Stock Analysis on Net

EQT Corp. (NYSE:EQT)

This company has been moved to the archive! The financial data has not been updated since October 27, 2022.

Capital Asset Pricing Model (CAPM) 

Microsoft Excel

Rates of Return

EQT Corp., monthly rates of return

Microsoft Excel
EQT Corp. (EQT) Standard & Poor’s 500 (S&P 500)
t Date PriceEQT,t1 DividendEQT,t1 REQT,t2 PriceS&P 500,t RS&P 500,t3
Jan 31, 2017 $60.63 2,278.87
1. Feb 28, 2017 $59.89 $0.03 -1.17% 2,363.64 3.72%
2. Mar 31, 2017 $61.10 2.02% 2,362.72 -0.04%
3. Apr 30, 2017 $58.14 -4.84% 2,384.20 0.91%
. . . . . . .
. . . . . . .
. . . . . . .
58. Nov 30, 2021 $19.43 -2.41% 4,567.00 -0.83%
59. Dec 31, 2021 $21.81 12.25% 4,766.18 4.36%
Average (R): 0.82% 1.36%
Standard deviation: 18.95% 4.48%
EQT Corp. (EQT) Standard & Poor’s 500 (S&P 500)
t Date PriceEQT,t1 DividendEQT,t1 REQT,t2 PriceS&P 500,t RS&P 500,t3
Jan 31, 2017 $60.63 2,278.87
1. Feb 28, 2017 $59.89 $0.03 -1.17% 2,363.64 3.72%
2. Mar 31, 2017 $61.10 2.02% 2,362.72 -0.04%
3. Apr 30, 2017 $58.14 -4.84% 2,384.20 0.91%
4. May 31, 2017 $55.27 $0.03 -4.88% 2,411.80 1.16%
5. Jun 30, 2017 $58.59 6.01% 2,423.41 0.48%
6. Jul 31, 2017 $63.70 8.72% 2,470.30 1.93%
7. Aug 31, 2017 $62.34 $0.03 -2.09% 2,471.65 0.05%
8. Sep 30, 2017 $65.24 4.65% 2,519.36 1.93%
9. Oct 31, 2017 $62.54 -4.14% 2,575.26 2.22%
10. Nov 30, 2017 $59.60 $0.03 -4.65% 2,647.58 2.81%
11. Dec 31, 2017 $56.92 -4.50% 2,673.61 0.98%
12. Jan 31, 2018 $54.29 -4.62% 2,823.81 5.62%
13. Feb 28, 2018 $50.31 $0.03 -7.28% 2,713.83 -3.89%
14. Mar 31, 2018 $47.51 -5.57% 2,640.87 -2.69%
15. Apr 30, 2018 $50.19 5.64% 2,648.05 0.27%
16. May 31, 2018 $51.54 $0.03 2.75% 2,705.27 2.16%
17. Jun 30, 2018 $55.18 7.06% 2,718.37 0.48%
18. Jul 31, 2018 $49.68 -9.97% 2,816.29 3.60%
19. Aug 31, 2018 $51.02 $0.03 2.76% 2,901.52 3.03%
20. Sep 30, 2018 $44.23 -13.31% 2,913.98 0.43%
21. Oct 31, 2018 $33.97 -23.20% 2,711.74 -6.94%
22. Nov 30, 2018 $18.71 $15.91 1.91% 2,760.17 1.79%
23. Dec 31, 2018 $18.89 0.96% 2,506.85 -9.18%
24. Jan 31, 2019 $19.47 3.07% 2,704.10 7.87%
25. Feb 28, 2019 $18.12 $0.03 -6.78% 2,784.49 2.97%
26. Mar 31, 2019 $20.74 14.46% 2,834.40 1.79%
27. Apr 30, 2019 $20.45 -1.40% 2,945.83 3.93%
28. May 31, 2019 $18.30 $0.03 -10.37% 2,752.06 -6.58%
29. Jun 30, 2019 $15.81 -13.61% 2,941.76 6.89%
30. Jul 31, 2019 $15.11 -4.43% 2,980.38 1.31%
31. Aug 31, 2019 $10.17 $0.03 -32.50% 2,926.46 -1.81%
32. Sep 30, 2019 $10.64 4.62% 2,976.74 1.72%
33. Oct 31, 2019 $10.74 0.94% 3,037.56 2.04%
34. Nov 30, 2019 $8.73 $0.03 -18.44% 3,140.98 3.40%
35. Dec 31, 2019 $10.90 24.86% 3,230.78 2.86%
36. Jan 31, 2020 $6.05 -44.50% 3,225.52 -0.16%
37. Feb 29, 2020 $5.87 $0.03 -2.48% 2,954.22 -8.41%
38. Mar 31, 2020 $7.07 20.44% 2,584.59 -12.51%
39. Apr 30, 2020 $14.59 106.36% 2,912.43 12.68%
40. May 31, 2020 $13.34 -8.57% 3,044.31 4.53%
41. Jun 30, 2020 $11.90 -10.79% 3,100.29 1.84%
42. Jul 31, 2020 $14.52 22.02% 3,271.12 5.51%
43. Aug 31, 2020 $15.87 9.30% 3,500.31 7.01%
44. Sep 30, 2020 $12.93 -18.53% 3,363.00 -3.92%
45. Oct 31, 2020 $15.14 17.09% 3,269.96 -2.77%
46. Nov 30, 2020 $14.88 -1.72% 3,621.63 10.75%
47. Dec 31, 2020 $12.71 -14.58% 3,756.07 3.71%
48. Jan 31, 2021 $16.31 28.32% 3,714.24 -1.11%
49. Feb 28, 2021 $17.79 9.07% 3,811.15 2.61%
50. Mar 31, 2021 $18.58 4.44% 3,972.89 4.24%
51. Apr 30, 2021 $19.10 2.80% 4,181.17 5.24%
52. May 31, 2021 $20.88 9.32% 4,204.11 0.55%
53. Jun 30, 2021 $22.26 6.61% 4,297.50 2.22%
54. Jul 31, 2021 $18.39 -17.39% 4,395.26 2.27%
55. Aug 31, 2021 $18.33 -0.33% 4,522.68 2.90%
56. Sep 30, 2021 $20.46 11.62% 4,307.54 -4.76%
57. Oct 31, 2021 $19.91 -2.69% 4,605.38 6.91%
58. Nov 30, 2021 $19.43 -2.41% 4,567.00 -0.83%
59. Dec 31, 2021 $21.81 12.25% 4,766.18 4.36%
Average (R): 0.82% 1.36%
Standard deviation: 18.95% 4.48%

