EQT Stock Recent News

Energy stocks have been the worst performers in 2024.

Toby Rice, EQT CEO, joins 'Money Movers' to discuss the recent price action in natural gas, if the election is a catalyst one way or the other, and more.

EQT Corp (NYSE:EQT) stock is 0.2% higher at $31.20 at last check, following a bull note at Wells Fargo.

Investors had to deal with the sudden volatility in the stock market last week after the S&P 500 erased trillions in wealth. Not to mention the additional losses suffered by the Nikkei 225 (Japan's version of an S&P 500), arguably initiating the downtrend altogether.

The stock market's tumble on Monday also spooked even the best oil and gas stocks. Because fears of a recession were the primary reason for the market's implosion, traders were worried about the impact on oil.

EQT, together with its peers in the Appalachian Regional Clean Hydrogen Hub, have advanced to Phase 1 Award Status from the U.S. Department of Energy PITTSBURGH , July 31, 2024 /PRNewswire/ -- EQT Corporation (NYSE: EQT) today announced that its strategic plans to produce clean hydrogen and low carbon aviation fuel (LCAF) from its low emissions Appalachian natural gas will advance into Phase 1 planning following the execution of a cooperative agreement between the Appalachian Regional Clean Hydrogen Hub (ARCH2) and the U.S. Department of Energy (DOE) Office of Clean Energy Demonstrations (OCED). The agreement unlocks $30 million in initial funding for ARCH2 projects in Phase 1 from a potential $925 million that may be distributed in future phases, as designated by the Bipartisan Infrastructure Law, which establishes an investment of up to $7 billion for the Regional Clean Hydrogen Hubs (H2Hubs) Program.

Being a leading producer of natural gas in the United States, upstream business aids EQT's Q2 Earnings.

One of the sectors we know well which had been out of favor for several years has quickly come into favor: Independent Power Producers (IPPs). We've invested a meaningful amount of our assets in VST specifically the past few years. In addition to Vistra, two other positions warrant brief updates: Summit Midstream Partners and Equitrans Midstream.

EQT's Q2 earnings and revenues surpass estimates, fueled by higher sales volumes and lower total operating expenses. The average realized price rose to $2.33 per Mcfe during the quarter, contributing to the earnings beat.

The acquisition of Equitrans Midstream is expected to materially decrease the cost of supply on a per-unit basis. EQT announced profitable second quarter results despite industry struggles. The quarter benefitted from a large gain on a sale. Mountain Valley Pipeline operation expected to increase the average price received for production by moving Marcellus production to less oversupplied markets.