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Key Takeaways EQT's Q3 earnings are estimated at 38 cents per share, down 26.9% year over year.EQT's revenues are projected at $1.75B, down 0.1%, as lower natural gas prices weigh on performance.EQT's earnings estimates saw one upward and five downward revisions over the past 60 days. EQT Corporation (EQT - Free Report) is set to release third-quarter 2026 results on Oct. 27, after market close. The Zacks Consensus Estimate for earnings is pegged at 38 cents per share on revenues of $1.75 billion.

Let us delve into the factors that may have influenced the pure-play Appalachian natural gas producer’s performance in the third quarter. Before that, it is worth taking a look at EQT’s prior-quarter performance.

Highlights of EQT’s Q2 Earnings & Surprise HistoryIn the last reported quarter, EQT’s earnings missed the Zacks Consensus Estimate due to lower realized natural gas-equivalent prices despite an increase in sales volume. The company beat on earnings in three of the trailing four quarters, while missing the same once, delivering an average surprise of 8.4%. This is depicted in the graph below:

EQT’s Trend in Estimate RevisionThe Zacks Consensus Estimate for EQT’s third-quarter earnings has seen one upward and five downward revisions over the past 60 days. The estimated figure of 38 cents represents a 26.9% year-over-year decline. Meanwhile, the Zacks Consensus Estimate for revenues suggests a 0.1% decrease from the prior-year quarter's level.

Factors to Note for EQTAccording to the U.S. Energy Information Administration, the Henry Hub natural gas spot price (in dollars per million Btu) for July, August and September of 2026 was $2.89, $2.78 and $2.95, respectively, marking a decline from $3.20, $2.91 and $2.97 reported a year ago. The significant year-over-year decrease in natural gas prices in the September-end quarter of 2026 is likely to have hurt EQT’s earnings.

Earnings Whispers for EQTOur proven model does not conclusively predict an earnings beat for EQT this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. That is not the case here.

The natural gas producer has an Earnings ESP of -0.08% and a Zacks Rank #3. 

You can uncover the best stocks to buy or sell before earnings reported with our Earnings ESP Filter.

Stocks to ConsiderHere are some energy firms that you may want to consider, as these have the right combination of elements to post an earnings beat this reporting cycle.

ExxonMobil Holdings Corporation (XOM - Free Report) has an Earnings ESP of +5.18% and a Zacks Rank #1 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

XOM is scheduled to release third-quarter 2026 earnings on Oct. 30. The Zacks Consensus Estimate for XOM’s earnings is pegged at $3.93 per share, indicating a 109% improvement from the prior-year reported figure.

EOG Resources (EOG - Free Report) has an Earnings ESP of +1.93% and a Zacks Rank #2 at present. EOG is scheduled to release third-quarter 2026 earnings on Nov. 5.

The Zacks Consensus Estimate for EOG’s earnings is pegged at $4.39 per share, suggesting a 62% improvement from the prior-year reported figure.

BP plc (BP - Free Report) has an Earnings ESP of +5.44% and a Zacks Rank #1 at present. BP is scheduled to release third-quarter 2026 earnings on Oct. 30.

The Zacks Consensus Estimate for BP’s earnings is pegged at $2.43 per share, suggesting a 185.9% increase from the prior-year reported figure.

VENLO, Netherlands & AMSTERDAM--(BUSINESS WIRE)--QIAGEN N.V. (NYSE: QGEN; Frankfurt Prime Standard: QIA) (“QIAGEN” or the “Company”) and the EQT XI fund (“EQT Private Equity”) today announced an agreement under which Crown NL Bidco B.V. (the “Bidder”) announced its decision to make an all-cash voluntary public takeover offer for the acquisition of all outstanding QIAGEN shares at €46.50 per share (the “Takeover Offer”). The Bidder is a holding company indirectly controlled by EQT XI fund with f.

European molecular testing company Qiagen (QIA.DE) is in ​advanced talks to be acquired by Swedish buyout ‌firm EQT (EQTAB.ST), Bloomberg News reported on Tuesday, citing people familiar with the matter.

US-listed shares of Qiagen were up over ​6% in afternoon trading. The company has ​a market capitalization of €8.57 billion, according to data ⁠compiled by LSEG.

