02:20 PM EDT, 04/24/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

Our 12-month target of $41, up $6, reflects a 6.9x multiple of EV to projected 2024 EBITDA, above EQT's historical average. We think a premium is merited due to EQT's net debt-to-capital ratio of 24% (vs. the peer average of 30%). We cut our 2024 EPS view by $0.91 to $1.45 and lift 2025's by $0.29 to $3.33. We note the boost in the 2025 EPS view vs. 2024 is due to the pending acquisition of Equitrans Midstream (expected Q4 2024 close), which would cause EQT's share count to rise by 35%, assuming the deal closes. Q1 EPS of $0.82 vs. $1.70, beat consensus by $0.17. Q1 production (534 Bcfe) grew 16% Y/Y. EQT revised its 2024 outlook, with expected production dropping by 4% at the midpoint from prior guidance (2.15 Tcfe vs. prior 2.25 Tcfe) due to weaker natural gas pricing (Henry Hub currently at $1.71/MMBtu vs. $2.27/MMBtu in the prior-year period), while keeping its capex guide intact ($2.25B-$2.35B). Yet, should the demand picture continue to weaken, we would be unsurprised if EQT cuts its 2024 capex guide.