EQT Corp

EQT: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$25.00	Dwzdd	Lnpgqnvb

EQT Earnings: Fair Value Estimate Declines Driven by Natural Gas Prices

Stephen Ellis ,

Jul 29, 2024

After refreshing our model for last week's results, we are reducing our fair value estimate for no-moat EQT to $33 from $36. This is largely due to the decline in strip pricing for natural gas, which has declined for the last several months. Additionally, transmission unit costs are now expected to be slightly higher in the near term further reducing our fair value. We also made adjustments to our working capital forecast that resulted in an additional haircut to our prior valuation.

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