Lloyd Byrne, an analyst from Jefferies, maintained the Buy rating on EQT (EQT – Research Report). The associated price target was raised to $43.00.
Lloyd Byrne has given his Buy rating due to a combination of factors that highlight EQT’s promising financial performance and strategic progress. Byrne anticipates that EQT will report strong earnings with an EBITDA of $892 million and cash flow per share of $1.86 for the first quarter, which, although slightly below consensus estimates, still demonstrate robust financial health. Additionally, the expected total volumes of around 5.65 billion cubic feet equivalent per day, even after announced curtailments, suggest a solid operational output for the company.
Moreover, Byrne’s optimism is further fueled by the potential catalysts on the horizon for EQT. These include the possibility of improved visibility on the company’s debt reduction through asset sales and clarity around regulatory approvals for EQT’s pipeline partner, Equitrans Midstream Corporation (ETRN). These elements, combined with his marked-to-market estimates and a price target of $43, form the basis of Byrne’s positive outlook on EQT’s stock, leading to his Buy recommendation.
According to TipRanks, Byrne is a top 100 analyst with an average return of 29.8% and a 65.64% success rate. Byrne covers the Energy sector, focusing on stocks such as EQT, Baker Hughes Company, and Chesapeake Energy.
In another report released on April 2, Goldman Sachs also maintained a Buy rating on the stock with a $43.00 price target.
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EQT (EQT) Company Description:
EQT Corp. engages in natural gas production, gathering, and transmission in the Appalachian area. The EQT Production segment focuses on the exploration, development and production of natural gas, natural gas liquids and crude oil. The company was founded in 1888 and is headquartered in Pittsburgh, PA.
Read More on EQT:
- EQT Corporation price target lowered to $42 from $50 at Jefferies
- Top Wall Street Names Explore Fresh Opportunities Amid Muted M&A Flow
- Wells Fargo downgraded, Best Buy upgraded: Wall Street’s top analyst calls
- Williams price target raised to $42 from $40 at BofA
- EQT Corporation downgraded to Neutral from Overweight at JPMorgan
