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.
瑞穗證券分析師尼廷·庫馬爾將殷拓公司（紐約證券交易所代碼：EQT）的評級從買入下調至中性，並將目標股價從46美元下調至39美元。
The rating downgrade reflects the company's FY23 reserves, 2024 guidance, and the proposed merger with Equitrans Midstream Corporation (NYSE:ETRN).
評級下調反映了該公司23財年的儲備金、2024年的指引以及與Equitrans Midstream Corporation（紐約證券交易所代碼：ETRN）的擬議合併。
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.
根據協議條款，殷拓將通過全股交易收購Equitrans，這將創建一家企業價值超過350億美元的合併公司。
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，該公司上個月公佈的第四季度收入爲15.49億美元，低於預期，調整後的每股收益爲0.48美元，低於市場普遍預期。
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.
該公司2023年的總探明儲量爲27.6億立方英尺，同比增長10％，這反映了對Tug Hill和XCL中游的收購。
For FY24, EQT expects sales volume of 2,200 – 2,300 Bcfe and maintenance capital expenditures of $1.950 billion– $2.050 billion.
殷拓預計，24財年的銷售量爲2,200億至2300億立方英尺，維護資本支出爲19.50億至20.50億美元。
The analyst writes that the FY24 guidance and FY23 reserves were modestly dilutive to NAV on higher operating expenses.
該分析師寫道，由於運營費用增加，24財年指引和23財年儲備略微稀釋了資產淨值。
Related: These Analysts Revise Their Forecasts On EQT Following Merger News
相關: 合併新聞發佈後，這些分析師修改了對殷拓的預測
Kumar expects EQT to focus on debt reduction and asset integration, which can lead to 'excess' cash flows to cash returns.
庫馬爾預計，殷拓將專注於債務減免和資產整合，這可能會導致 “過剩” 的現金流轉化爲現金回報。
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，分析師估計，合併後的公司2025年的FCF盈虧平衡爲2.20美元/立方英尺，比殷拓的獨立估計值低約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，分析師估計，2024年PDP將下降約25％（從出口到退出），2025年下降約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，庫馬爾估計，24財年的息稅折舊攤銷前利潤爲31.62億美元（之前爲33.86億美元），25財年的息稅折舊攤銷前利潤爲51.0億美元。
Price Action: EQT shares are down 0.70% at $34.28 on the last check Wednesday.
價格走勢：在週三的最後一次支票中，殷拓股價下跌0.70％，至34.28美元。