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EQT

EQT Corporation

$18.58

-16.025 (-46.32%)

, ETRN

Equitrans Midstream

$21.18

1.73 (8.89%)

07:33
11/14/18
11/14
07:33
11/14/18
07:33

Morgan Stanley sees structural challenges at EQT, downgrades to Underweight

As previously reported, Morgan Stanley analyst Drew Venker downgraded EQT Corporation (EQT) to Underweight from Equal Weight, as he believes the market is missing EQT's high cost structure and declining production starting in 2020. Given the structural challenges he sees, Venker believes EQT's guidance appears optimistic and will be difficult to achieve, he tells investors. Based on his expectations for higher capex and lower production, his 2020 EBITDA estimate is 10% below what's implied by guidance, the analyst noted. Venker slashed his price target on EQT shares to $12 from $48, which also reflects the spin off of 80.1% of EQT's stake in Equitrans Midstream (ETRN) in November.

EQT

EQT Corporation

$18.58

-16.025 (-46.32%)

ETRN

Equitrans Midstream

$21.18

1.73 (8.89%)

EQT EQT Corporation
$18.58

-16.025 (-46.32%)

11/14/18
MSCO
11/14/18
DOWNGRADE
MSCO
Underweight
EQT Corporation downgraded to Underweight from Equal Weight at Morgan Stanley
10/29/18
RBCM
10/29/18
NO CHANGE
Target $53
RBCM
Outperform
EQT Corporation price target lowered to $53 from $71 at RBC Capital
RBC Capital analyst Scott Hanold lowered his price target on EQT Corp to $53 to reflect the 40% decline in the company's stock price last week amid investor uncertainty regarding its new strategy. The analyst also keeps his Outperform rating on the shares, claiming that the price offers a "significant multiple discount to peers" which should become "more apparent when the midstream separation occurs" starting this week. Hanold contends that EQT will have a muted two years before its capital efficiency will take over in 2021.
10/26/18
BMOC
10/26/18
DOWNGRADE
BMOC
Market Perform
EQT Corporation downgraded to Market Perform from Outperform at BMO Capital
09/18/18
JEFF
09/18/18
INITIATION
Target $52
JEFF
Hold
EQT Corporation resumed with a Hold at Jefferies
Jefferies analyst Mark Lear resumed coverage of EQT Corporation with a Hold rating and $52 price target. While the company's upstream business is "trading cheaply" relative to gas focused operators, its ability to generate free cash flow is likely a few years behind preferred gassy peers, Lear tells investors in a research note.
ETRN Equitrans Midstream
$21.18

1.73 (8.89%)

11/13/18
WELS
11/13/18
INITIATION
Target $23
WELS
Market Perform
Equitrans Midstream initiated with a Market Perform at Wells Fargo
Wells Fargo analyst Michael Blum started Equitrans Midstream (ETRN) with a Market Perform rating and $23 price target. The analyst notes that the company's only assets are its 91.3% ownership interest in EQGP Holdings (EQGP) and a 12.7% ownership interest in EQT Midstream Partners (EQM). Blum forecasts a 3-year dividend compounded annual growth rate of 9.3%, compared to the median growth rate of 5.7% for its closest peers, and 6.2% for the midstream C-Corp peer group. However, he believes Equitrans Midstream faces several near-term headwinds including uncertainty around EQT Midstream Partners' Mountain Valley Pipeline, simplification risk tied to the likely merger of EQGP and EQT Midstream Partners, and potential selling pressure as shares move from E&P to midstream investors.
11/09/18
11/09/18
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. RH (RH) initiated with an Overweight at JPMorgan. 2. Ascendis Pharma (ASND) initiated with an Outperform at Credit Suisse. 3. Kura Oncology (KURA) initiated with an Overweight at Piper Jaffray. 4. Equitrans Midstream (ETRN) initiated with a Buy at Jefferies. 5. Instructure (INST) initiated with a Neutral at Credit Suisse. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, Reference Link
11/09/18
JEFF
11/09/18
INITIATION
Target $25
JEFF
Buy
Equitrans Midstream initiated with a Buy at Jefferies
Jefferies analyst Christopher Sighinolfi started Equitrans Midstream with a Buy rating and $25 price target.

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