search icon
      blog search icon

      EQT Corporation (EQT) Stock Plunged 4.91% Today, Here’s Why - Stocks Telegraph

      By Iqra Jamal

      Published on

      September 29, 2021

      2:09 PM UTC

      EQT Corporation (EQT) Stock Plunged 4.91% Today, Here’s Why - Stocks Telegraph

      EQT Corporation (EQT) stock plummeted 4.91% in the current market trading session at the price of $21.00 following the announcement of pricing of an underwritten public offering of common stock. EQT is a natural gas production company that provides world-class asset base and is the operator of choice for the stakeholders. 

      Pricing of Offering of Common Stock 

      On 28th September 2021, EQT published the pricing of 25,930,000 shares in the underwritten public offering of its common stock at $20.00 per share. The selling shareholders had awarded a 30-day option to purchase an additional 3,889,500 shares of the company’s common stock. The company will not sell any of its common stock shares in the offering and will not receive any proceeds from the sale of the shares offered by the selling shareholders. The offering will close on 1st October 2021 and is subject to customary closing conditions. 

      EQT Appointed Frank C. Hu 

      On 27th September 2021, EQT announced the appointment of Frank C. Hu as the company’s Board of Directors. The appointment will be effective from 19th October 2021. Most recently, Mr. Frank has served as Vice President of Capital World Investors, Inc. In Capital Group, Mr. Hu worked as an analyst for investments in international oil and gas companies.  

      Earlier, Mr. Hu held various management roles at Atlantic Richfield Company related to downstream operations and business development, refining and marketing investments, upstream divisions, and portfolio management. Mr. Hu has Bachelor’s and Master’s degrees in engineering from Harvey Mudd College and an M.B.A from the Amos Tuck School at Dartmouth College. CEO of EQT, Toby Z. Rice, remarked that he is pleased to welcome Mr. Frank to the company’s Board of Directors. Frank’s experiences in executive leadership combined with his strong oil and gas investment background will be valuable in advancing the company’s mission. 

      Second Quarter 2021 Financial Results 

      On 28th June 2021, EQT published its financial results for the second quarter of 2021. For the three months ended on 30th June 2021, the net loss attributable to the company was $936 million or $3.35 per diluted share. The net loss attributable to the company was $263 million or $1.03 per diluted share for the same period of the previous year. Net cash from operating activities declined by $404 million during the second quarter of 2021. The net cash drop resulted from higher collateral and margin deposits associated with the company’s exchange-traded natural gas contracts. Free cash flow improved by $237 million in the same quarter of 2020 due to higher revenue from sales volume and lower capital expenditures. 

      More From Stocks telegraph