EQT Corp
NYSE:EQT
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Intrinsic Value
The intrinsic value of one EQT stock under the Base Case scenario is 43.04 USD. Compared to the current market price of 46.89 USD, EQT Corp is Overvalued by 8%.
The Intrinsic Value is calculated as the average of DCF and Relative values:
Valuation Backtest
EQT Corp
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Fundamental Analysis
Economic Moat
EQT Corp
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EQT Corporation stands as a prominent player in the natural gas sector, primarily known for its extensive operations in the Marcellus and Utica shale regions of the Appalachian Basin. With a strong emphasis on natural gas production, EQT has established itself as the largest producer of natural gas in the United States, tapping into the lucrative and abundant reserves beneath these geological formations. The company focuses on low-cost, efficient drilling techniques that enable it to maintain a strong competitive edge in a volatile energy market. As the global shift toward cleaner energy sources accelerates, EQT's commitment to sustainable practices and its strategic investments in innovativ...
EQT Corporation stands as a prominent player in the natural gas sector, primarily known for its extensive operations in the Marcellus and Utica shale regions of the Appalachian Basin. With a strong emphasis on natural gas production, EQT has established itself as the largest producer of natural gas in the United States, tapping into the lucrative and abundant reserves beneath these geological formations. The company focuses on low-cost, efficient drilling techniques that enable it to maintain a strong competitive edge in a volatile energy market. As the global shift toward cleaner energy sources accelerates, EQT's commitment to sustainable practices and its strategic investments in innovative technologies position it favorably for future growth.
For investors, EQT Corporation presents a compelling opportunity given its robust financial performance and commitment to shareholder value. The company has demonstrated resilience through cyclical downturns, consistently emphasizing capital discipline and profitability, which is evident in its strong cash flow generation and solid dividend policy. With a strategic focus on operational efficiency, EQT is actively working to reduce its environmental impact while expanding its production capabilities. As energy demand continues to evolve, the company's forward-looking approach not only mitigates risks associated with regulatory pressures but also underscores its potential to thrive in an increasingly carbon-conscious market. The combination of a strong operational foundation, innovative practices, and a clear vision for the future makes EQT Corporation a noteworthy prospect for investors seeking exposure to the energy sector.
EQT Corporation is primarily engaged in the exploration and production of natural gas, with its core business segments broadly categorized as follows:
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Natural Gas Production:
- EQT is one of the largest producers of natural gas in the United States, focusing on extracting natural gas from shale formations, particularly the Marcellus Shale in Pennsylvania and West Virginia.
- This segment involves activities related to drilling, completion, and production of natural gas wells.
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Natural Gas Marketing:
- This segment involves the buying, selling, and transportation of natural gas. EQT markets its natural gas production to various domestic and international customers.
- The marketing operations also include the management of contracts for pipeline capacity and storage agreements.
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Midstream Services:
- Although EQT is primarily a producer, it may also engage in midstream activities by providing logistics and transportation services, such as pipeline transportation and processing of natural gas.
- This segment helps facilitate the delivery of natural gas from production sites to end-users.
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Renewable Energy Initiatives:
- More recently, EQT has been exploring renewable energy options and sustainability initiatives, including carbon capture and storage, as part of their long-term strategy to adapt to changing energy landscapes.
These core segments collectively contribute to EQT’s operations and revenue generation, positioning the company as a significant player in the natural gas sector while increasingly incorporating sustainability into its business model.
EQT Corp, a leading natural gas producer in the United States, has several unique competitive advantages over its rivals in the energy sector:
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Scale and Operational Efficiency: EQT is one of the largest producers of natural gas in the U.S., benefiting from economies of scale that allow for lower production costs. This scale enables EQT to spread fixed costs over a larger volume of production, which can enhance profitability.
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Strategic Location: EQT’s operations are primarily concentrated in the Appalachian Basin, particularly in the Marcellus Shale. This region has favorable geology for gas production and proximity to key markets and infrastructure, reducing transportation costs and enhancing access to customers.
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Low-Cost Production: The company has invested in technology and best practices that enhance drilling efficiency and reduce overall production costs. This positions EQT to remain profitable even during periods of low natural gas prices, giving it a competitive edge over higher-cost producers.
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Strong Asset Base: EQT has a significant inventory of high-quality, low-decline natural gas reserves. This resource base allows for longer-term planning and production predictability, which can be attractive to investors and stakeholders.
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Technological Innovation: EQT has been proactive in adopting advanced technologies such as horizontal drilling and hydraulic fracturing. This innovative approach allows the company to optimize yield and resource recovery, setting it apart from less technologically sophisticated competitors.
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Sustainability Initiatives: With an increasing emphasis on environmental responsibility, EQT has made strides in reducing emissions and promoting sustainable practices. This focus on sustainability can enhance its reputation and appeal to environmentally conscious investors and customers.
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Strong Balance Sheet: Effective fiscal management enables EQT to maintain a strong balance sheet, providing financial flexibility for investments in growth and innovation while weathering economic fluctuations.
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Experienced Management: The leadership team’s experience in the energy sector, combined with strategic decision-making and operational expertise, gives EQT a competitive advantage in navigating market challenges and capitalizing on growth opportunities.
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Diversified Portfolio: Beyond natural gas production, EQT has interests in various segments of the energy value chain, including midstream operations. This diversification can mitigate risks and provide multiple revenue streams.
These competitive advantages position EQT favorably in the natural gas market and enhance its ability to compete effectively against other players in the sector.
EQT Corporation, as a major player in the natural gas industry, faces several risks and challenges that could impact its operations and financial performance in the near future. Here are some key considerations:
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Commodity Price Volatility: The prices of natural gas and other hydrocarbons are subject to substantial fluctuations due to market dynamics. Changes in supply and demand, geopolitical factors, and weather patterns can significantly impact pricing, affecting revenue and profitability.
