Citigroup reiterates its Neutral rating on EQT Corporation EQT and lowers its price target by $9 to $51 reflecting suspended Huron drilling.
Citigroup says, "We are adjusting our estimates and target price (to $52 from $61) to reflect: 1) the impact of
suspended Huron drilling per the company's announcement on Friday; and 2) our revised CIRA natural gas price forecast, in-line with our E&P Team estimates ($3.25/MMBtu). We believe management's decision to cut Huron capex was appropriate as it should preserve equity over the longer-term."
EQT closed at $46.30 per share on Friday.
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