EQT Corp.: The Dry Gas Utica Is A Diamond - No Longer In The Rough And, As It Turns Out, As Big As The Ritz
Richard Zeits • 54 Comments
Richard Zeits • 54 Comments
Thu, Oct. 27, 7:51 AM
- EQT Corp. (NYSE:EQT) says President Steven Schlotterbeck will become its new CEO, succeeding David Porges upon his planned retirement in Q1 2017.
- Upon Porges’ retirement, Schlotterbeck also will become CEO of both EQT Midstream Partners (NYSE:EQM) and EQT GP Holdings (NYSE:EQGP).
- Schlotterbeck joined EQT in 2000, holding various engineering and management positions until 2008, when he became a VP; in December 2015, he was named President of EQT, while also serving as President of exploration and production.
Thu, Oct. 27, 6:34 AM
Wed, Oct. 26, 5:30 PM
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Tue, Oct. 25, 10:24 AM
- EQT Corp. (EQT +2.5%) agrees to acquire additional core acreage in the Marcellus Shale from Trans Energy (OTCPK:TENG +243%) and Republic Energy for a combined $683M, adding ~60K acres of natural gas holdings in its target area.
- EQT says it will pay $513M to TENG and its joint venture partner Republic for 42.6K acres and 42M cf/day of natural gas production in West Virginia, as well as a takeover offer of TENG worth $3.58/share.
- The deals also include 17K net acres and current natural gas production of ~2M cfe/day from a third-party for $170M.
- EQT says it has increased its core Marcellus position during 2016 by 143K acres, or 55%, for a total of 400K acres, including the recent acquisitions.
Fri, Oct. 14, 10:08 AM
- EQT Midstream Partners (EQM +0.9%) agrees to acquire the Allegheny Valley Connector transmission and storage system and several Marcellus gathering systems from EQT Corp. (EQT -0.2%) for $275M.
- AVC includes 209 miles of transmission pipeline and 11B cf of working gas storage capacity, and the AVC system has 450M cf/day of transmission capacity; it is fully contracted for the winter season by Pennsylvania's Peoples Natural Gas under firm reservation commitment which expires in 2034.
- Analysts at Stifel estimate the deal is $0.43/unit accretive to EQM unitholders, and raises its price target on the units to $82 from $78.
Wed, Oct. 12, 4:28 PM
Fri, Aug. 26, 2:17 PM
- EQT Corp. (EQT -0.3%) is upgraded to Buy from Hold with an $87 price target at Stifel, citing the company's high-quality asset base, industry-leading balance sheet and valuable and growing midstream platform,
- After backing out the value of EQT GP Holdings (NYSE:EQGP), Stifel estimates that EQT trades at 8.4x 2017 EBITDA, an 18% discount to its Appalachian peers.
- The firm says it new $87/share target assumes that EQT's E&P assets trade in line with its Appalachian peer group at ~10x.
Thu, Aug. 25, 10:51 AM
- Natural gas production from the Marcellus and Utica shales remains surprisingly strong and defying predictions that output would fall, averaging 22.63B cf/day so far in August, up 2% from last month and the most since February’s all-time high of 22.78B cf/day.
- Even though the number of drilling rigs has declined, new production per rig now averages ~11.4M cf of gas in the Marcellus, up 18% Y/Y, as producers have managed to maintain volumes by tapping inventories of drilled but uncompleted wells and burrowing deeper, longer wells that yield more gas.
- Production has been strong despite regional prices at ~$1.2757/MMBtu, less than half the price for benchmark gas in Louisiana.
- Top Marcellus/Utica producers include EQT, RRC, RICE, CVX, CNX, VTG, REXX, XOM, NBL, COG, CHK.
Thu, Jul. 28, 6:29 AM
Wed, Jul. 27, 5:30 PM
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Fri, Jul. 15, 10:10 AM
- Wells Fargo ticks off 20 S&P 500 stocks with the most upside potential vs. consensus, and the 20 with the most downside risk vs. consensus.
- The list is compiled by comparing the midpoint of Wells Fargo Securities valuation ranges to consensus fair value estimates, volatility adjusting the percentage difference, and ranking the resulting score.
- Upside: AEE, BEN, CCL, DVA, EIX, ES, EXC, FTR, HUM, INTC, JNJ, LNT, PEG, PNW, SCG, T, WEC, WU, XEL, XOM.
- Downside: ANTM, C, CI, COF, EQT, FOXA, FSLR, GS, KIM, LH, MON, MSI, MYL, NVDA, NWSA, SLG, TIF, TSO, UA, WLTW.
Wed, Jul. 13, 4:29 PM
Tue, Jun. 14, 11:22 AM
- Gulfport Energy (GPOR -0.9%) and EQT Corp. (EQT -1.2%) are downgraded to Hold from Buy at Deutsche Bank, which says the view reflects its neutral position on Northeast gas producers.
- The firming of prices in H2 of the year should keep some positive momentum in the natural gas-levered producers, but small infrastructure growth out of the Northeast until late 2017 or 2018 will limit the ability for these producers to capture periods of higher prices, Deutsche Bank says.
- The firm's new stock price target for GPOR is $33, cut from $37, and the new target for EQT is $79, lowered from $81.
Fri, May 13, 11:28 AM
- Natural gas producers have been among the stock market’s worst performers in recent years, but this year they have ranked among the best amid signs a glut could shrink soon.
- Four of the nine top performing S&P 500 stocks YTD are natural gas producers, making them among the best-returning commodity stocks and outperforming peers in oil; Southwestern Energy (SWN -1.5%), Range Resources (RRC +1.5%), Cabot Oil & Gas (COG +0.1%) and EQT (EQT -0.4%) were up more than 35% so far this year.
- Indications of easing supply have helped natural gas prices rebound 31% over the past two months after hitting new lows in March, but the question now is whether the rally marks the start of a powerful turnaround in gas prices, supported by deep cuts from producers, or a short-lived surge based on optimistic forecasts.
- ETFs: UNG, UGAZ, DGAZ, BOIL, GAZ, KOLD, UNL, DCNG
Mon, May 2, 4:33 PM
- EQT Corp. (NYSE:EQT) -1.7% AH after agreeing to acquire 62.5K net acres and current natural gas production of 50M cfe/day from Statoil (NYSE:STO) for $407M.
- EQT says the deal increases its core undeveloped acreage in the Marcellus Shale by 29%, much of it contiguous with its existing development in the area.
- To fund the deal, EQT says it is launching a public offering of 9.5M common shares, with an underwriters option to purchase up to an additional 1.425M shares.
Thu, Apr. 28, 6:42 AM
- EQT (NYSE:EQT): Q1 EPS of $0.07 beats by $0.10.
- Revenue of $545.1M (-23.7% Y/Y) misses by $15.4M.