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Regulatory Changes: The energy sector is heavily regulated at both federal and state levels. Changes in environmental regulations, tax policies, or other regulatory requirements could increase compliance costs or limit operational capabilities.
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Environmental Concerns: Increasing scrutiny on environmental impacts, including greenhouse gas emissions and hydraulic fracturing (fracking) practices, may lead to stricter regulations or public opposition. This could result in increased costs, project delays, or reputational damage.
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Competition: The natural gas market is competitive, with various players vying for market share. EQT must navigate competition from other natural gas producers as well as alternative energy sources that are becoming more economically viable.
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Operational Risks: Natural gas extraction and production involve various operational risks, including equipment failures, workforce safety issues, and logistics challenges. These can lead to production downtime and increased costs.
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Debt Levels: If EQT has significant debt, it may face financial strain in a low-price environment or if interest rates rise. This could limit its ability to invest in new projects or technologies.
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Market Demand: Changes in demand for natural gas, driven by shifts towards renewable energy or changes in consumption patterns, can impact EQT's long-term growth prospects. Economic downturns can also reduce demand in key markets.
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Technological Advancements: The rapid pace of technological change in energy extraction, storage, and renewable energy sources presents both opportunities and challenges. EQT must continuously innovate to remain competitive and efficiently manage its resources.
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Geopolitical Risks: Instability in key regions that supply natural gas or affect energy markets can lead to supply disruptions and price spikes, impacting EQT's operations and financial stability.
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Public Perception and Social License: As public sentiment shifts towards sustainability, companies in the fossil fuel sector may face challenges related to their social license to operate. This can lead to increased activism and community opposition.
Addressing these risks requires a strategic approach that includes diversification, investment in technology, adherence to regulatory compliance, and proactive stakeholder engagement. Properly managing these challenges will be crucial for EQT's sustained success in a changing energy landscape.
Revenue & Expenses Breakdown
EQT Corp
Balance Sheet Decomposition
EQT Corp
Current Assets | 1.2B |
Cash & Short-Term Investments | 30m |
Receivables | 676.7m |
Other Current Assets | 523.2m |
Non-Current Assets | 23.5B |
PP&E | 23.2B |
Other Non-Current Assets | 300.4m |
Current Liabilities | 1.7B |
Accounts Payable | 1.2B |
Other Current Liabilities | 487.4m |
Non-Current Liabilities | 7.9B |
Long-Term Debt | 4.9B |
Other Non-Current Liabilities | 3B |
Earnings Waterfall
EQT Corp
Revenue
|
5.7B
USD
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Cost of Revenue
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-2.5B
USD
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Gross Profit
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3.2B
USD
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Operating Expenses
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-2.8B
USD
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Operating Income
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462.4m
USD
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Other Expenses
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-148.2m
USD
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Net Income
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314.2m
USD
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Free Cash Flow Analysis
EQT Corp
USD | |
Free Cash Flow | USD |
EQT reported a robust third quarter, achieving sales volumes of 581 Bcfe, exceeding guidance by 4%. The integration of Equitrans is ahead of schedule, with $145 million in annual savings realized, surpassing earlier projections. The company expects fourth-quarter production between 555-605 Bcfe, a 7% increase from previous estimates. Operating costs decreased to $1.07 per Mcfe, and capex was nearly $100 million below guidance. With strong demand growth from data centers expected to drive natural gas consumption, EQT anticipates generating up to $25 billion in cumulative cash flow by 2029 at high gas prices, emphasizing its competitive position in the sector.
What is Earnings Call?
EQT Profitability Score
Profitability Due Diligence
EQT Corp's profitability score is 52/100. The higher the profitability score, the more profitable the company is.
Score
EQT Corp's profitability score is 52/100. The higher the profitability score, the more profitable the company is.
EQT Solvency Score
Solvency Due Diligence
EQT Corp's solvency score is 36/100. The higher the solvency score, the more solvent the company is.
Score
EQT Corp's solvency score is 36/100. The higher the solvency score, the more solvent the company is.
Wall St
Price Targets
EQT Price Targets Summary
EQT Corp
According to Wall Street analysts, the average 1-year price target for EQT is 42.76 USD with a low forecast of 32.32 USD and a high forecast of 57.75 USD.
Dividends
Current shareholder yield for EQT is .
Shareholder yield represents the total return a company provides to its shareholders, calculated as the sum of dividend yield, buyback yield, and debt paydown yield. What is shareholder yield?
Ownership
EQT Insider Trading
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Profile
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Dividend Yield
Description
EQT Corp. is a natural gas production company engaged in the supplying, transmitting, and distribution of natural gas. The company is headquartered in Pittsburgh, Pennsylvania and currently employs 693 full-time employees. The company has approximately 25.0 trillion cubic feet equivalents (Tcfe) of proved natural gas, natural gas liquids (NGLs), and crude oil reserves across approximately 2.0 million gross acres, including approximately 1.7 million gross acres in the Marcellus play. The firm is focused on the execution of combo-development projects, which refers to the development of several multi-well pads in tandem. The company owns or leases approximately 610,000 net acres in Pennsylvania. The firm owns or leases approximately 405,000 net acres in West Virginia. The company also owns or leases approximately 65,000 net acres in eastern Ohio. The company primarily contracts with MarkWest Energy Partners, L.P. (MarkWest) to process its natural gas and extract from the produced natural gas heavier hydrocarbon streams (consisting predominately of ethane, propane, isobutane, normal butane and natural gasoline.
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The intrinsic value of one EQT stock under the Base Case scenario is 43.04 USD.
Compared to the current market price of 46.89 USD, EQT Corp is Overvalued by 8%.