the company. Founded in 1888, EQT Corporation (NYSE:EQT) is a Pittsburgh, Pennsylvania-based energy company with a market capitalization of $15.0 billion. EQT Corporation (NYSE:EQT) has returned 88.12% year-to-date, while 12-month returns are up 96.41%. The stock closed on November 18, 2022 at $41.03 per share.
Here’s what ClearBridge Investments Mid Cap Strategy has to say about EQT Corporation (NYSE:EQT) in its Q3 2022 Investor Letter:
“We also added a natural gas company EQT (NYSE:EQT) in the energy sector. As one of the lowest cost domestic producers, EQT will benefit from its position as the 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 pushed European energy prices up and led to long-term deals by European countries to buy US natural gas.
This strong demand and increased prices have helped EQT strengthen its balance sheet and position the company to capitalize on opportunities as opportunities arise for natural gas to fill the gaps in the global energy transition from fossil fuels to renewable energy .”
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Our calculations show that EQT Corporation (NYSE:EQT) lagged behind and didn’t make our list of The 30 most popular stocks among hedge funds. EQT Corporation (NYSE:EQT) had exposure to 57 hedge fund portfolios at the end of the second quarter of 2022, compared to 52 funds in the prior quarter. EQT Corporation (NYSE:EQT) returned -16.47% over the past 3 months.
In August 2022, we also shared another hedge fund’s views on EQT Corporation (NYSE:EQT). another article. You can find more investor letters from hedge funds and prominent investors on our Hedge Fund Investor Letters 2022 Q3 Side.
Disclosure: None. This article was originally published on Insider Monkey.