Mizuho Securities downgrades EQT Corp; cuts PT

Equitrans Midstream

13/03/2024 12:51

** Shares of oil and gas firm EQT Corp  EQT.N  down 0.4% at
$34.39 premarket
    ** Brokerage Mizuho Securities downgrades EQT to "neutral"
from "buy"; cuts PT to $39 from $46
    ** New PT represents an upside of 12.9% to stock's last
close
    ** Says merger with Equitrans Midstream  ETRN.N  will lower
the net asset value by 13% given higher leverage and equity
value dilution
    ** EQT's peers can direct "excess" cash flows to cash
returns, while EQT will need to focus on reducing its debt and
asset integration - brokerage
    ** Up to last close, stock is down 10.7% YTD

 (Reporting by Vallari Srivastava in Bengaluru)
 ((Srivastava.Vallari@thomsonreuters.com;))