Long Position on EQT @ $41.70 on 8/25/2023 (Momentum)

EQT Corporation (EQT) operates as a natural gas production company in the United States. 

As of December 31, 2022, it had 25.0 trillion cubic feet of proved natural gas, natural gas liquids, and crude oil reserves across approximately 2.0 million gross acres, including 1.8 million gross acres in the Marcellus play. 

On July 25th, EQT reported a loss of $0.17 per share on revenue of $1.02 billion for the second quarter ended June 2023. The consensus estimate was a loss of $0.27 per share on revenue of $1.03 billion. The company beat consensus estimates by 37.04% 

The next earnings is due October 27th. Since the earnings report, shares have formed an upward trading channel. Presently shares are at the lower boundary of the said channel. The trading channel is supported at the stock's 50-day moving average. Higher share prices are expected.

Entry Point: $41.70

Trading Range: $28.105 to $51.97

Stop Loss: $39.50

Target Price: $45.80

Position closed on 10/5/2023 at price of $41.75 with a 0.12% gain in 41 days.

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