EQT Cashes Out in $3.5 Billion Deal

Short and long-term options traders are bullish

Emma Duncan

Managing Editor

Dec 31, 2024 at 10:19 AM

Oil and gas name EQT Corp (NASDAQ:EQT) is down 0.7% to trade at $46.26 this morning, brushing off its pre-market gains after receiving $3.5 billion in cash to close its joint venture with Blackstone (BX). EQT is using the money to pay down debt.

EQT is pulling back after marking six wins in the last seven sessions and now looks to close 2024 with a gain of 20%. The equity remains close to its Nov. 21 two-year high of $48.02. EQT suffered a brief pullback a few weeks ago, but it was captured by a floor at $42.50.

Short-term traders have been leaning bullish. This is per Schaeffer's put/call open interest ratio (SOIR) of 0.28 that sits in the 22nd percentile of annual readings, pointing towards a penchant for calls.

This is echoed in the long term as well, as per data at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). EQT's 50-day call/put volume ratio of 4.74, which ranks in the 79th annual percentile.

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