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1 Data in US$ per share of common stock, adjusted for splits and stock dividends.

2 Rate of return on common stock of EQT during period t

3 Rate of return on S&P 500 (the market portfolio proxy) during period t


Variance and Covariance

EQT Corp., calculation of variance and covariance of returns

Microsoft Excel
t Date REQT,t RS&P 500,t (REQT,tREQT)2 (RS&P 500,tRS&P 500)2 (REQT,tREQT)×(RS&P 500,tRS&P 500)
1. Feb 28, 2017 -1.17% 3.72% 3.96 5.58 -4.70
2. Mar 31, 2017 2.02% -0.04% 1.44 1.95 -1.68
3. Apr 30, 2017 -4.84% 0.91% 32.09 0.20 2.54
. . . . . . .
. . . . . . .
. . . . . . .
58. Nov 30, 2021 -2.41% -0.83% 10.44 4.80 7.08
59. Dec 31, 2021 12.25% 4.36% 130.62 9.02 34.33
Total (Σ): 20,818.66 1,164.17 1,330.87
t Date REQT,t RS&P 500,t (REQT,tREQT)2 (RS&P 500,tRS&P 500)2 (REQT,tREQT)×(RS&P 500,tRS&P 500)
1. Feb 28, 2017 -1.17% 3.72% 3.96 5.58 -4.70
2. Mar 31, 2017 2.02% -0.04% 1.44 1.95 -1.68
3. Apr 30, 2017 -4.84% 0.91% 32.09 0.20 2.54
4. May 31, 2017 -4.88% 1.16% 32.55 0.04 1.14
5. Jun 30, 2017 6.01% 0.48% 26.90 0.77 -4.55
6. Jul 31, 2017 8.72% 1.93% 62.43 0.33 4.56
7. Aug 31, 2017 -2.09% 0.05% 8.46 1.70 3.79
8. Sep 30, 2017 4.65% 1.93% 14.68 0.33 2.19
9. Oct 31, 2017 -4.14% 2.22% 24.59 0.74 -4.27
10. Nov 30, 2017 -4.65% 2.81% 29.96 2.10 -7.94
11. Dec 31, 2017 -4.50% 0.98% 28.27 0.14 1.99
12. Jan 31, 2018 -4.62% 5.62% 29.60 18.15 -23.18
13. Feb 28, 2018 -7.28% -3.89% 65.54 27.59 42.52
14. Mar 31, 2018 -5.57% -2.69% 40.78 16.37 25.84
15. Apr 30, 2018 5.64% 0.27% 23.24 1.18 -5.24
16. May 31, 2018 2.75% 2.16% 3.72 0.64 1.55
17. Jun 30, 2018 7.06% 0.48% 38.97 0.76 -5.45
18. Jul 31, 2018 -9.97% 3.60% 116.37 5.04 -24.21
19. Aug 31, 2018 2.76% 3.03% 3.75 2.78 3.23
20. Sep 30, 2018 -13.31% 0.43% 199.62 0.86 13.12
21. Oct 31, 2018 -23.20% -6.94% 576.82 68.86 199.30
22. Nov 30, 2018 1.91% 1.79% 1.20 0.18 0.47
23. Dec 31, 2018 0.96% -9.18% 0.02 111.00 -1.49
24. Jan 31, 2019 3.07% 7.87% 5.06 42.39 14.65
25. Feb 28, 2019 -6.78% 2.97% 57.76 2.61 -12.27
26. Mar 31, 2019 14.46% 1.79% 186.02 0.19 5.93
27. Apr 30, 2019 -1.40% 3.93% 4.92 6.62 -5.71
28. May 31, 2019 -10.37% -6.58% 125.15 62.97 88.78
29. Jun 30, 2019 -13.61% 6.89% 208.13 30.64 -79.85
30. Jul 31, 2019 -4.43% 1.31% 27.54 0.00 0.24
31. Aug 31, 2019 -32.50% -1.81% 1,109.90 10.03 105.51
32. Sep 30, 2019 4.62% 1.72% 14.45 0.13 1.37
33. Oct 31, 2019 0.94% 2.04% 0.01 0.47 0.08
34. Nov 30, 2019 -18.44% 3.40% 370.79 4.19 -39.41
35. Dec 31, 2019 24.86% 2.86% 577.76 2.25 36.08
36. Jan 31, 2020 -44.50% -0.16% 2,053.50 2.31 68.91
37. Feb 29, 2020 -2.48% -8.41% 10.89 95.43 32.23
38. Mar 31, 2020 20.44% -12.51% 385.05 192.37 -272.16
39. Apr 30, 2020 106.36% 12.68% 11,139.69 128.29 1,195.45
40. May 31, 2020 -8.57% 4.53% 88.13 10.05 -29.76
41. Jun 30, 2020 -10.79% 1.84% 134.90 0.23 -5.59
42. Jul 31, 2020 22.02% 5.51% 449.30 17.24 88.01
43. Aug 31, 2020 9.30% 7.01% 71.87 31.91 47.88
44. Sep 30, 2020 -18.53% -3.92% 374.26 27.89 102.16
45. Oct 31, 2020 17.09% -2.77% 264.77 17.01 -67.11
46. Nov 30, 2020 -1.72% 10.75% 6.44 88.30 -23.84
47. Dec 31, 2020 -14.58% 3.71% 237.27 5.54 -36.26
48. Jan 31, 2021 28.32% -1.11% 756.47 6.11 -67.98
49. Feb 28, 2021 9.07% 2.61% 68.13 1.57 10.33
50. Mar 31, 2021 4.44% 4.24% 13.11 8.33 10.45
51. Apr 30, 2021 2.80% 5.24% 3.91 15.09 7.69
52. May 31, 2021 9.32% 0.55% 72.24 0.65 -6.88
53. Jun 30, 2021 6.61% 2.22% 33.51 0.75 5.00
54. Jul 31, 2021 -17.39% 2.27% 331.44 0.84 -16.69
55. Aug 31, 2021 -0.33% 2.90% 1.31 2.38 -1.77
56. Sep 30, 2021 11.62% -4.76% 116.64 37.39 -66.04
57. Oct 31, 2021 -2.69% 6.91% 12.31 30.87 -19.49
58. Nov 30, 2021 -2.41% -0.83% 10.44 4.80 7.08
59. Dec 31, 2021 12.25% 4.36% 130.62 9.02 34.33
Total (Σ): 20,818.66 1,164.17 1,330.87

