EQT (EQT)
NYSE:EQT
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EQT
(NYSE:EQT)
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Rating:77Outperform
Price Target:
$67.00
▲(14.18% Upside)
Action:ReiteratedDate:03/25/26
The score is driven primarily by improved financial strength (better profitability and a stronger balance sheet) and a bullish, execution-focused earnings call with robust free-cash-flow guidance and deleveraging plans. Technicals support the trend but near-overbought signals add short-term risk, while valuation support is moderate due to a modest dividend yield.
Positive Factors
Balance-sheet improvement
A materially stronger balance sheet improves long-term financial flexibility: better ability to fund capex, pursue high-return midstream stakes, and withstand commodity downturns. Durable deleveraging reduces refinancing risk and supports sustained capital allocation to growth and returns.
Negative Factors
Midstream / infrastructure dependency
Long-term production and margin expansion depend on timely midstream builds and contracted takeaway capacity. Delays or permitting setbacks for pipelines and boosts can defer realized volumes, compress differentials, slow cash returns on infrastructure investments and impair projected growth trajectories.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance-sheet improvement
A materially stronger balance sheet improves long-term financial flexibility: better ability to fund capex, pursue high-return midstream stakes, and withstand commodity downturns. Durable deleveraging reduces refinancing risk and supports sustained capital allocation to growth and returns.
Read all positive factors
EQT (EQT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$36.67B
Dividend Yield1.17%
Average Volume (3M)8.59M
Price to Earnings (P/E)16.4
Beta (1Y)0.61
Revenue Growth64.84%
EPS Growth219.47%
CountryUS
Employees1,523
SectorEnergy
Sector Strength52
IndustryOil & Gas Exploration & Production
Share Statistics
EPS (TTM)0.90
Shares Outstanding624,868,160
10 Day Avg. Volume7,385,872
30 Day Avg. Volume8,585,224
Financial Highlights & Ratios
PEG Ratio0.03
Price to Book (P/B)1.41
Price to Sales (P/S)3.69
P/FCF Ratio11.80
Enterprise Value/Market Cap1.21
Enterprise Value/Revenue4.88
Enterprise Value/Gross Profit10.00
Enterprise Value/Ebitda7.55
Forecast
1Y Price Target
$68.71Price Target Upside17.10% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering22
EPS Forecast (FY)4.86
Revenue Forecast (FY)$9.73B
EQT Business Overview & Revenue Model
Company Description
EQT Corporation operates as a natural gas production company in the United States. The company produces natural gas, natural gas liquids (NGLs), including ethane, propane, isobutane, butane, and natural gasoline. As of December 31, 2021, it had 25...
How the Company Makes Money
EQT primarily makes money by producing natural gas (and, to a lesser extent, natural gas liquids) from its upstream wells and selling these volumes to customers at market-based prices. Revenue is recognized based on the quantities of gas and liqui...
EQT Earnings Call Summary
Earnings Call Date:Feb 17, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 21, 2026
Earnings Call Sentiment Positive
The call presented a strong, execution-driven performance narrative: material operational gains, significant free cash flow generation ($2.5B in 2025) and repeated consensus beats, a clear plan to rapidly deleverage and selectively deploy the first $600M of post‑dividend cash into high-return infrastructure (MVP upsizing, compression, water, Clarington Connector). Marketing and commercial execution during Winter Storm Fern showcased differentiated value capture. Key risks discussed were industry-level infrastructure constraints that drove extreme localized prices, inventory tightening and the fact that sustained upstream growth depends on timely midstream builds and demand realization. On balance, the company’s demonstrated operational outperformance, attractive projected returns on targeted infrastructure, and credible deleveraging roadmap outweigh the industry and timing risks called out on the call.Positive Updates
Record Free Cash Flow and Consensus Beats
EQT generated $2.5 billion of free cash flow attributable to EQT in 2025. Q4 free cash flow was nearly $750 million (~$200 million above consensus). The company has exceeded consensus free cash flow estimates for six consecutive quarters with an average beat of ~40%. 2026 free cash flow is guided to ~$3.5 billion (includes ~$600 million of growth investments) and would be >$4.0 billion prior to those elective investments. Cumulative free cash flow over the next five years is projected to exceed $16 billion. Management stated January/February performance already exceeds consensus Q1 expectations by >30% and February alone could approach $1 billion.
Negative Updates
Elevated Net Debt and Working Capital Draw
Net debt at year-end was just under $7.7 billion and the quarter included $425 million of working capital usage. Although management expects rapid deleveraging (Q1 exit < $6.0 billion and a long-term target near $5.0 billion), leverage remains elevated in the near term.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Free Cash Flow and Consensus Beats
EQT generated $2.5 billion of free cash flow attributable to EQT in 2025. Q4 free cash flow was nearly $750 million (~$200 million above consensus). The company has exceeded consensus free cash flow estimates for six consecutive quarters with an average beat of ~40%. 2026 free cash flow is guided to ~$3.5 billion (includes ~$600 million of growth investments) and would be >$4.0 billion prior to those elective investments. Cumulative free cash flow over the next five years is projected to exceed $16 billion. Management stated January/February performance already exceeds consensus Q1 expectations by >30% and February alone could approach $1 billion.
