Intel stock extends gains after report of possible U.S. government stake
Investing.com - JPMorgan has reiterated an Overweight rating on EQT Corp. (NYSE:EQT), maintaining its positive outlook on the natural gas producer. The company, currently valued at $36.34 billion, has demonstrated strong performance with a 64.81% return over the past year. InvestingPro analysis shows the stock trading near its 52-week high of $61.02.
The firm’s decision comes as EQT (ST:EQTAB) was selected to supply approximately 1.5 billion cubic feet per day (Bcf/d) of natural gas to two new power projects in Pennsylvania, announced in conjunction with the Pennsylvania Energy and Innovation Summit.
EQT will provide approximately 800 million cubic feet per day (MMcf/d) of natural gas to the former 2.7 GW Bruce Mansfield Coal Power Plant, which is being converted into a gas-fired power plant at the Shippingport Power Station.
The conversion project is being managed by the Frontier Group, transforming the coal facility into a natural gas-powered generation plant.
JPMorgan’s continued Overweight rating suggests confidence in EQT’s business prospects following these supply agreements that secure significant long-term demand for the company’s natural gas production.
In other recent news, EQT Corporation has secured a significant agreement to supply natural gas to the Homer City Energy Campus in Pennsylvania. This deal involves supplying up to 665,000 MMBTUs of natural gas daily, marking one of the largest single-site natural gas transactions in North American history. Additionally, EQT will also be the natural gas supplier for the conversion of the Bruce Mansfield Power Plant into a natural gas-fired facility, requiring approximately 800 million cubic feet per day. Citi has maintained its Buy rating on EQT, highlighting the growth potential of these projects, while UBS has also reiterated a Buy rating, maintaining a $64 price target based on strong EBITDA projections. Jefferies has raised its price target for EQT to $70, citing the recent Olympus Energy acquisition and solid first-quarter results. EQT has announced an expected $720 million gain on derivatives for the second quarter of 2025, with net cash settlements paid totaling $101 million. These developments are part of EQT’s strategic growth initiatives, as it continues to leverage its assets and market position.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.