On Monday, EQT Corporation EQT announced that it has entered into a definitive merger agreement for the acquisition Equitrans Midstream Corporation ETRN.
Under the terms of the agreement, EQT will acquire Equitrans in an all-stock transaction, which will create a combined company with an enterprise value of more than $35 billion. The merger agreement was approved unanimously by the boards of directors of both companies.
Under the terms, each Equitrans share will be exchanged for 0.3504 EQT shares, representing an implied value of $12.50 per Equitrans share based on the volume-weighted average price of EQT common stock for the 30 days ended March 8, 2024.
The transaction is expected to close in the fourth quarter of 2024, subject to required regulatory approvals, clearances and other customary closing conditions.
EQT shares fell 0.9% to trade at $34.29 on Tuesday.
These analysts made changes to their price targets on EQT following the merger news
- B of A Securities raised his price target on EQT from $52 to $60. B of A Securities analyst Doug Leggate maintained a Buy rating.
- Scotiabank cut the price target on EQT from $43 to $40. Scotiabank analyst Cameron Bean maintained the Sector Perform rating.
- BMO Capital cut price target on EQT from $42 to $40. BMO Capital analyst Phillip Jungwirth maintained Outperform rating.
- Fiduciary Securities cut the price target on EQT from $39 to $37. Truist Securities analyst Neal Dingmann maintained a Hold rating.
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