** Oil and gas company EQTEQTShares fell 0.4% pre-market to $34.39

** Mizuho Securities downgraded EQT to "neutral" from "buy" and lowered PT to $39 from $46.

** The new price target represents an increase of 12.9 from the previous closing price

** Called Equitrans MidstreamETRNThe merger will reduce net asset value by 13% due to increased leverage and dilution of equity value.

** EQT's peers can use "excess" cash flow for cash returns, while EQT needs to focus on debt reduction and asset consolidation - brokerage

** As of the last close, the stock has fallen by 10.7% this year