Qiagen's board is meeting this week ​to decide on the potential deal, the report said, ​citing people familiar with the talks. There is no certainty the discussions will lead to a sale to EQT or ​another buyer, the report added.

EQT has submitted a ​binding offer of more than $50 per share for Qiagen, while ‌US ⁠private equity firm KKR has also made a bid, Bloomberg News reported.

The reported talks come after Qiagen said in January it was evaluating strategic options amid renewed ​takeover interest.

Interest ​in the ⁠diagnostics company continued through the year, with buyout firms including EQT, Advent and ​KKR linked to a potential acquisition in ​July.

Qiagen ⁠develops molecular testing and sample-preparation technologies used by research and clinical laboratories.

EQT and KKR did not immediately respond ⁠to ​Reuters' requests for comment. Qiagen ​said it does not comment on "market rumors or speculation."

($1 = 0.9259 euros)

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Key Takeaways EQT raised its quarterly dividend by 3% to 17 cents per share, bringing its annualized payout to 68 cents.EQT's dividend is payable on Dec. 1, 2026, to shareholders of record as of Nov. 4, 2026.EQT's latest dividend hike extends its pattern of gradually increasing shareholder payouts.
EQT Corporation (EQT - Free Report) has announced a 3% increase in its quarterly cash dividend to 17 cents per common share. The latest hike brings EQT's annualized dividend to 68 cents per share, reflecting its commitment to rewarding shareholders.

The dividend is payable on Dec. 1, 2026, to shareholders of record as of Nov. 4, 2026.

EQT Continues Its Dividend Growth MomentumEQT's latest announcement follows earlier increases in shareholder distributions. The leading U.S. natural gas producer’s quarterly dividend stood at 16.5 cents per share in the second quarter of 2026, up from 15.75 cents in the prior-year period.

The increases demonstrate EQT's commitment to gradually enhancing shareholder payouts.

Strong Cash Generation Supports EQT's DividendEQT generated $330 million in free cash flow attributable to the company during the second quarter of 2026. Its net debt declined to $5.5 billion, strengthening financial flexibility and supporting future capital allocation priorities.

What Supports EQT’s Future Dividend Growth?EQT's low-cost operations, growing natural gas demand and expanding liquefied natural gas exposure offer opportunities to improve future cash generation.

The company's integrated upstream and midstream operations, along with its focus on disciplined spending, further support sustainable shareholder distributions.

EQT’s Zacks Rank & Key PicksEQT currently carries a Zacks Rank #4 (Sell).

Some better-ranked stocks in the energy sector that reward shareholders through regular dividends include Equinor ASA (EQNR - Free Report) , Shell plc (SHEL - Free Report) and Chevron Corporation (CVX - Free Report) .  EQNR, SHEL and CVX currently sport a Zacks Rank #1 (Strong Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.

While EQT recently increased its quarterly dividend to 17 cents per share, Equinor maintains a quarterly dividend of 39 cents per share. Similarly, Shell and Chevron have declared quarterly dividends of 39.06 cents per ordinary share and $1.78 per share, respectively.

The business models of EQT, EQNR, SHEL and CVX depend on favorable commodity prices and operating efficiency to support cash generation and sustain shareholder distributions.

On October 14, 2026, EQT Corp (EQT) shares fell 3.1% to a current price of $52.75. The stock has fluctuated between a 52-week high of $68.24 and a low of $47.94

SummaryEQT Corporation, the largest U.S. natural gas producer, is well-positioned for growth amid record demand and robust infrastructure.EQT's vertical integration, contiguous land holdings, and economies of scale drive operational efficiency and competitive advantage.Key catalysts include the Blackline Midstream acquisition, Mountain Valley Pipeline expansions, and long-term data center supply contracts.I recommend a BUY rating, citing strong project economics, resilient demand outlook, and disciplined, contract-backed growth strategy.Suphanat Khumsap/iStock via Getty Images

EQT Corporation (EQT) is the largest natural gas producer in the United States. Its extraction operations are focused almost entirely on the Appalachian Basin, although 49% of its production is sold outside this region, primarily in the Gulf

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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

WhiteHawk Income (NYSE:WHK – Get Free Report) is one of 1,051 publicly-traded companies in the “Oil, Gas & Consumable Fuels” industry, but how does it contrast to its rivals? We will compare WhiteHawk Income to related businesses based on the strength of its risk, institutional ownership, dividends, valuation, analyst recommendations, earnings and profitability.

