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EQT Corporation (EQT) Stock has decreased in the premarket – What news is behind it?

EQT Corporation (EQT) stock has seen a decline of 2.63% in the premarket because EQT Announces Pricing Offering of Common Stock by Selling Shareholders. However, the last trading session closed at $22.08 with a decrease of 1.16%.

Pricing of Offering of Common Stock

On 28th September 2021, EQT stock announced the placement of a public offering of 25,930,000 shares of its common stock. The price is set to $20.00 per share to the general public. The investors have a 30-day option to acquire up to 3,889,500 shareholdings of the Company’s common stock from such selling shareholders. Furthermore, the stockholders who acquired the shares as part of the Company’s acquisition of Alta Resources Development, LLC’s pipeline infrastructure businesses.

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New Appointment to Board of Directors by EQT Stock

On 27th September 2021, EQT stock announced that Frank C. Hu, is now a new appointment to the EQT Board of Directors, beginning October 19, 2021. Mr. Hu was most recently Vice President of Capital World Investors, a division of Capital Group Companies, Inc. He worked for Capital Group for 14 years as an analyst for big oil and gas firms across the world, managing approximately $10 billion in stocks directly.

Mr. Hu worked for Unocal Corporation as a Manager of Project Finance from 2002 to 2003 and McKinsey & Company as a Global Energy Practice Consultant from 2000 to 2002 before joining The Capital Group Companies, Inc. in 2003. Moreover, Mr. Hu worked at Atlantic Richfield Company in Los Angeles and Hong Kong, where he held different leadership positions in downstream operations.

Second Quarter 2021 results

EQT stock announced second-quarter 2021 results on 28th July 2021. The net loss attributable to EQT Corporation for the three months ended June 30, 2021, was $936 million. Increased sales of natural gas, natural gas liquids (NGLs) partially offset the loss on derivatives. Secondly, the company lost $1.3 billion on derivatives that were not classified as hedges.

Thirdly, increased collateral and margin deposits connected with the Company’s over-the-counter derivative instrument contracts. It contributed a $404 million drop in net cash generated by operating operations. Lastly, when compared to the same quarter last year, free cash flow grew by $237 million. This owed to greater revenues from increased sales volume and fewer capital expenditures.

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