On Monday, EQT Corporation ( EQT ) announced that it entered into a definitive merger agreement to acquire Equitrans Midstream Corporation ( ETRN ) .

Under the terms of the agreement, EQT will acquire Equitrans in an all-stock transaction, which will create a combined company with an enterprise value of over $35 billion. The merger deal has been unanimously approved by the Boards of both companies.

As per the terms, each Equitrans share will be exchanged for 0.3504 shares of EQT, representing an implied value of $12.50 per Equitrans share based on the volume-weighted average price of EQT common stock for the 30 days ending on March 8, 2024.

The transaction is expected to close in the fourth quarter of 2024, subject to required regulatory approvals and clearances, and other customary closing conditions.

EQT shares fell 0.9% to trade at $34.29 on Tuesday.

These analysts made changes to their price targets on EQT following merger news

B of A Securities raised the price target on EQT from $52 to $60. B of A Securities analyst Doug Leggate maintained a Buy rating.

Scotiabank slashed the price target on EQT from $43 to $40. Scotiabank analyst Cameron Bean maintained a Sector Perform rating.

BMO Capital cut the price target on EQT from $42 to $40. BMO Capital analyst Phillip Jungwirth maintained an Outperform rating.

Truist Securities slashed the price target on EQT from $39 to $37. Truist Securities analyst Neal Dingmann maintained a Hold rating.

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