Insider and Institutional Ownership 30.7% of shares of all “Oil, Gas & Consumable Fuels” companies are owned by institutional investors. 15.3% of shares of all “Oil, Gas & Consumable Fuels” companies are owned by insiders. Strong institutional ownership is an indication that endowments, large money managers and hedge funds believe a stock will outperform the market over the long term.

Analyst Recommendations This is a breakdown of recent recommendations and price targets for WhiteHawk Income and its rivals, as provided by MarketBeat.com.

Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score WhiteHawk Income 1 2 3 1 2.57 WhiteHawk Income Competitors 5892 26692 40377 2347 2.52 WhiteHawk Income presently has a consensus price target of $32.00, indicating a potential upside of 22.28%. As a group, “Oil, Gas & Consumable Fuels” companies have a potential upside of 20.90%. Given WhiteHawk Income’s stronger consensus rating and higher probable upside, analysts plainly believe WhiteHawk Income is more favorable than its rivals. Earnings & Valuation This table compares WhiteHawk Income and its rivals revenue, earnings per share (EPS) and valuation.

Gross Revenue Net Income Price/Earnings Ratio WhiteHawk Income $67.60 million -$3.59 million -104.68 WhiteHawk Income Competitors $10.60 billion $5.51 billion 1.19 WhiteHawk Income’s rivals have higher revenue and earnings than WhiteHawk Income. WhiteHawk Income is trading at a lower price-to-earnings ratio than its rivals, indicating that it is currently more affordable than other companies in its industry.

Dividends WhiteHawk Income pays an annual dividend of $0.44 per share and has a dividend yield of 1.7%. WhiteHawk Income pays out -176.0% of its earnings in the form of a dividend. As a group, “Oil, Gas & Consumable Fuels” companies pay a dividend yield of 8.9% and pay out -108.0% of their earnings in the form of a dividend.

Profitability This table compares WhiteHawk Income and its rivals’ net margins, return on equity and return on assets.

Net Margins Return on Equity Return on Assets WhiteHawk Income N/A N/A N/A WhiteHawk Income Competitors -472.14% 20.35% 6.22% Summary WhiteHawk Income rivals beat WhiteHawk Income on 9 of the 14 factors compared.

WhiteHawk Income Company Profile (Get Free Report)

