EQT stock adds to losses as Mizuho downgrades after Equitrans deal [Seeking Alpha]
Equitrans Midstream Corporation (ETRN)
Last equitrans midstream corporation earnings: 2/27 06:30 am
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Source: Seeking Alpha
from $46, citing its "near-term leverage overhang" and net asset value dilution following its all-stock acquisition of Equitrans Midstream. Mizuho analyst Nitin Kumar says he expects EQT ( EQT ) will be "focused on debt reduction and asset integration compared to peers, which can direct 'excess' cash flows to cash returns," a combination he says should not merit a premium multiple. The analyst agrees the merger should help reduce EQT's ( EQT ) long-term costs, estimating a 2025 free cash flow breakeven of $2.20/Mcf for the combined company, ~$0.30 below his standalone estimate for EQT. But in the short term, the "level of balance sheet leverage is higher than core gas E&P peers, which can also focus on cash returns given stronger balance sheets while EQT will need to direct 'excess' cash to debt," Kumar writes. EQT ( EQT ) stock has dropped more than 9% in the three days following news of the Equitrans deal. Recommended For You More Trending News Recommended For You Mo
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ETRN
News
- EQT to pursue 500M cf/day Mountain Valley Pipeline expansion [Seeking Alpha]Seeking Alpha
- EQT Cuts Sales Guidance, Plans to Curtail Production Through May [BNN Bloomberg (Canada)]BNN Bloomberg
- Equitrans Midstream Announces Quarterly DividendsBusiness Wire
- Barclays' Essaid Named Sole Global Mergers and Acquisitions Head [BNN Bloomberg (Canada)]BNN Bloomberg
- EQT cut at Wells Fargo as Equitrans merger deal raises near-term risk [Seeking Alpha]Seeking Alpha
ETRN
Earnings
- 2/20/24 - Beat
ETRN
Sec Filings
- 4/24/24 - Form 425
- 4/24/24 - Form 8-K
- 4/23/24 - Form 425
- ETRN's page on the SEC website