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EQT
(NYSE:EQT)
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Rating:73Outperform
Price Target:
$60.00
▲(13.14% Upside)
Action:Reiterated
Date:07/23/26
The score is driven primarily by strong financial performance (high margins, robust operating/free cash flow, and conservative leverage) and a constructive earnings call with raised guidance and value-accretive commercial/strategic actions. Valuation is supportive at a moderate P/E with a modest yield. The main offset is technicals, which remain mixed with price still below longer-term moving averages and a negative MACD, reflecting an incomplete longer-term trend recovery.
Positive Factors
High margins & cash generation
Sustained, very strong margins and sizable operating and free cash flow indicate a low-cost production base and structural cash-generation capacity. This underpins durable funding for capex, deleveraging, investments, and optional shareholder returns across commodity cycles.
Negative Factors
Commodity-price & revenue volatility
EQT's earnings and cash flows remain highly sensitive to natural gas prices. Even with strong margins, revenue and FCF can swing materially across months as benchmark prices and basis differentials move, limiting predictability of capital allocation and returns.
Read all positive and negative factors
Positive Factors
Negative Factors
High margins & cash generation
Sustained, very strong margins and sizable operating and free cash flow indicate a low-cost production base and structural cash-generation capacity. This underpins durable funding for capex, deleveraging, investments, and optional shareholder returns across commodity cycles.
Read all positive factors
EQT Key Performance Indicators (KPIs)
Any
Revenue by Segment
Breaks down top-line sales across the company’s business units, showing which segments drive growth, how diversified the revenue base is, and where dependence on a single market or commodity could increase risk.
Breaks down top-line sales across the company’s business units, showing which segments drive growth, how diversified the revenue base is, and where dependence on a single market or commodity could increase risk.
Data provided by:
The Fly
The FlyEQT (EQT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$32.97B
Dividend Yield1.22%
Average Volume (3M)8.11M
Price to Earnings (P/E)11.7
Beta (1Y)0.45
Revenue Growth30.17%
EPS Growth131.21%
CountryUS
Employees1,523
SectorEnergy
Sector Strength52
IndustryOil & Gas Exploration & Production
Share Statistics
EPS (TTM)4.55
Shares Outstanding625,516,000
10 Day Avg. Volume8,223,575
30 Day Avg. Volume8,105,632
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$68.53Price Target Upside29.23% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering19
EPS Forecast (FY)4.22
Revenue Forecast (FY)$9.47B
EQT Business Overview & Revenue Model
Company Description
EQT Corporation primarily functions as an extractor of natural gas within the United States. In addition to natural gas, the firm also obtains various natural gas liquids (NGLs), specifically ethane, propane, isobutane, butane, and natural gasolin...
How the Company Makes Money
EQT makes money primarily by producing natural gas and selling it to customers in wholesale markets under a mix of sales arrangements. Revenue is recognized largely from (1) physical sales of natural gas volumes produced from its operated and non-...
EQT Earnings Call Summary
Earnings Call Date:Jul 21, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 28, 2026
Earnings Call Sentiment Positive
The call was largely positive: EQT reported strong operational execution (record drilling results, zero safety incidents), meaningful production outperformance and a mid-year increase to 2026 production guidance (+90 Bcfe), and generated $330 million of Q2 free cash flow despite ~$2.89/MMBtu gas. Management is executing strategic transactions (CPV power deal, BlackLine acquisition, LNG offtake) that expand contracted demand exposure and international access while accelerating the MVP Southgate project after receiving FERC approval. Balance sheet progress toward a $5 billion net debt target and a disciplined capital allocation framework (capex reduction, opportunistic buybacks) support shareholder returns. Key risks include short-term market headwinds (low gas prices, Permian growth and weather), timing/execution risk on future demand projects and LNG project slippage, and near-term pull-forward of capital ($85M). Overall, the favorable operational and commercial momentum and multiple value-accretive transactions materially outweigh the execution and market-timing risks discussed on the call.Positive Updates
Operational Records and Safety
Drilled the longest lateral in shale history at >29,000 ft, set a new basin 24-hour drilling record and an EQT 48-hour drilling record, while remaining 100% in zone 1 with zero safety incidents.
Negative Updates
Low Natural Gas Price Environment / Market Headwinds
Q2 average realized gas price environment was weak ($2.89/MMBtu) and the company is operating in a market with short-term downside risks from Permian growth and weather (super El Niño) that are influencing hedging and near-term market dynamics.
