Why Is Energy Company EQT Stock Sliding Today?
Portfolio Pulse from Lekha Gupta
EQT Corp (NYSE:EQT) shares fell after reporting Q4 FY24 adjusted operating revenues of $1.549 billion, missing estimates of $1.571 billion, and adjusted EPS of $0.48, below the consensus of $0.52. Production increased to 564 Bcfe, with a decline in average realized price to $2.75/Mcfe. The company saw a rise in adjusted EBITDA to $840 million and announced an acquisition of a ~34% stake in EQT-operated gathering systems for $205 million. EQT expects 2024 sales volume of 2,200 - 2,300 Bcfe and plans $200 million - $300 million on strategic growth capital expenditures.
February 14, 2024 | 1:35 pm
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NEGATIVE IMPACT
EQT Corp shares dropped after missing Q4 FY24 revenue and EPS estimates, despite production growth and a strategic acquisition. The company has a positive outlook for 2024 with expected sales volume increase and strategic capital expenditures.
EQT Corp's stock price decline is directly related to its Q4 FY24 earnings miss, which typically leads to negative investor sentiment in the short term. However, the company's strategic acquisition and positive outlook for 2024 may mitigate some of the negative impact over time.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100