EQT Q4 FY12/24 Earnings Review

DISCLAIMER: This note is intended for US recipients only and, in particular, is not directed at, nor intended to be relied upon by any UK recipients. Any information or analysis in this note is not an offer to sell or the solicitation of an offer to buy any securities. Nothing in this note is intended to be investment advice and nor should it be relied upon to make investment decisions. Cestrian Capital Research, Inc., its employees, agents or affiliates, including the author of this note, or related persons, may have a position in any stocks, security, or financial instrument referenced in this note. Any opinions, analyses, or probabilities expressed in this note are those of the author as of the note's date of publication and are subject to change without notice. Companies referenced in this note or their employees or affiliates may be customers of Cestrian Capital Research, Inc. Cestrian Capital Research, Inc. values both its independence and transparency and does not believe that this presents a material potential conflict of interest or impacts the content of its research or publications.

Cooking On Gas

Per today’s notes on CVX and XOM earnings (see here and here, respectively), in general stocks move up with their sector peers. EQT’s strength has coincided with that of natural gas.

Here’s natural gas in the form of the $UNG ETF. A full five-wave-up cycle from the 2023 lows to a an ATH struck on 19 February. I suspect gas is now in an a-b-c correction with perhaps the a-wave having bottomed here at the 50-day moving average. If so we may see a countertrend rally and then a final c-leg lower. (Support holding at the 50-day would render that view incorrect and instead could see a new Wave (i) up).

EQT stock doesn’t mimic this chart precisely, but certainly it is running ahead of oil names as gas is running ahead of oil. Here’s the larger degree stock chart. (Full page version, here).

What about the numbers?