EQT Corporation (NYSE: EQT), one of the leading green energy stocks, recently revealed that a majority of its reserves of natural gas has been certified under both the EO100 Standard for Responsible Energy Development and the MiQ methane standard.
Following the news, shares of the company rose more than 1.2% to close at $23.80 in Friday’s extended trading session.
Strategic Impact
While EO100 Standard for Responsible Energy Development focuses on ESG performance, MiQ methane standard certification will allow the company to trade its certified natural gas on MiQ’s Digital Registry.
Both the certifications provide a transparent, verified method for tracking EQT’s ESG commitments. These include achieving net-zero Scope 1 and 2 greenhouse gas (GHG) emissions and reducing EQT’s methane emissions intensity by 65% by 2025.
CEO‘s Comments
The CEO of EQT, Toby Z. Rice, said, “At EQT, we are committed to responsibly developing our world-class asset base. These independent, objective third-party certifications validate that our natural gas is produced with high environmental, social and governance standards and help position U.S. natural gas to lead the largest green initiative in the world, which is replacing foreign coal.”
Stock Rating
Recently, J.P. Morgan analyst Arun Jayaram reiterated a Buy rating on the stock with a price target of $29, which implies upside potential of 21.9% from current levels.
Consensus among analysts is a Strong Buy based on 8 Buys and 1 Hold. The average EQT price target of $30.44 implies upside potential of 28% from current levels. Shares have gained 39.7% over the past year.
Investors Are Positive
TipRanks’ Stock Investors tool shows that investors currently have a Very Positive stance on EQT. Further, 2.2% of portfolios tracked by TipRanks increased their exposure to EQT stock over the past 30 days.
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