EQT Corporation (NYSE:EQT), a key player in the crude petroleum and natural gas industry, today announced its financial results for the second quarter of 2024. The Pittsburgh-based company expects to report a total gain on derivatives of $61 million for the three-month period ending June 30, 2024.
In its 8-K filing with the Securities and Exchange Commission, EQT detailed that it received net cash settlements on derivatives amounting to $298 million. This figure includes $392 million received on NYMEX natural gas hedge positions, offset by $94 million paid on basis and liquids hedge positions. Additionally, the company reported spending $5 million on premiums for derivatives that settled during the same period.
These preliminary figures are subject to final adjustments and will be confirmed in EQT’s upcoming Quarterly Report on Form 10-Q, which is expected to be filed for the period ended June 30, 2024, or in the corresponding earnings release.
EQT’s report emphasizes that the information provided in the 8-K filing should not be considered "filed" for regulatory purposes or subject to Section 18 of the Exchange Act's liabilities, nor should it be incorporated by reference into any future filings under the Securities Act of 1933 or the Exchange Act, except as explicitly stated in such filings.
In other recent news, EQT Corporation has seen multiple analyst updates following its robust earnings and strategic moves. Deutsche Bank downgraded EQT AB (ST:EQTAB) stock from a Buy to a Hold rating, citing a challenging fundraising and deal environment. However, the bank's analysis suggests a positive medium-term outlook for private markets, which could benefit EQT due to its leading market positions. On the other hand, Jefferies revised the price target for EQT Corp., increasing it to $48.00 from the previous $43.00, reflecting an improved 2025 production outlook.
In addition, Evercore ISI increased EQT's price target to $50.00, recognizing the company's efficiency gains and the potential benefits of its forthcoming ETRN acquisition. BMO Capital Markets also raised its price target to $47, citing EQT's improved cost structure and a clear strategy to reduce debt through asset sales and strong free cash flow.
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