EQT Corporation ( EQT ) is an integrated energy company that focuses on natural gas supply activities in the Appalachian area, including production and gathering, natural gas distribution and transmission as well as energy efficiency solutions, primarily in the eastern and western coastal regions of the United States. EQT conducts its operations in two segments EQT Production and EQT Midstream.
However, the ongoing oil price slump has impacted the company's activity levels. This is reflected in the consensus estimate that has moved down in the last few months. In the last four trailing quarters, EQT Corp has reported a positive average earnings surprise of 70.98%, missing the estimate once.
Zacks Rank : Currently, EQT Corp. has a Zacks Rank #3 (Hold) but that could change following its third quarter 2016 earnings report which has just released. You can see the complete list of today's Zacks #1 Rank stocks here .
EQT CORP Price and EPS Surprise
Earnings : EQT Corp reported loss of 26 cents per share from continuing operations (excluding special items) narrower than the Zacks Consensus Estimate of loss of 44 cents.
Revenue : Net operating revenues of $556.7 million beat the Zacks Consensus Estimate of $463.7 million.
Key Stats : EQT Production's third-quarter operating revenues were $502.5 million, lower than $531.3 million in the year-ago quarter. However, the company clocked sales volume of 196.1 billion cubic feet equivalent (Bcfe) in the third quarter, up 25.5% year over year.
Operating loss for the third quarter was $22.0 million. The company had incurred an operating income of $56.4 million in the year-ago period.
Under the EQT Midstream segment, net gathering revenue increased 8.1% year over year to $136.7 million on 15% growth in gathered volumes. Net transmission revenue grew 10.8%. Net storage, marketing and other operating revenues were at $8.2 million, representing a decline of 13.5%.
Operating income jumped 17.4% year over year to $132.7 million in the reported quarter.
Check back later for our full write up on this EQT Corp earnings report later!
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