Analyst Sees Volatile Future for North American Gas Prices, Upgrades Most Impacted Stock
Analyst Sees Volatile Future for North American Gas Prices, Upgrades Most Impacted Stock
Scotiabank analyst Cameron Bean changed the rating for a few North American Natural Gas companies following their revised forecasts about commodity price deck and industry outlook.
丰业银行分析师卡梅隆·比恩修改了对几家北美天然气公司的评级，此前他们修改了对大宗商品价格和行业前景的预测。
The analyst continues to expect congestion and low prices to prevail into the summer but sees green shoots on the horizon, with weaker U.S. production volumes in H2 FY24 and the commissioning of new North American LNG export facilities in late 2024 and 2025.
这位分析师继续预计，拥堵和低价格将持续到夏季，但预计绿芽即将到来，美国在24财年下半年的产量将减弱，新的北美液化天然气出口设施将在2024年底和2025年投入使用。
Bean continues to project a price of $4.00/mmBtu but expects significant price volatility as North America adds considerable new LNG export capacity over the next three to five years.
Bean继续预计价格为每百万英热单位4.00美元，但预计随着北美在未来三到五年内增加大量新的液化天然气出口能力，价格将出现巨大波动。
Also, the analyst expects a rougher ride for AECO prices, with potential carnage during the summer, but anticipates the startup of LNG Canada, creating significant slack in the system in 2025 and 2026.
此外，分析师预计AECO的价格将更加艰难，夏季可能发生大屠杀，但预计加拿大液化天然气将启动，这将导致该系统在2025年和2026年出现严重松动。
Consequently, the analyst upgraded EQT Corporation (NYSE:EQT) to Sector Outperform (from Sector Perform) and raised the price target to $52 (from $40).
因此，分析师将殷拓公司（纽约证券交易所代码：EQT）上调至板块跑赢大盘（从行业绩效），并将目标股价从40美元上调至52美元。
The analyst assumes EQT's acquisition of Equitrans Midstream Corporation (NYSE:ETRN) will close in mid-Q4/24 and expects it to be a game changer for the company.
分析师认为，殷拓对Equitrans Midstream Corporation（纽约证券交易所代码：ETRN）的收购将在24年第四季度中期完成，并预计这将改变该公司的游戏规则。
Bean projects expected material cost structure improvements and enhanced operational control and flexibility as key wins for EQT.
Bean项目预计，材料成本结构的改善以及运营控制和灵活性的增强是殷拓的关键胜利。
On the other hand, Bean downgraded Range Resources Corporation (NYSE:RRC) and Southwestern Energy Company (NYSE:SWN) to Sector Perform (from Sector Outperform) and raised the price target to $45 (from $40) and $9.5 (from $9), respectively.
另一方面，Bean将Range Resources Corporation（纽约证券交易所代码：RRC）和西南能源公司（纽约证券交易所代码：SWN）的评级下调至行业表现（从行业跑赢大盘），并将目标股价分别从40美元）和9.5美元（从9美元）上调至45美元（从9美元）。
For SWN, the analyst sees a relatively flat or sustaining production profile in 2024 and expects a mid-Q4/24 closing date for the Chesapeake Energy Corporation (NASDAQ:CHK) and Southwestern merger.
对于SWN而言，分析师预计2024年的产量将相对持平或维持不变，并预计切萨皮克能源公司（纳斯达克股票代码：CHK）和西南航空合并的截止日期为24年第四季度中期。
The analysts project the combined company to offer dominant exposure to Haynesville, potentially adding material international natural gas price exposure to its portfolio over the next several years.
分析师预计，合并后的公司将为海恩斯维尔提供主要的风险敞口，这有可能在未来几年内为其投资组合增加大量的国际天然气价格敞口。
Price Action: EQT shares are down 1.5% at $37.15, RRC shares by 1.54% at $35.77 and SWN by 2.06% at $7.36 on the last check Thursday.
价格走势：在周四的最后一次支票中，殷拓股价下跌1.5％，至37.15美元，RRC股价下跌1.54％，至35.77美元，SWN股价下跌2.06％，至7.36美元。
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