Credit Suisse Starts EQT Corp. (EQT) at Outperform
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Credit Suisse initiates coverage on EQT Corp. (NYSE: EQT) with a Outperform rating and a price target of $86.00.
Analyst Mark Lear commented, "EQT has amassed a 320,000 net acre position in the heart of the Marcellus shale in SW Pennsylvania and NW West Virginia, and has shown improvement in productivity per lateral ft as a result of optimized completions in the play. Despite recent operational improvements, EQT screens at a steep discount to peers on an EV per acre multiple, trading at ~$900 per acre compared to a $9,400/acre median for Marcellus peers. The company has taken its foot off the pedal in terms of 2017 growth due to infrastructure constraints, but remains well positioned to return to 20% growth in 2018 into favorable markets as incremental firm transport capacity reduces local market sales."
Shares of EQT Corp. closed at $64.35 yesterday.
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