Read all updates
Q2-2026 Updates
Positive
Negative
Operational Records and Safety
Drilled the longest lateral in shale history at >29,000 ft, set a new basin 24-hour drilling record and an EQT 48-hour drilling record, while remaining 100% in zone 1 with zero safety incidents.
Read all positive updates
Company Guidance
EQT raised 2026 production guidance by roughly 90 Bcfe at the midpoint, lowered full‑year CapEx by $25 million and pulled forward $85 million of equity capital into 2026 to accelerate MVP Southgate (FERC approvals in hand); Q2 free cash flow attributable to EQT was $330 million on average natural gas of $2.89/MMBtu with volumes above the high end of guidance. Strategic deals include a 10‑year CPV power contract for 325 MMcf/d (service ~2031) that Jeremy said could equate to roughly $100 million of annual FCF in a full hypothetical year (and prior utility deals implying ~ $300 million/year of uplift), a 5‑year LNG offtake of ~0.5 mtpa beginning in 2028 expected to add about $45 million to 2028 FCF, and the $77 million BlackLine buy (46 million gallons storage, ~60% of volumes currently supplied by EQT; ~20% FCF yield in the base case with upside about double). Financial posture targets long‑term net debt of ~$5 billion, plans to hold “up to a few billion” of cash for opportunistic buybacks, and operational items include a >29,000‑ft lateral and new drilling records plus compression rollouts that can add roughly 0.5 Bcf/d of benefit per year while improving base declines and type curves.EQT Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
82
Very Positive
Cash Flow
75
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 9.29B | 9.07B | 5.22B | 5.07B | 12.14B | 6.84B |
| Gross Profit | 6.35B | 4.43B | 767.22M | 941.58M | 8.06B | 3.00B |
| EBITDA | 6.20B | 5.87B | 2.88B | 4.06B | 4.25B | 429.09M |
| Net Income | 2.85B | 2.04B | 230.58M | 1.74B | 1.77B | -1.14B |
Balance Sheet | ||||||
| Total Assets | 41.32B | 41.79B | 39.83B | 25.29B | 22.67B | 22.75B |
| Cash, Cash Equivalents and Short-Term Investments | 112.86M | 110.80M | 202.09M | 80.98M | 1.46B | 113.96M |
| Total Debt | 5.66B | 7.80B | 9.37B | 5.84B | 5.71B | 5.64B |
| Total Liabilities | 12.46B | 14.43B | 15.55B | 10.50B | 11.46B | 12.78B |
| Stockholders Equity | 25.26B | 23.75B | 20.60B | 14.77B | 11.17B | 9.95B |
Cash Flow | ||||||
| Free Cash Flow | 3.77B | 2.84B | 573.26M | 1.16B | 2.07B | 607.32M |
| Operating Cash Flow | 6.25B | 5.13B | 2.83B | 3.18B | 3.47B | 1.66B |
| Investing Cash Flow | -3.17B | -2.84B | -1.58B | -4.31B | -1.42B | -2.07B |
| Financing Cash Flow | -3.52B | -2.37B | -1.13B | -242.86M | -699.13M | 506.05M |
EQT Technical Analysis
Positive
53.03
Price Trends
52.53
Positive
56.37
Negative
56.19
Negative
Market Momentum
-0.25
Negative
56.50
Neutral
82.68
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For EQT, the sentiment is Positive. The current price of 53.03 is above the 20-day moving average (MA) of 51.14, above the 50-day MA of 52.53, and below the 200-day MA of 56.19, indicating a neutral trend. The MACD of -0.25 indicates Negative momentum. The RSI at 56.50 is Neutral, neither overbought nor oversold. The STOCH value of 82.68 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for EQT.
EQT Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
84 Outperform | $77.50B | 14.55 | 18.28% | 2.79% | 0.31% | -5.71% | |
74 Outperform | $9.24B | 11.03 | 19.30% | 0.98% | 16.84% | 82.31% | |
73 Outperform | $32.97B | 11.71 | 11.71% | 1.23% | 30.17% | 131.21% | |
73 Outperform | $10.85B | 10.30 | 13.86% | ― | 20.84% | 141.73% | |
71 Outperform | $5.12B | 5.23 | 27.46% | ― | 16.21% | 487.92% | |
71 Outperform | $50.95B | 12.50 | 14.78% | 2.31% | 1.96% | -18.06% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% |
* Energy Sector Average
EQT
EQT
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1.56
3.01%
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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.