Webinar Questions about EQT's hedges - Feb 19

[dan_s]

Someone asked about EQT's hedges going forward
Here they are:

2022
Q1: ~61% with Swaps at $2.78 and ~12% with Collars that have $3.26 ceiling, 27% unhedged < Realized price s/b ~$3.20/mcf
Q2: ~62% with Swaps at $2.63 and ~21% with Collars that have $3.00 ceilings, 17% unhedged < Realized price s/b ~$2.85/mcf
Q3: ~53% with Swaps at $2.41 and ~21% with Collars that have $3.00 ceilings, 26% unhedged < Realized price s/b ~$2.80/mcf
Q4: ~48% with Swaps at $2.36 and ~21% with Collars that have $3.00 ceilings, 31% unhedged < Realized price s/b ~$3.00/mcf

2023: ~9% with Swaps at $2.53 and ~32% with Collars that have $2.68 floors and $4.38 ceilings < Realized price s/b ~$3.40/mcf if HH averages $3.50 in 2023.

Based on my forecast model, EQT's 2022 operating cash flow should be in the $2.9 to $3.1 billion range and free cash flow should be $1.45 to $1.75 billion range.

Assuming HH gas averages $3.50/MMBtu in 2023, EQT should easily generate more than $2 Billion per year. In the company's most recent presentation dated 2-9-2022 they tell the market that their free cash flow for the six years 2021 to 2023 should be more than $10 Billion.

TipRanks: "In the last 3 months, 7 ranked analysts set 12-month price targets for EQT. The average price target among the analysts is $31.00. The most recent analyst's report dated 2/11/2022 is from Truist Securities analyst Neal Dingmann who raised the price target on EQT Corp. (NYSE: EQT) to $35.00 (from $31.00) while maintaining a Buy rating."

BofA Equity Research rated EQT a BUY with a price target of $32.00 also on 2/11/2022.

We will be publishing an updated profile on EQT on Monday, February 21.

[Fraser921]

Ty for this

I’m anxious to see what ctra has booked

[dan_s]

My updated profile and forecast model for EQT has been posted to the EPG website. My valuation increases to $35/share.

Take a hard look at EQT's revenue growth on row 63 of the updated forecast model. Those revenues include the impact of their hedges. If HH gas prices average $3.50 in 2023, the Company should generate over $7 billion of revenues next year.