Price to Operating Profit (P/OP)
since 2005
Calculation
EQT Corp., P/OP, long-term trends, calculation
| P/OP | = | Share price1, 2, 3 | ÷ | Operating profit per share1 | Operating profit per share1 | = | Operating income (loss)1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 10, 2022 | — | = | 21.67 | ÷ | -3.62 | -3.62 | = | -1,360,975 | ÷ | 376,023,250 | |
| Feb 17, 2021 | — | = | 19.17 | ÷ | -3.15 | -3.15 | = | -877,666 | ÷ | 278,854,465 | |
| Feb 27, 2020 | — | = | 5.38 | ÷ | -4.51 | -4.51 | = | -1,152,110 | ÷ | 255,454,000 | |
| Feb 14, 2019 | — | = | 18.20 | ÷ | -10.92 | -10.92 | = | -2,783,124 | ÷ | 254,762,000 | |
| Feb 15, 2018 | 15.12 | = | 53.34 | ÷ | 3.53 | 3.53 | = | 932,981 | ÷ | 264,473,000 | |
| Feb 9, 2017 | — | = | 63.75 | ÷ | -1.61 | -1.61 | = | -278,300 | ÷ | 172,838,000 | |
| Feb 11, 2016 | 15.48 | = | 57.13 | ÷ | 3.69 | 3.69 | = | 563,139 | ÷ | 152,568,000 | |
| Feb 12, 2015 | 14.34 | = | 80.75 | ÷ | 5.63 | 5.63 | = | 853,395 | ÷ | 151,602,000 | |
| Feb 20, 2014 | 23.06 | = | 100.03 | ÷ | 4.34 | 4.34 | = | 654,604 | ÷ | 150,893,000 | |
| Feb 21, 2013 | 18.91 | = | 59.17 | ÷ | 3.13 | 3.13 | = | 470,528 | ÷ | 150,347,211 | |
| Feb 16, 2012 | 8.90 | = | 51.29 | ÷ | 5.76 | 5.76 | = | 861,319 | ÷ | 149,490,315 | |
| Feb 24, 2011 | 15.15 | = | 47.78 | ÷ | 3.15 | 3.15 | = | 470,479 | ÷ | 149,171,339 | |
| Feb 18, 2010 | 16.31 | = | 44.45 | ÷ | 2.73 | 2.73 | = | 356,791 | ÷ | 130,929,345 | |
| Feb 20, 2009 | 8.57 | = | 30.43 | ÷ | 3.55 | 3.55 | = | 464,806 | ÷ | 130,860,463 | |
| Feb 22, 2008 | 23.89 | = | 60.95 | ÷ | 2.55 | 2.55 | = | 311,673 | ÷ | 122,152,641 | |
| Feb 23, 2007 | 14.28 | = | 43.74 | ÷ | 3.06 | 3.06 | = | 372,523 | ÷ | 121,625,746 | |
| Feb 24, 2006 | 12.44 | = | 35.70 | ÷ | 2.87 | 2.87 | = | 343,812 | ÷ | 119,849,572 |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of EQT Corp. Annual Report.
An analysis of the financial data from 2006 to 2022 reveals a significant transition from a period of growth and profitability to a period of operational loss and valuation contraction. The overall trajectory is characterized by high volatility in share price and a critical downturn in operating performance starting after 2016.
- Share Price Trends
- The share price experienced substantial fluctuations over the observed period. An upward trend was evident between 2006 and 2014, reaching a peak of 100.03 USD. Following this peak, a sustained decline occurred, with a precipitous drop between 2018 and 2020, where the price reached a low of 5.38 USD. A slight recovery is noted in 2021 and 2022, though values remain significantly below historical peaks.
- Operating Profit per Share Performance
- Operating profit per share remained positive from 2006 through 2016, with notable peaks in 2012 (5.76 USD) and 2015 (5.63 USD). However, a fundamental shift occurred in 2017 when operating profit turned negative (-1.61 USD). This negative trend intensified in 2019, reaching a low of -10.92 USD per share, and remained negative through 2022.
- Price to Operating Profit (P/OP) Ratio Analysis
- During the period of profitability, the P/OP ratio exhibited considerable volatility, indicating shifting market sentiment. The ratio peaked in 2008 at 23.89 and again in 2014 at 23.06, suggesting periods of high valuation relative to operational earnings. A relative stabilization is observed between 2015 and 2018, with the ratio hovering around 14 to 15. From 2019 to 2022, the P/OP ratio is not applicable due to the persistent negative operating profit per share.
The correlation between operating profit and share price is pronounced. The transition to negative operating profits starting in 2017 aligns closely with the collapse in share price, suggesting that the market valuation reacted sharply to the deterioration of operational efficiency and profitability.
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