Shares of EQT Corporation (NYSE: EQT) tumbled more than 10% by 10:45 a.m. EDT on Thursday. Weighing on the natural gas stock was its second-quarter report.
EQT posted a surprise loss for the second quarter. The natural gas producer reported a loss of $936 million, or $3.35 per share, missing analysts' expectations by $3.39 per share. The culprit was a $1.3 billion loss on its commodity price hedges due to higher prices during the quarter. Adjusting for that impact, EQT posted a profit of $0.07 per share, which was $0.03 per share ahead of the consensus estimate.
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Why EQT Corporation Stock Is Slumping Today