50.00 0.00 (0.00%)
After hours: 4:31PM EDT
|Bid||49.95 x 2200|
|Ask||49.96 x 1100|
|Day's Range||49.31 - 50.36|
|52 Week Range||43.70 - 66.03|
|PE Ratio (TTM)||N/A|
|Earnings Date||Oct 25, 2018|
|Forward Dividend & Yield||0.12 (0.24%)|
|1y Target Est||67.82|
EQT's MVP project and related stabilization plans continue to face criticism from various segments of society along with municipalities, native groups and environmentalists.
Oil prices started the day trading up on news that Saudi Arabia had reduced its production in July, but economic uncertainty driven by Turkey’s currency crisis dragged prices down later in the day
On August 13–17, a variety of events could impact oil and natural gas prices. OPEC’s Monthly Oil Market report, which is scheduled to be released at the beginning of the week, is expected to be an important driver for oil prices. The EIA’s (U.S. Energy Information Administration) Drilling Productivity report is scheduled to be released on August 13. The EIA’s report will be another important factor for oil and natural gas prices.
The CEO-in-waiting of EQT Corp. believes the projected 1Q 2019 in-service date of the Mountain Valley Pipeline is still achievable as long as the Federal Energy Regulatory Commission agrees to let construction work beyond a four-mile stretch in the Jefferson National Forest. EQT (NYSE: EQT) believes it's achievable if FERC is satisfied that MVP's route through the Jefferson National Forest won't change and lifts the stop-work order issued last Friday. "We're hoping to have resolution on that front in a matter of days," said EQT CFO Rob McNally, who was named Thursday to become president and CEO of the Pittsburgh-based natural gas company when it splits with its midstream operations sometime in the fourth quarter.
Among the top priorities for the new head of EQT Midstream Partners, veteran pipeline executive Thomas Karam, is to restart the Mountain Valley Pipeline project that has faced accelerating legal and regulatory challenges over the past week. Construction of the 303-mile pipeline through West Virginia and Virginia, including a 4-mile stretch of the Thomas Jefferson National Forest, was shut down Friday by orders of the Federal Energy Regulatory Commission.
EQT Corp. on Thursday named Robert J. McNally as its new president and CEO, capping a six-month search after a previous CEO left in a pay dispute with the board. David Porges, who had been interim president and CEO since March with the departure of Steve Schlotterbeck, will also leave EQT board of directors where he had been chairman since his retirement in 2017. Porges will become the chairman of the board of Equitrans Midstream Corp., which is the expected name of EQT's midstream business when it separates.
EQT Corporation (EQT) today announced that Thomas F. Karam has been appointed as Senior Vice President and President, Midstream, of EQT, effectively immediately. Karam also assumed the roles of President and Chief Executive Officer of the general partners of EQT Midstream Partners, LP (EQM) and EQT GP Holdings, LP (EQGP) and joined each of the companies’ respective Board of Directors.
EQT Corporation (EQT), today announced that Robert J. McNally, EQT’s current Chief Financial Officer, will become President and Chief Executive Officer upon completion of the Company’s upstream and midstream business separation. McNally will succeed David L. Porges who has been acting as interim President and Chief Executive Officer of EQT since March of this year. Post-separation, Porges will become Chairman of the Board of Directors for Equitrans Midstream Corporation, the anticipated new, publicly traded midstream company.
Oil markets had a bullish start to the week as U.S. sanctions on Iran came into effect and Saudi Arabia surprisingly reduced its crude production and exports
The stop-work order on the Mountain Valley Pipeline may not alter the in-service date too much, but it could up the cost of construction, according to an oil and gas pipeline analyst. FERC stopped construction after the U.S. Fourth District Court of Appeals questioned right-of-way permits issued by the U.S. Forest Service and the Bureau of Land Management in the Jefferson National Forest, where a 3.5-mile stretch of MVP will be. One analyst who closely follows pipelines, Matt Lewis of East Daley Capital Advisors in Colorado, believes the delays will only be short-term.
Between August 6 and August 10, a variety of events could affect oil and natural gas prices. The IEA’s (International Energy Agency) Oil Market Report, which is scheduled to be released toward the end of this week, is expected to be an important driver for oil prices.
US natural gas futures increased 1.3% to $2.81 per MMBtu (million British thermal units) on July 26–August 2. The United States Natural Gas ETF (UNG) rose 2.03% during the same period. UNG seeks to track active natural gas futures. The First Trust Natural Gas ETF (FCG) aims to track the performance of an index of companies mainly involved in natural gas exploration and production. FCG fell 1.9% on July 26–August 2. EQT (EQT), Cabot Oil & Gas (COG), and Gulfport Energy (GPOR) fell 8.9%, 6.6%, and 4.9%, respectively, during the same period.
Approximately 67.0% of the analysts covering Cabot Oil & Gas (COG) rate the stock as a “buy.” The remaining 33.0% rate COG as a “hold.” The average broker target price of $28.19 for COG implies a return of ~24.15% in the next 12 months.
Data analysis is not only guiding what is done thousands of feet below the ground with drilling, but also what happens above the ground, too.
Chesapeake Energy (CHK) reported its second-quarter earnings on today. The company reported revenue of ~$2.25 billion, narrowly missing analysts’ estimates, as you can see below.
Between July 30 and August 3, the events listed in the chart below could impact oil and natural gas prices. The EIA’s (U.S. Energy Information Administration) Monthly Crude Oil and Natural Gas Production data scheduled to be released early in this week is expected to be an important driver for oil and natural gas prices.
EQT’s (EQT) production volume in the second quarter was 362.5 Bcfe (billion cubic feet equivalent). In comparison, the company’s production volumes in the second quarter of 2017 were 198.1 Bcfe. The production was higher due to the Rice acquisition.
Following EQT’s (EQT) second-quarter earnings release on July 26, its stock fell ~2%. The decline was due EQT missing the revenue and earnings estimates in the second quarter. The stock fell 8.26% on July 27. A drop in crude oil prices (DBO) on July 27 intensified the decline. Crude oil prices fell 1.32% on July 27.
Hedge funds cut their net long positions in US natural gas futures and options 44.8% to 24,984 on July 17–24. The positions have also fallen ~66% YoY (year-over-year). The reduction could suggest that hedge funds are turning less bullish or more bearish on US natural gas prices. The US CFTC released the latest positions data on July 27.
Hedge funds’ net long positions in WTI oil futures and options declined 2.4% to 392,147 on July 17–24. The net long positions were near the lowest level since June 26. The decline in hedge funds’ net long positions could be due to the expectations of downside in oil prices. However, hedge funds’ positions rose by 153,646 contracts or 64.4% year-over-year.
PointLogic estimates that US dry natural gas production increased 0.5% to 81 Bcf (billion cubic feet) per day on July 19–25. The production has increased 11% from a year ago.
On July 26, the EIA (U.S. Energy Information Administration) released its weekly natural gas storage report. The EIA reported that US natural gas inventories increased by 24 Bcf (billion cubic feet) to 2,273 Bcf on July 13–20. However, the inventories fell ~24% from a year ago. The inventories were at the lowest level since 2014 for this time of the year.