EQT Stock Downgraded Despite Merger News: Analyst Says Hold Your Horses
EQT Stock Downgraded Despite Merger News: Analyst Says Hold Your Horses
Mizuho Securities analyst Nitin Kumar downgraded EQT Corporation (NYSE:EQT) to Neutral from Buy and cut the price target to $39 from $46.
瑞穗证券分析师尼廷·库马尔将殷拓公司（纽约证券交易所代码：EQT）的评级从买入下调至中性，并将目标股价从46美元下调至39美元。
The rating downgrade reflects the company's FY23 reserves, 2024 guidance, and the proposed merger with Equitrans Midstream Corporation (NYSE:ETRN).
评级下调反映了该公司23财年的储备金、2024年的指引以及与Equitrans Midstream Corporation（纽约证券交易所代码：ETRN）的拟议合并。
Under the terms of the agreement, EQT will acquire Equitrans in an all-stock transaction, which will create a combined company with an enterprise value of over $35 billion.
根据协议条款，殷拓将通过全股交易收购Equitrans，这将创建一家企业价值超过350亿美元的合并公司。
Also, last month, the company reported fourth-quarter revenue of $1.549 billion, which fell short of expectations, and adjusted EPS at $0.48, which came below consensus estimates.
此外，该公司上个月公布的第四季度收入为15.49亿美元，低于预期，调整后的每股收益为0.48美元，低于市场普遍预期。
The company had a total proved reserves of 27.6 Tcfe in 2023, which was up 10% Y/Y, reflecting the Tug Hill and XcL Midstream Acquisition.
该公司2023年的总探明储量为27.6亿立方英尺，同比增长10％，这反映了对Tug Hill和XCL中游的收购。
For FY24, EQT expects sales volume of 2,200 – 2,300 Bcfe and maintenance capital expenditures of $1.950 billion– $2.050 billion.
殷拓预计，24财年的销售量为2,200亿至2300亿立方英尺，维护资本支出为19.50亿至20.50亿美元。
The analyst writes that the FY24 guidance and FY23 reserves were modestly dilutive to NAV on higher operating expenses.
该分析师写道，由于运营费用增加，24财年指引和23财年储备略微稀释了资产净值。
Related: These Analysts Revise Their Forecasts On EQT Following Merger News
相关: 合并新闻发布后，这些分析师修改了对殷拓的预测
Kumar expects EQT to focus on debt reduction and asset integration, which can lead to 'excess' cash flows to cash returns.
库马尔预计，殷拓将专注于债务减免和资产整合，这可能会导致 “过剩” 的现金流转化为现金回报。
Also, the analyst estimates a 2025 FCF breakeven of $2.20/mcf for the combined company, which is about $0.30/mcf below the standalone estimate for EQT.
此外，分析师估计，合并后的公司2025年的FCF盈亏平衡为2.20美元/立方英尺，比殷拓的独立估计值低约0.30美元/立方英尺。
Apart from this, the analyst estimates a PDP decline of ~25% in 2024 (exit-to-exit) and ~19% in 2025.
除此之外，分析师估计，2024年PDP将下降约25％（从出口到退出），2025年下降约19％。
Also, Kumar estimates EBITDAX to be $3.162 billion (vs. $3.386 billion prior) for FY24 and $5.100 billion for FY25.
此外，库马尔估计，24财年的息税折旧摊销前利润为31.62亿美元（之前为33.86亿美元），25财年的息税折旧摊销前利润为51.0亿美元。
Price Action: EQT shares are down 0.70% at $34.28 on the last check Wednesday.
价格走势：在周三的最后一次支票中，殷拓股价下跌0.70％，至34.28美元。