We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Integrated energy player EQT Corporation (EQT - Free Report) reported first-quarter 2017 adjusted earnings of 44 cents per share, which lagged the Zacks Consensus Estimate of 45 cents. Earnings, however, increased from the prior-year level of 7 cents, primarily due to improved production and higher realized prices.
Net operating revenue in the quarter jumped 64.7% year over year to $897.5 million. The top line also surpassed the Zacks Consensus Estimate of $704.41 million.
Segment Details
EQT Production reported first-quarter operating revenues of $828.7 million, up 71.3% year over year. The upside was mainly driven by higher average realized price, an improvement in production sales volume, and increase in pipeline and net marketing services revenues. This was partially offset by increased operating expenses.
Operating income was $257.4 million. The segment incurred a loss of $5.5 million in first-quarter 2016.
In the EQT Gathering segment, net gathering revenue increased 4.4% year over year to $102.3 million due to 3% higher gathered volumes.
Operating income jumped 1.4% year over year to $73.6 million in the reported quarter.
In the EQT Transmission segment, net transmission revenue grew 15.2% to $101.1 million.
Operating income jumped 11% year over year to $71.5 million in the reported quarter.
Financials
The company’s adjusted operating cash flow was $322.3 million during the quarter, up 48.3% year over year.
EQT Corp.’s capital expenditure totaled $1,015.7 million in the quarter. This includes $945.5 million spent on EQT Production, $48.8 million spent on EQT Gathering and $21.4 million spent on EQT Transmission.
Production sales volume for 2017 is projected at 835–855 billion cubic feet equivalent (Bcfe). Liquids volume is estimated at 12,060–12,460 thousand barrel of oil equivalent (MBBl). Production sales volume for second-quarter 2017 is projected at 190–195 Bcfe. Liquids volume is expected in the range of 2,955–2,975 MBBls.
Zacks Rank
EQT currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks from the same space are Diamond Offshore Drilling Inc. (DO - Free Report) , China Petroleum & Chemical Corporation and Bellatrix Exploration Ltd. . All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Diamond Offshore Drilling posted a positive earnings surprise of 341.67% in the preceding quarter. It beat estimates in all of the four trailing quarters with an average positive earnings surprise of 353.28%.
Bellatrix Exploration posted a positive earnings surprise of 240.00% in the preceding quarter. It beat estimates in three of the four trailing quarters with an average positive earnings surprise of 58.54%.
The Best & Worst of Zacks
Today you are invited to download the full, up-to-the-minute list of 220 Zacks Rank #1 "Strong Buys" free of charge. From 1988 through 2015 this list has averaged a stellar gain of +25% per year. Plus, you may download 220 Zacks Rank #5 "Strong Sells." Even though this list holds many stocks that seem to be solid, it has historically performed 6X worse than the market. See these critical buys and sells free >>
Unique Zacks Analysis of Your Chosen Ticker
Pick one free report - opportunity may be withdrawn at any time
Image: Bigstock
EQT Corp (EQT) Q1 Earnings Miss, Revenues Beat Estimates
Integrated energy player EQT Corporation (EQT - Free Report) reported first-quarter 2017 adjusted earnings of 44 cents per share, which lagged the Zacks Consensus Estimate of 45 cents. Earnings, however, increased from the prior-year level of 7 cents, primarily due to improved production and higher realized prices.
Net operating revenue in the quarter jumped 64.7% year over year to $897.5 million. The top line also surpassed the Zacks Consensus Estimate of $704.41 million.
Segment Details
EQT Production reported first-quarter operating revenues of $828.7 million, up 71.3% year over year. The upside was mainly driven by higher average realized price, an improvement in production sales volume, and increase in pipeline and net marketing services revenues. This was partially offset by increased operating expenses.
Operating income was $257.4 million. The segment incurred a loss of $5.5 million in first-quarter 2016.
In the EQT Gathering segment, net gathering revenue increased 4.4% year over year to $102.3 million due to 3% higher gathered volumes.
Operating income jumped 1.4% year over year to $73.6 million in the reported quarter.
In the EQT Transmission segment, net transmission revenue grew 15.2% to $101.1 million.
Operating income jumped 11% year over year to $71.5 million in the reported quarter.
Financials
The company’s adjusted operating cash flow was $322.3 million during the quarter, up 48.3% year over year.
EQT Corp.’s capital expenditure totaled $1,015.7 million in the quarter. This includes $945.5 million spent on EQT Production, $48.8 million spent on EQT Gathering and $21.4 million spent on EQT Transmission.
EQT Corporation Price, Consensus and EPS Surprise
EQT Corporation Price, Consensus and EPS Surprise | EQT Corporation Quote
Guidance
Production sales volume for 2017 is projected at 835–855 billion cubic feet equivalent (Bcfe). Liquids volume is estimated at 12,060–12,460 thousand barrel of oil equivalent (MBBl). Production sales volume for second-quarter 2017 is projected at 190–195 Bcfe. Liquids volume is expected in the range of 2,955–2,975 MBBls.
Zacks Rank
EQT currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks from the same space are Diamond Offshore Drilling Inc. (DO - Free Report) , China Petroleum & Chemical Corporation and Bellatrix Exploration Ltd. . All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Diamond Offshore Drilling posted a positive earnings surprise of 341.67% in the preceding quarter. It beat estimates in all of the four trailing quarters with an average positive earnings surprise of 353.28%.
Bellatrix Exploration posted a positive earnings surprise of 240.00% in the preceding quarter. It beat estimates in three of the four trailing quarters with an average positive earnings surprise of 58.54%.
The Best & Worst of Zacks
Today you are invited to download the full, up-to-the-minute list of 220 Zacks Rank #1 "Strong Buys" free of charge. From 1988 through 2015 this list has averaged a stellar gain of +25% per year. Plus, you may download 220 Zacks Rank #5 "Strong Sells." Even though this list holds many stocks that seem to be solid, it has historically performed 6X worse than the market. See these critical buys and sells free >>