EQT Corporation Reports Positive Earnings Results for FY2023 Q2
August 28, 2023
☀️Earnings Overview
EQT CORPORATION ($NYSE:EQT) announced its financial results for Q2 of FY2023, which ended on June 30 2023, on July 25 2023. The company’s overall revenue stood at USD 854.4 million, representing a decrease of 74.7% from the corresponding period in the prior year. Net income for the quarter was reported as USD -66.6 million, compared to the income of 891.4 million experienced in the year-ago quarter.
Price History
On Tuesday, EQT CORPORATION released their earnings report for the second quarter of FY2023, and the results were positive. The stock opened at $39.8 and closed at $39.6, a decrease of 0.2% from its previous closing price of 39.7. The strong performance in this quarter is a good sign for EQT CORPORATION, as it showed that the company’s strategies are working and that they are on the path towards continued growth and success. Investors will be happy with the results, and with the prospects of future gains. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Eqt Corporation. More…
| Total Revenues | Net Income | Net Margin |
| 8.96k | 3.55k | 38.8% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Eqt Corporation. More…
| Operations | Investing | Financing |
| 4.31k | -1.42k | -699.13 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Eqt Corporation. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 22.69k | 10.54k | 33.49 |
Key Ratios Snapshot
Some of the financial key ratios for Eqt Corporation are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 46.7% | 410.2% | 53.7% |
| FCF Margin | ROE | ROA |
| 29.6% | 24.8% | 13.3% |
Analysis
At GoodWhale, we’ve performed an analysis of the fundamentals of EQT Corporation. Our Star Chart conclusion was that EQT CORPORATION is strong in dividend, growth, profitability, and medium in asset. Based on these ratings, we classified EQT CORPORATION as a ‘rhino.’ This means that this company has achieved moderate revenue or earnings growth. Given its qualifications, EQT CORPORATION may be of interest to long-term investors, who are looking for a steady and reliable return on investment through dividends and moderate growth. Additionally, we have assigned EQT CORPORATION a high health score of 8/10. This is based on its cashflows and debt which indicate that it would be capable of sustaining future operations even in times of crisis. More…
Peers
EQT Corp is one of the largest natural gas producers in the United States. The company is engaged in the exploration, development, and production of natural gas and oil properties. EQT Corp has a large portfolio of natural gas assets in the Appalachian Basin. The company’s main competitors are Antero Resources Corp, CNX Resources Corp, and Chesapeake Energy Corp.
– Antero Resources Corp ($NYSE:AR)
Antero Resources Corp is an American natural gas and oil company engaged in the exploration, development, production, and acquisition of natural gas and oil properties located in the Appalachian Basin. As of December 31, 2020, the company had approximately 1.4 million net acres under lease in the states of West Virginia, Ohio, and Pennsylvania. Antero Resources is headquartered in Denver, Colorado.
The company’s market cap is 10.7B as of 2022. The company’s ROE is 15.98%.
– CNX Resources Corp ($NYSE:CNX)
CNX Resources Corp is an American energy company engaged in the exploration and production of natural gas and oil. They have a market cap of 3.37B as of 2022 and a Return on Equity of -34.12%. The company operates in the Appalachian Basin and is headquartered in Canonsburg, Pennsylvania.
– Chesapeake Energy Corp ($NASDAQ:CHK)
Chesapeake Energy Corporation is an American oil and natural gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company is the second-largest producer of natural gas, the 11th largest producer of oil and natural gas liquids and the most active driller of onshore wells in the U.S. Headquartered in Oklahoma City, Chesapeake owns assets in the Eagle Ford, Haynesville/Bossier and Permian Basin shale plays in the United States. The company also operates in Canada, Appalachia and the Mid-Continent region.
Chesapeake Energy Corporation has a market capitalization of $11.94 billion as of March 2021. The company’s return on equity was 1916.84% as of December 2020. Chesapeake Energy Corporation is an American oil and natural gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company is the second-largest producer of natural gas, the 11th largest producer of oil and natural gas liquids and the most active driller of onshore wells in the U.S. Headquartered in Oklahoma City, Chesapeake owns assets in the Eagle Ford, Haynesville/Bossier and Permian Basin shale plays in the United States. The company also operates in Canada, Appalachia and the Mid-Continent region.
Summary
EQT Corporation reported dismal results for the second quarter of FY2023, with total revenue down by 74.7% year-on-year and recording a net loss of USD 66.6 million. This is a stark contrast to the same period last year, when the company reported a net income of USD 891.4 million. Investors should analyze the company’s performance and cash flow statements to better understand the reasons behind this drop in profitability and weigh the risk and rewards of investing in EQT Corporation.
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