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VarianceEQT = Σ(REQT,tREQT)2 ÷ (59 – 1)
= 20,818.66 ÷ (59 – 1)
= 358.94

VarianceS&P 500 = Σ(RS&P 500,tRS&P 500)2 ÷ (59 – 1)
= 1,164.17 ÷ (59 – 1)
= 20.07

CovarianceEQT, S&P 500 = Σ(REQT,tREQT)×(RS&P 500,tRS&P 500) ÷ (59 – 1)
= 1,330.87 ÷ (59 – 1)
= 22.95


Systematic Risk (β) Estimation

Microsoft Excel
VarianceEQT 358.94
VarianceS&P 500 20.07
CovarianceEQT, S&P 500 22.95
Correlation coefficientEQT, S&P 5001 0.27
βEQT2 1.14
αEQT3 -0.73%

Calculations

1 Correlation coefficientEQT, S&P 500
= CovarianceEQT, S&P 500 ÷ (Standard deviationEQT × Standard deviationS&P 500)
= 22.95 ÷ (18.95% × 4.48%)
= 0.27

2 βEQT
= CovarianceEQT, S&P 500 ÷ VarianceS&P 500
= 22.95 ÷ 20.07
= 1.14

3 αEQT
= AverageEQT – βEQT × AverageS&P 500
= 0.82%1.14 × 1.36%
= -0.73%


Expected Rate of Return

Microsoft Excel
Assumptions
Rate of return on LT Treasury Composite1 RF 4.67%
Expected rate of return on market portfolio2 E(RM) 13.79%
Systematic risk (β) of EQT Corp. common stock βEQT 1.14
 
Expected rate of return on EQT Corp. common stock3 E(REQT) 15.09%

1 Unweighted average of bid yields on all outstanding fixed-coupon U.S. Treasury bonds neither due or callable in less than 10 years (risk-free rate of return proxy).

2 See details »

3 E(REQT) = RF + βEQT [E(RM) – RF]
= 4.67% + 1.14 [13.79%4.67%]
= 15.09%