UPDATE: Societe Generale Reiterates Buy Rating, Raises PT on EQT Corporation

In a report published Friday, Societe Generale reiterated its Buy rating on EQT Corporation

, and raised its price target from $71.00 to $75.00. Societe Generale noted, “EQT announced earlier today that it will sell its natural gas distribution business, Equitable Gas Company, to Peoples Natural Gas for $720mn and an estimated $40mn EBITDA stream stemming from (1) midstream assets including 200 miles of pipeline and 15Bcf of storage capacity; and (2) a long term supply contract that will provide Peoples with 35Bcf annually. Also, included in the announcement was a dividend cut to $0.12/share from $0.88/share (a yield of 0.2% versus 1.5% using today's closing price). Shares of EQT closed up 3.8% on the news.” EQT Corporation closed on Thursday at $59.17.