EQT Is going Through EQui-Transitory Headwinds (NYSE: EQT)
EQT is the largest domestic natural gas producer with 27.6Tcf in proved reserves and FY23 annualized production of 1.9Tcf. EQT recently announced their intentions to merge with Equitrans.
This week we will be taking a look at EQT Corp. (NYSE: EQT). EQT recently announced that they will be bringing back their midstream business, Equitrans Midstream, owner of the Mountain Valley Pipeline, in an all-stock deal valuing the firm at $35b. With $7.5b in long-term debt on the books, Equitrans shareholders will receive 0.3504 shares of EQT for an implied value of $12.50/share. With a marketcap of $15.3b, this acquisition will more than double the size of EQT in terms of equity value.
There were a few notable headlines this week that caught my attention. I believe that the biggest news was the announcement by the Biden administration to keep US Steel in the US, a topic I have been covering since Cleveland Cliff’s announced interest in the steelmaker back in August 2023.
ThePeachPit: USS and Them: Merger Talks Between Cleveland Cliffs (NYSE: CLF) and US Steel (X) – 8/17/2023
U.S. Steel May Have To Face The Music – 2/5/2024
Biden says U.S. Steel must remain domestically owned and operated | Reuters
U.S. Lawmakers Push for Deep-Sea Mining Funding in New Bill - WSJ
Ukrainian Drone Strikes Disrupt Russian Oil Industry - WSJ
EV euphoria is dead. Automakers trumpet consumer choice in U.S. (cnbc.com)
Though not 1:1 accurate, my TipRank rating places me in the top 10% for financial professionals and top 6% for financial bloggers. I do want to point out that ThePeachPit Model Portfolio ONLY consists of high-conviction names and is actively curated to take advantage of market different dynamics.
Other Research Published This Week
Oracle (NYSE: ORCL) – 3/14/2024
Marvell Technology (NASDAQ: MRVL) – 3/12/2024
Broadcom (NASDAQ: AVGO) – 3/11/2024
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