WhiteHawk is focused on being the premier natural gas mineral and royalty business in the United States. We are committed to delivering cash flow and total returns to our investors through the disciplined acquisition, active management and ownership of high-quality mineral and royalty interests. Our assets are concentrated in the Marcellus and Haynesville Shales, which are located in the Appalachian and Haynesville Basins, which are among the most productive and lowest-cost U.S. natural gas basins(1). Upon completion of the offering, we will own the largest, high-quality publicly traded natural gas mineral portfolio in the United States(2). As a mineral and royalty business, we do not pay any drilling-related capital expenditures and only minimal operating expenses on our properties. This results in a high-margin business and allows us to distribute a meaningful portion of our cash flow to investors, while providing them with potential for significant capital appreciation over time. As of March 31, 2026, our portfolio spans approximately 3.4 million gross DSU acres, including 1.6 million gross DSU acres across the Appalachian and Haynesville Basins and represents an economic interest in approximately 13%(3) of all natural gas produced in the United States as of December 31, 2025. Further, we have more than 10,900 producing wells and more than 8,000 remaining identified undeveloped locations as of December 31, 2025. The Appalachian and Haynesville Basins form the core of U.S. natural gas production and are among the most prolific energy-producing regions globally. If measured against sovereign nations, the Appalachian Basin would rank as the world’s second-largest natural gas producer, with daily production of approximately 33 Bcf/d, and the Haynesville Basin would rank eighth with daily production of approximately 13 Bcf/d(4). In 2025, the Appalachian and Haynesville Basins together accounted for more than 50%(5) of total U.S. dry gas production, providing the foundation of domestic natural gas supply and export growth. Our mineral interests are concentrated in the core of these premier natural gas regions and offer long-term participation in two of the largest, most active and lowest-cost natural gas weighted basins in the United States(6). WhiteHawk’s mineral interests are developed by many of the largest, most active and well-capitalized natural gas operators in the United States, including EQT (NYSE: EQT), Range Resources (NYSE: RRC), CNX Resources (NYSE: CNX), Antero Resources (NYSE: AR), Expand Energy (NASDAQ: EXE), Comstock Resources (NYSE: CRK) and Aethon Energy. In 2025, approximately 18%(7) of all wells drilled in the Appalachian and Haynesville Basins were located on acreage in which we hold royalty interests. Our significant footprint across both basins provides alignment and scale with these premier operators. In 2025, EQT was the largest natural gas producer in the Appalachian Basin, and Expand Energy was the largest producer in the Haynesville Basin(8). In the same year, approximately 49% of EQT’s Appalachian production and 57% of Expand Energy’s Haynesville production were sourced from acreage in which we hold royalty interests(9). Because our mineral interests are concentrated within these operators’ active and planned development areas, we can benefit directly from their scale, financial strength and efficiency. Our exposure to leading operators enables us to gain from their continuous development across commodity cycles and provides a resilient base for predictable cash flow growth. Leveraging our scale and position alongside leading operators, we believe we are well positioned to capitalize on two powerful natural gas demand catalysts: artificial intelligence (“AI”) driven electricity demand growth and expanding U.S. liquefied natural gas (“LNG”) exports. Natural gas remains the most reliable, scalable and cost-effective source of baseload power and accounted for approximately 41%(10) of total U.S. electricity generation in 2025. The rapid buildout of AI and cloud-computing infrastructure is projected to create additional demand for natural gas-fired power generation, with a management-estimated 7.8 Bcf/d of total natural gas demand associated with new power plants expected to be constructed by 2031,(11) largely within WhiteHawk’s Appalachian Basin footprint. In addition to an increase in domestic demand, global demand for U.S. natural gas is expected to further accelerate through LNG export growth. The EIA projects the United States will nearly double its LNG export capacity from approximately 17 Bcf/d(12) in 2025 to nearly 34 Bcf/d by 2031(13) as European and Asian buyers seek to diversify supply and reduce exposure to higher regional benchmark prices. The Haynesville Basin’s proximity and pipeline connectivity to the Gulf Coast LNG corridor position our mineral interests to benefit directly from this expansion in export capacity and feed-gas demand. Together, accelerating power demand from AI and the continued buildout of LNG export capacity, inclusive of announced projects, are expected to drive a structural step-change in U.S. natural gas demand—driving roughly a 38%(14) increase in combined demand by 2031 compared to 2025 levels. WhiteHawk believes it offers public investors direct equity exposure to the powerful tailwinds of AI-driven power demand and expanding U.S. LNG exports without drilling-related capital expenditures. WhiteHawk is led by one of the most experienced and acquisitive management teams in the minerals and royalties sector. Collectively, our leadership has more than 125 years of industry experience and has completed over $31 billion of energy transactions across the upstream, midstream, and minerals and royalty value chain. Members of our team previously served as senior executives or founders of Atlas Energy (NYSE: ATLS), Atlas Pipeline Partners (NYSE: APL) and Falcon Minerals Corporation (NASDAQ: FLMN), each of which were successful public companies that generated substantial shareholder value through disciplined growth, accretive acquisitions and strategic monetizations. Since its inception, WhiteHawk has completed eight large acquisitions, making it the most active acquirer of natural gas mineral and royalty properties in the United States(15). More importantly, these acquisitions have been highly accretive to shareholders and have resulted in approximately 38%(16) cash-on-cash return to our initial investors through 49 months of consecutive cash dividend payments, plus an additional 41% increase in shareholder value through three share dividends through March 31, 2026. We continue to execute a focused consolidation strategy in a fragmented market, targeting accretive acquisitions to expand scale, enhance returns and extend development visibility. Our ability to consistently source, evaluate and close accretive transactions ahead of broader market consolidation underscores WhiteHawk’s leadership as a focused, data-driven consolidator with a proven track record of value creation. Our principal executive offices are located in Philadelphia, PA.

