EQT (EQT)
NYSE:EQT
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EQT
(NYSE:EQT)
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Rating:73Outperform
Price Target:
$64.00
▲(9.44% Upside)
Action:ReiteratedDate:04/22/26
Score is driven primarily by strong financial performance (higher margins, accelerating free cash flow, and improved leverage) and a positive earnings call emphasizing rapid deleveraging and operational outperformance. These are partially offset by weak technical momentum (below key moving averages with a negative MACD) and only moderate valuation support given the low dividend yield.
Positive Factors
Cash generation
Sustained, accelerating free cash flow (operating CF ~$6.44B; FCF ~$4.06B) materially improves financial optionality. Strong cash conversion supports debt paydown, capital discipline, and potential reinvestment or shareholder returns, making the company more resilient through commodity cycles.
Negative Factors
Commodity-cycle volatility
EQT’s cash flow and margins remain tightly coupled to natural gas prices, which have driven sharp swings historically (weakness in 2023, rebound later). This volatility impairs predictability of FCF and investment returns, requiring conservative planning and hedging to sustain outcomes.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation
Sustained, accelerating free cash flow (operating CF ~$6.44B; FCF ~$4.06B) materially improves financial optionality. Strong cash conversion supports debt paydown, capital discipline, and potential reinvestment or shareholder returns, making the company more resilient through commodity cycles.
Read all positive factors
EQT (EQT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$37.58B
Dividend Yield1.17%
Average Volume (3M)8.20M
Price to Earnings (P/E)6.4
Beta (1Y)0.54
Revenue Growth50.77%
EPS Growth800.70%
CountryUS
Employees1,523
SectorEnergy
Sector Strength52
IndustryOil & Gas Exploration & Production
Share Statistics
EPS (TTM)2.33
Shares Outstanding625,478,000
10 Day Avg. Volume6,945,100
30 Day Avg. Volume8,196,230
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 Cap1.13
Enterprise Value/Revenue4.22
Enterprise Value/Gross Profit6.59
Enterprise Value/Ebitda5.70
Forecast
1Y Price Target
$69.30Price Target Upside18.51% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering23
EPS Forecast (FY)4.78
Revenue Forecast (FY)$9.71B
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:Apr 21, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 28, 2026
Earnings Call Sentiment Positive
The call emphasized multiple concrete financial and operational wins: record Q1 free cash flow (> $1.8B), sub‑1x leverage with rapid deleveraging (net debt ~ $5.7B and > $1.7B of notes retired), a Fitch upgrade to BBB, strong operational resiliency through Winter Storm Fern, hedging effectiveness (nearly 100% capture and $180M in‑the‑money hedge book), and significant long‑term upside from LNG optionality (projected ~$6B 2026 FCF if fully online). Offsetting these positives are structural and timing headwinds: global geopolitical risk, domestic realization limits until LNG exposure is realized (post‑2030 unless paid for earlier), planned production curtailments that reduce near‑term volumes (10–15 Bcf in Q2 with potential for more), a thinner set of attractive M&A targets, and regulatory/infrastructure risk that could slow projects. On balance, the highlights — strong cash generation, improved balance sheet, operational outperformance, and sizable demand optionality — materially outweigh the lowlights, which are principally timing and market structure risks.Positive Updates
Record First-Quarter Free Cash Flow
Generated more than $1.8 billion of free cash flow in Q1 — a record high for EQT and roughly equivalent to the company's total free cash flow for all of 2022 achieved in just 90 days.
Negative Updates
Geopolitical Supply Disruptions and Market Volatility
Middle East disruptions pushed European natural gas prices nearly double (≈+100%) and tightened global markets — a source of uncertainty and risk for global supply chains, even if U.S. domestic prices have remained relatively stable.
Read all updates
Q1-2026 Updates
Positive
Negative
Record First-Quarter Free Cash Flow
Generated more than $1.8 billion of free cash flow in Q1 — a record high for EQT and roughly equivalent to the company's total free cash flow for all of 2022 achieved in just 90 days.
