EQT Corporation Acquires Tug Hill For $5.2 Billion
<p><a href='https://financialmodelingprep.com/financial-summary/EQT'>EQT Corporation (NYSE:EQT)</a> acquired Tug Hill and related midstream assets at a $5.2 billion value implying a 2.7x multiple on 2023 EBITDA (strip), which, according to RBC Capital analysts, is an attractive value and enhances the shareholder proposition.</p>
<p>The acquisition enhances free cash flow generation that amounts to a total of $6 billion (2023) at strip commodity prices. According to the analysts, the company’s comments at its Q2/22 conference call highlighted that acquisitions need to be more compelling than share buybacks and also additive to asset quality.</p>
<p>The analysts raised their price target to $57 from $55 to account for the stronger free cash flow profile and per share accretion.</p>

NYSE:EQT