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On CNBC’s “Halftime Report Final Trades,” Bryn Talkington, managing partner of Requisite Capital Management, picked Goldman Sachs Nasdaq-100 Premium Income ETF (NASDAQ:GPIQ).

Kevin Simpson, founder and CEO of Capital Wealth Planning, named UnitedHealth Group Incorporated (NYSE:UNH), saying fundamentals are starting to improve.

On the earnings front, UnitedHealth Group said it will release its third-quarter financial results on Tuesday, Oct. 13, before the opening bell. Analysts expect the company to report quarterly earnings of $4.14 per share on revenue of $111.49 billion.

Don’t forget to check out our premarket coverage here

Jenny Van Leeuwen Harrington, chief executive officer of Gilman Hill Asset Management, LLC, said Clearway Energy, Inc. (NYSE:CWEN) has a 6.3% yield.

Supporting her choice, Clearway Energy, on Aug. 5, reported better-than-expected second-quarter financial results.

Stephanie Link, chief investment strategist, head of investment solutions and equity portfolio manager at Hightower Advisors, recommended EQT Corporation (NYSE:EQT).

Jefferies analyst Lloyd Byrne, on Sept. 29, maintained EQT with a Buy and cut the price target from $75 to $73.

Price Action UnitedHealth shares fell 0.6% to close at $376.32 on Tuesday. Goldman Sachs Nasdaq-100 Premium Income ETF rose 0.4% on Tuesday. Clearway Energy shares gained 4.1% to close at $30.73 during the session. EQT shares rose 2.6% to settle at $52.47 on Tuesday. Photo via Shutterstock

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On October 01, 2026, EQT Corp EQT shares rose 3.1% to a current price of $50.09. The stock is trading within a 52-week range of $47.94 to $68.24, reflecting a notable volatility in investor sentiment.

GF Value™ verdict: EQT is currently priced at $50.09, which is 13.7% below its GF Value™ estimate of $58.03. GF Score™ of 72/100 indicates that EQT is performing above average compared to its peers. Notable signal: Insider activity shows that insiders have sold $22.3M worth of shares over the past 12 months, with no buying activity. Is EQT Overvalued or Undervalued? EQT Corp is currently assessed as undervalued, with a GF Value™ of $58.03 compared to its market price of $50.09. This represents a margin of safety of 13.7%, suggesting that the stock might offer a potential upside for investors. The GF Valuation label indicates that EQT is modestly undervalued, presenting an opportunity for cautious investors looking for exposure in the Oil & Gas sector, while also carrying some risks associated with market volatility and insider selling activity.

GF Value™ is GuruFocus' proprietary intrinsic-value estimate derived from historical trading multiples, past business growth, and future performance estimates. The current price being significantly below the intrinsic value suggests that the market may not fully recognize the company's underlying potential, and thus, there could be room for growth should market conditions improve.

How Does EQT's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 11.6x 12.7x Forward P/E 12.5x - The current P/E ratio of 11.6x is 9% below its 5-year median P/E of 12.7x, indicating that EQT is trading at a lower valuation compared to its historical averages. This P/E analysis aligns with the GF Value™ verdict of being undervalued, reinforcing the potential for growth in the stock price if the company can achieve its projected earnings.

What Does EQT's GF Score™ Tell Us? The GF Score™ provides a comprehensive measure of a company’s financial health, competitive advantage, and growth potential. With a GF Score™ of 72/100, EQT is rated above average, suggesting it has solid fundamentals. The strongest sub-rank is its Valuation Rank at 10/10, indicating that it is well-priced relative to its intrinsic value. However, the Momentum Rank at 3/10 suggests that the stock may not be experiencing significant upward price movement currently.

Metric Rating GF Score™ 72/100 Financial Strength 6/10 Profitability 5/10 Growth 5/10 Valuation 10/10 Momentum 3/10 The scores collectively indicate that while EQT has a strong valuation perspective, its financial strength and growth metrics are average, and its momentum is weak. Investors may want to consider these factors when evaluating the stock's overall potential.

What Are Gurus and Insiders Doing with EQT? Currently, 15 gurus hold shares of EQT, with 7 adding to their positions and 8 trimming their holdings in recent quarters. This mixed activity signals a divergence in sentiment among professional investors regarding the company's future prospects. The lack of insider buying, alongside the $22.3M in insider sales over the past year, may raise concerns about confidence in the company's immediate outlook.

