EQT Stock Downgraded Despite Merger News: Analyst Says Hold Your Horses

Mizuho Securities analyst Nitin Kumar downgraded EQT Corporation (NYSE:EQT) to Neutral from Buy and cut the price target to $39 from $46.

The rating downgrade reflects the company’s FY23 reserves, 2024 guidance, and the proposed merger with Equitrans Midstream Corporation (NYSE:ETRN).

Under the terms of the agreement, EQT will acquire Equitrans in an all-stock transaction, which will create a combined company with an enterprise value of over $35 billion. 

Also, last month, the company reported fourth-quarter revenue of $1.549 billion, which fell short …

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