Read all positive updates
Company Guidance
The company embedded 10–15 Bcf of tactical curtailments into Q2 guidance (acting as synthetic storage), expects Q2 to be the peak CapEx quarter with meaningful declines into Q3–Q4, and said it can curtail materially more if market conditions warrant (especially into fall); Q1 delivered >$1.8B of free cash flow (pre‑$475M working‑capital inflow), production above the high end of guidance, uptime >2x peers through Winter Storm Fern, and net debt exiting the quarter just under $5.7B after retiring >$1.7B of senior notes (leverage now <1x net debt/EBITDA with a $5B net‑debt target in reach by year‑end); hedges captured nearly 100% of the Q1 price surge and the balance‑of‑year hedge book is ~$180M in‑the‑money; looking longer‑term, a fully online LNG portfolio (15% of volumes) would imply ~ $6B 2026 pro‑forma FCF at current TTF/JKM spreads, with contracted LNG volumes forecast to add ~$500M of annual FCF from 2030 (and up to ~$2.5B in a repeat of 2026 volatility).EQT Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
79
Positive
Cash Flow
84
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 10.03B | 9.07B | 5.22B | 5.07B | 12.14B | 6.84B |
| Gross Profit | 6.43B | 4.43B | 767.22M | 941.58M | 8.06B | 3.00B |
| EBITDA | 7.43B | 5.87B | 2.88B | 4.06B | 4.25B | 429.09M |
| Net Income | 3.35B | 2.04B | 230.58M | 1.74B | 1.77B | -1.14B |
Balance Sheet | ||||||
| Total Assets | 41.69B | 41.79B | 39.83B | 25.29B | 22.67B | 22.75B |
| Cash, Cash Equivalents and Short-Term Investments | 326.57M | 110.80M | 202.09M | 80.98M | 1.46B | 113.96M |
| Total Debt | 5.72B | 7.80B | 9.37B | 5.84B | 5.71B | 5.64B |
| Total Liabilities | 12.91B | 14.43B | 15.55B | 10.50B | 11.46B | 12.78B |
| Stockholders Equity | 25.12B | 23.75B | 20.60B | 14.77B | 11.17B | 9.95B |
Cash Flow | ||||||
| Free Cash Flow | 4.06B | 2.84B | 573.26M | 1.16B | 2.07B | 607.32M |
| Operating Cash Flow | 6.44B | 5.13B | 2.83B | 3.18B | 3.47B | 1.66B |
| Investing Cash Flow | -3.15B | -2.84B | -1.58B | -4.31B | -1.42B | -2.07B |
| Financing Cash Flow | -3.24B | -2.37B | -1.13B | -242.86M | -699.13M | 506.05M |
EQT Technical Analysis
Neutral
58.48
Price Trends
60.92
Negative
58.01
Positive
55.81
Positive
Market Momentum
-1.23
Positive
40.70
Neutral
28.59
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For EQT, the sentiment is Neutral. The current price of 58.48 is below the 20-day moving average (MA) of 61.70, below the 50-day MA of 60.92, and above the 200-day MA of 55.81, indicating a neutral trend. The MACD of -1.23 indicates Positive momentum. The RSI at 40.70 is Neutral, neither overbought nor oversold. The STOCH value of 28.59 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 | $27.27B | 11.67 | 11.77% | 3.39% | 33.57% | 49.45% | |
74 Outperform | $31.90B | 10.12 | 17.47% | 2.64% | 7.46% | -8.75% | |
73 Outperform | $37.58B | 6.40 | 14.34% | 1.17% | 50.77% | 800.70% | |
72 Outperform | $10.25B | 7.77 | 20.93% | 1.00% | 23.03% | 239.04% | |
72 Outperform | $12.16B | 6.12 | 12.71% | ― | 24.26% | 323.40% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
54 Neutral | $5.12B | 17.04 | 16.88% | ― | 59.93% | ― |
* Energy Sector Average
EQT
EQT
58.66
5.77
10.90%
CTRA
Coterra Energy
35.38
10.95
44.81%
CRK
Comstock Resources
17.36
-3.88
-18.27%
DVN
Devon Energy
50.56
20.71
69.40%
RRC
Range Resources
42.63
7.91
22.77%
AR
Antero Resources
38.89
3.40
9.58%
EQT Corporate Events
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
EQT Shareholders Approve Expanded Long-Term Incentive Plan
Positive
Apr 15, 2026
On April 14, 2026, EQT Corporation shareholders approved significant updates to the company’s 2020 Long-Term Incentive Plan, adding authorization for 34 million additional shares, removing the share pool tied to its 2024 acquisition of Equit...
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.