Back to top

Analyst Blog

This page is temporarily not available.  Please check later as it should be available shortly. If you have any questions, please email customer support at support@zacks.com or call 800-767-3771 ext.  9339.

EQT Corporation’s (EQT - Analyst Report) first quarter 2013 adjusted earnings increased 37.5% year over year to 66 cents per share from 48 cents in prior year period and surpassed the Zacks Consensus Estimate of 52 cents. The year-over-year increase was primarily attributable to higher production sales, improved gathered volumes and transmission throughput as well as higher sales at distribution, partially offset by lower realized commodity prices. 
 
Net operating revenue in the quarter was up 25.2% year over year at $458.1 million and ahead of the Zacks Consensus Estimate of $449.0 million.
 
Segment Details
 
EQT Production's first quarter operating revenues increased 28.2% year over year to $250.5 million as average daily sales volume rose nearly 48.5%.
 
Operating income increased 25.5% year over year to $74.1 million.
 
Under the EQT Midstream segment, net gathering revenue surged 18.1% year over year to $81.8 million, owing to 42.2% growth in gathered volumes. Net transmission revenue increased 62.6%. Net storage, marketing and other operating revenue averaged $9.8 million, representing a $5.2 million decline.
 
Operating income jumped 32.2% year over year to $74.2 million in the reported quarter.
 
EQT Distribution’s net operating revenue increased 24.2% year over year to $78.7 million. 
 
The segment generated an operating income of $52.3 million versus the year-ago level of $36.8 million.
 
During the quarter, net operating expense increased 21.4% year over year to $259.5 million.
 
Financials
 
The company’s operating cash flow was $304.4 million during the quarter, reflecting an increase of 33.6% year over year.
 
EQT’s capital expenditure totaled $304 million, with $247 million spent on EQT Production, $51 million on EQT Midstream and $6 million on EQT Distribution.
 
Guidance
 
The company has increased its production sales volume guidance to 340–350 Bcfe from its earlier estimated 2013 volume of 335 Bcfe, which is 33% higher than 2012. EQT has also forecasted 2014 production sales volume at 445 Bcfe. 
 
Ranks
 
The company holds a Zacks Rank #3, which translates to a short-term Hold rating. However, there are other Zacks Ranked #1 (Strong Buy) stocks – Range Resources Corporation (RRC - Analyst Report), Lehigh Gas Partners LP (LGP - Snapshot Report) and EPL Oil & Gas, Inc. (EPL - Snapshot Report) – in the oil and gas sector that are expected to outperform the market in the coming one to three months. 

Please login to Zacks.com or register to post a comment.

New to Zacks?

Start Here

Zacks Investment Research

Close

Are you a new Zacks Member or a visitor to Zacks.com?

Top Zacks Features

Learn more

Start for as little as $4.50 per trade.

My Portfolio Tracker

Is it Time to Sell?

One of the most important steps you can take today is to set up your portfolio tracker on Zacks.com. Once you do, you'll be notified of major events affecting your stocks and/or funds with daily email alerts.

More Zacks Resources

Zacks Rank Home - Evaluate your stocks and use the Zacks Rank to eliminate the losers and keep the winners.

Mutual Fund Rank Home - Evaluate your funds with the Mutual Fund Rank for both your personal and retirement funds.

Stock/Mutual Fund Screening - Find better stocks and mutual funds. The ones most likely to beat the market and provide a positive return.

My Portfolio - Track your Portfolio and find out where your stocks/mutual funds stack up with the Zacks Rank.

Zacks #1 Rank Top Movers for Zacks #1 Rank Top Movers

Company Symbol Price %Chg
VERTEX ENERG VTNR 8.25 +10.59%
MODINE MANUF MOD 17.12 +8.77%
CLAYTON WILL CWEI 140.03 +7.27%
E*TRADE FINA ETFC 22.67 +5.44%
KNIGHTSBRIDG VLCCF 13.22 +5.42%