EQT Corporation put volume heavy and directionally bearish

Bearish flow noted in EQT Corporation (EQT) with 11,843 puts trading, or 3x expected. Most active are Jan-27 45 puts and Jan-26 50 puts, with total volume in those strikes near 7,600 contracts. The Put/Call Ratio is 2.10, while ATM IV is up over 1 point on the day. Earnings are expected on February 17th.