EQT Corp.EQT

Morningstar Rating

Stock Research and Analysis

by Catharina Milostan

EQT's integrated gas approach is bearing fruit with ample Appalachian-based drilling prospects, and pipeline and midstream networks to drive growth well into the next decade. However, in response to financial market turmoil, managers are cutting back Read more

Bulls Say

EQT's large, low-cost drilling leases and properties in Appalachia with a sizable undeveloped portion gives it several years of drilling sites to support production growth.

EQT's accelerated horizontal drilling plans is netting production gains and successful test wells in emerging Marcellus Shale and Berea Sandstone plays.

EQT is planning more midstream projects to add and expand gas gathering and processing facilities in emerging Appalachian fields.

EQT's regulated utility and pipelines earn a steady return regardless of gas price volatility, making the firm less sensitive to gas price swings than many pure E&P companies. Read more

Bears Say

Delays in infrastructure investments and low oil and gas prices could narrow EQT's profit margins.

EQT's concentration in Appalachia makes it more sensitive to changes in regional pricing, pipeline or infrastructure disruptions, and environmental or regulatory issues.

EQT's regulated utilities and pipelines are subject to regulatory changes that could lead to lower tariffs, lower allowed returns, or higher costs. Read more

Strategy

In 2003, CEO Murry Gerber began a multiyear effort at EQT to boost efficiency at gas exploration and production, midstream, and utility businesses via management changes and new projects. The company Read more

Management

We applaud EQT's efforts to tie management compensation with stock price and shareholder return, which actually resulted in negative total compensation for some of its executive officers in 2008. The firm's 2005 Executive Performance Incentive Program Read more

Profile

Pittsburgh-based EQT Corporation (formerly Equitable Resources) is an Appalachian-based integrated natural gas firm. EQT Production produces gas with more than 3.1 trillion Read more

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