Morgan Stanley Downgrades EQT Corp. (EQT) to Equalweight
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Morgan Stanley analyst Mark Carlucci downgraded EQT Corp. (NYSE: EQT) from Overweight to Equalweight with a price target of $22.00 (from $24.00).
The analyst comments "EQT offers a lower 2022FCFyield of 12% relative to oil weighted median of 15%,and is in-line with gas weighted peers. Additionally, we see risk to the completion of Mountain Valley Pipeline (MVP). Under this backdrop, we believe pipeline utilization in Appalachia could approach capacity next year, potentially weighing on local price realizations and EQT's cash flow. Excluding the MVP, ~54% of EQT's pro forma production is exposed to inbasin pricing - the highest within our gas E&P coverage."
Shares of EQT Corp. closed at $20.49 yesterday.
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