Truist raised the firm’s price target on EQT Corporation (EQT) to $41 from $32 and keeps a Hold rating on the shares. EQT announced the monetization of a non-controlling interest in its midstream joint venture for $3.5B with a capped 7.9% cost of capital and a buy-down/buy-out option, the analyst tells investors in a research note. while the valuation was as the firm expected, investors on the sidelines due to leverage may have fewer concerns as EQT surpassed its original asset sale target, and the move frees up EQT to start looking at external opportunities to take advantage of a strong gas strip, Truist says in a research note.
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Read More on EQT:
- EQT Corporation price target raised to $56 from $45 at Morgan Stanley
- EQT Forms $3.5B Joint Venture with Blackstone
- EQT Corporation announces $3.5B joint venture with BXCI
- EQT Corporation price target raised to $52 from $42 at Wells Fargo
- EQT Corporation price target raised to $45 from $41 at Mizuho
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