Read all positive updates
Company Guidance
EQT guided to 2026 production of 2.275–2.375 Tcfe and set maintenance capital at $2.07–$2.21 billion (includes Olympus), while allocating the first $600 million of post‑dividend free cash flow to high‑return growth projects; at recent strip pricing management expects 2026 adjusted EBITDA attributable to EQT of ≈$6.5 billion and 2026 free cash flow attributable to EQT of ≈$3.5 billion (would be >$4.0 billion prior to the $600M growth spend), with cumulative free cash flow attributable to EQT of >$16 billion over the next five years. Balance sheet targets include total debt “rapidly approaching” $5.0 billion and net debt exiting Q1 under $6.0 billion (year‑end net debt was just under $7.7B), and management said levered breakeven sits “around 220” on a levered basis. Recent execution metrics underpinning the plan: Q4 free cash flow ≈$750 million (≈$200M above consensus), 2025 free cash flow attributable to EQT ≈$2.5 billion with 2025 NYMEX ≈$3.40/MMBtu, marketing optimization added >$200 million of FCF versus guidance, and tactical hedges now ≈40% for Q1 (avg floor ≈$4.30 / ceiling ≈$6.30), ≈20% for Q2–Q3 (floors ~$3.50 / ceilings ≈$5) and ≈20% for Q4 (floors ~$3.75 / ceilings $5.15); management also noted nearly all February production (~98%) was sold first‑of‑month (M2 $7.22, Henry Hub $7.46) and February FCF could approach $1 billion.EQT Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
82
Very Positive
Cash Flow
78
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 9.07B | 5.22B | 5.07B | 12.14B | 6.84B |
| Gross Profit | 4.43B | 767.22M | 941.58M | 8.06B | 3.00B |
| EBITDA | 5.87B | 2.88B | 4.06B | 4.25B | 429.09M |
| Net Income | 2.04B | 230.58M | 1.74B | 1.77B | -1.14B |
Balance Sheet | |||||
| Total Assets | 41.79B | 39.83B | 25.29B | 22.67B | 22.75B |
| Cash, Cash Equivalents and Short-Term Investments | 110.80M | 202.09M | 80.98M | 1.46B | 113.96M |
| Total Debt | 7.80B | 9.37B | 5.84B | 5.71B | 5.64B |
| Total Liabilities | 14.43B | 15.55B | 10.50B | 11.46B | 12.78B |
| Stockholders Equity | 23.75B | 20.60B | 14.77B | 11.17B | 9.95B |
Cash Flow | |||||
| Free Cash Flow | 2.84B | 573.26M | 1.16B | 2.07B | 607.32M |
| Operating Cash Flow | 5.13B | 2.83B | 3.18B | 3.47B | 1.66B |
| Investing Cash Flow | -2.84B | -1.58B | -4.31B | -1.42B | -2.07B |
| Financing Cash Flow | -2.37B | -1.13B | -242.86M | -699.13M | 506.05M |
EQT Technical Analysis
Negative
58.68
Price Trends
60.74
Negative
58.05
Positive
55.80
Positive
Market Momentum
-0.49
Positive
36.73
Neutral
13.43
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For EQT, the sentiment is Negative. The current price of 58.68 is below the 20-day moving average (MA) of 63.36, below the 50-day MA of 60.74, and above the 200-day MA of 55.80, indicating a neutral trend. The MACD of -0.49 indicates Positive momentum. The RSI at 36.73 is Neutral, neither overbought nor oversold. The STOCH value of 13.43 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for EQT.
EQT Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $36.67B | 16.42 | 9.16% | 1.17% | 64.84% | 219.47% | |
77 Outperform | $25.42B | 11.67 | 11.77% | 3.39% | 26.13% | 31.42% | |
75 Outperform | $29.70B | 10.12 | 17.47% | 2.64% | 11.14% | -21.32% | |
74 Outperform | $11.69B | 16.82 | 8.63% | ― | 17.05% | 1028.81% | |
72 Outperform | $10.08B | 12.75 | 15.87% | 1.00% | 23.88% | 20.55% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
54 Neutral | $5.16B | 17.04 | 16.88% | ― | 35.41% | ― |
* Energy Sector Average
EQT
EQT
58.68
9.30
18.82%
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33.41
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DVN
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47.79
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RRC
Range Resources
42.84
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AR
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37.89
4.66
14.02%
EQT Corporate Events
Business Operations and StrategyPrivate Placements and Financing
EQT Upsizes Cash Tender Offer to Optimize Debt
Positive
Mar 24, 2026
On March 24, 2026, EQT Corporation announced early tender results and an upsizing of its cash tender offer for multiple series of senior notes maturing between 2027 and 2031. The company increased the overall cap on the offer from $1.15 billion to...
Business Operations and StrategyPrivate Placements and Financing
EQT Announces Major Debt Tender Offer and Redemption
Positive
Mar 10, 2026
On March 10, 2026, EQT launched a cash tender offer of up to $1.15 billion to repurchase portions of eight series of outstanding senior notes maturing between 2027 and 2031, with sub-caps for its 2027 and 2029 issues and a tiered acceptance priori...
Business Operations and StrategyExecutive/Board Changes
EQT Adopts 2026 Executive Short-Term Incentive Plan
Neutral
Feb 9, 2026
On February 4, 2026, EQT Corporation’s board-level Management Development and Compensation Committee approved the 2026 Short-Term Incentive Plan to govern annual bonus opportunities for executive officers and selected employees for services ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.