In a report released yesterday, David Deckelbaum from TD Cowen maintained a Buy rating on EQT (EQT – Research Report), with a price target of $60.00.
David Deckelbaum has given his Buy rating due to a combination of factors that highlight EQT’s strong performance and strategic moves. EQT exceeded production expectations by approximately 4% in the first quarter, driven by minimal downtime and effective choke management, which also resulted in tighter differentials. The company’s capital expenditures were significantly below expectations, reflecting improved efficiency and fewer completions. Additionally, EQT’s guidance has been enhanced across both upstream and midstream operations, further strengthening its financial outlook.
Moreover, EQT’s recent acquisition of Olympus Energy for $1.8 billion is expected to be accretive to both EBITDA and free cash flow, adding substantial value to the company’s portfolio. The acquisition includes valuable assets that will extend EQT’s presence in key regions and improve its cost structure through vertically integrated midstream assets. These strategic initiatives, coupled with improved pricing and cost management, support the positive outlook for EQT, justifying the Buy rating assigned by David Deckelbaum.
In another report released on April 15, Stephens also maintained a Buy rating on the stock with a $57.00 price target.