EQT Corp (EQT) Price Target - Aug 1

[dan_s]

TipRanks: "On 8-1-2022 JPMorgan analyst Arun Jayaram raised the price target on EQT Corp. (NYSE: EQT) to $56.00 (from $54.00) while maintaining a Overweight rating."

Since EQT released Q2 results on July 27th, six analysts have updated their price targets from $52 to $63. All six rate EQT a BUY.

At the time of this post EQT is trading for $41.80. It is the largest natural gas producer in the U.S.

[dan_s]

I just finished my final review of the EQT profile and I have updated my forecast model. I've decided to lower my valuation by $5 to $60 because I misread some of their hedges for 2H 2022. That said, the Company is on track to strong FCF this year and incredible FCF in 2023 if HH ngas stays over $5.00.

Hindsight is always 20/20 but they needed to hedge a high percentage of 2021 and 2022 to get the financing to close the Alta Resources Acquisition a year ago. That deal pushed production over 5 Bcfepd and sets up HUGE free cash flow in the future. Completion of the Mountain Valley Pipeline should also allow them to get more gas to good markets.

FCF per share over $12.50 in 2023. You won't find many upstream companies that have 30% FCF yield.

[dan_s]

Truist Securities analyst Neal Dingmann raised the price target on EQT Corp. (NYSE: EQT) to $63.00 (from $61.00) while maintaining a Buy rating.