The pattern of insider selling suggests that those closest to the company may not be as optimistic about its short-term performance. This could indicate potential risks that investors should weigh against the stock's undervalued status.

What This Means for Investors Overall, EQT Corp appears to be undervalued based on its GF Value™ assessment, providing a potential opportunity for investors willing to navigate the inherent risks present in the stock, particularly concerning insider selling and market momentum. For those interested in a deeper understanding of EQT's financial health and market position, visit the EQT Corp EQT stock page for more insights.

Frequently Asked Questions What is EQT's GF Score™?

EQT's GF Score™ is 72/100, suggesting that the company has strong fundamentals relative to its peers.

Is EQT overvalued or undervalued?

EQT is currently undervalued, with a GF Value™ of $58.03 compared to its market price of $50.09.

What is EQT's P/E ratio?

EQT's P/E (TTM) is 11.6x, which is below its 5-year median P/E of 12.7x, indicating a lower valuation compared to its historical averages.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

Disclosures I/We may personally own shares in some of the companies mentioned above. However, those positions are not material to either the company or to my/our portfolios.

EQT (EQT -0.12%) is my pick for the best natural gas stock to buy for 2027 and beyond. It's the only large-scale, vertically integrated natural gas producer in the U.S., enabling it to combine low-cost production with owned midstream infrastructure, a critical competitive advantage. It can produce durable cash flows at lower prices, with significant upside to higher prices, a profile its rivals can't match.

Here's more about why I think EQT is the top natural gas stock to buy.

Image source: Getty Images.

What makes a natural gas stock the best? A top natural gas stock typically combines four crucial features:

A low-cost resource base. Control over, or access to, infrastructure to deliver its gas to premium markets. A durable balance sheet that can withstand lower prices. Exposure to growing demand. EQT checks every box. It's the country's lowest-cost producer thanks to its premier resource position in the Appalachian basin and vertically integrated operations. The company has extensive owned midstream infrastructure, including gathering and transmission pipelines, processing assets, and storage capacity. EQT has an investment-grade balance sheet, with steadily falling debt. Finally, the gas giant has exposure to several structural mega-trends driving gas demand, including liquefied natural gas (LNG) exports and AI power.

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Moneyball Superscore

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What makes EQT stand out from other natural gas producers? The biggest thing that sets EQT apart from other natural gas producers is its vertically integrated business model. The company became the only vertically integrated gas producer in 2024 when it completed its transformational acquisition of Equitrans Midstream (recombining with a company it previously spun off in 2018). Its infrastructure features about 1,250 miles of natural gas transmission pipelines, including an interest in the Mountain Valley Pipeline (MVP) system, which transports gas from northwestern West Virginia to southern Virginia. EQT's ownership in transmission pipelines provides it with direct access to premium markets.

EQT's integration puts it in a stronger strategic position to capitalize on growth trends. For example, it recently signed a premium power supply deal with Competitive Power Ventures to deliver 325,000 Dth/d of gas to the CPV Shay Energy Center in West Virginia at PJM-linked pricing, substantially higher than in-basin pricing. Meanwhile, it has signed several LNG offtake agreements for various Gulf Coast LNG export facilities at higher prices than the current market level. Its integration also provides it with unique investment opportunities. EQT recently bought Blackline Midstream, which consists of two propane storage and distribution terminals in New England, at a strong 20% free cash flow yield.

How does EQT compare to other natural gas producers? EQT faces significant competition in the natural gas sector. It's not the biggest player in the industry, as Expand Energy (EXE -0.46%) is America's largest gas producer. The company, created by the merger of Chesapeake Energy and Southwestern Energy, operates in the Appalachian basin and Haynesville. Expand is also about to become an integrated natural gas company after completing its acquisition of Twin Eagle, a leading gas marketer. However, Expand only owns transmission pipeline rights, not interests in gas pipelines.

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Meanwhile, other large U.S. energy producers are either more oil-focused (e.g., BP and ConocoPhillips) or lack the scale, vertical integration, and financial strength of EQT (e.g., Range Resources and Antero Resources). EQT's combination of low-cost resources, integration, and balance sheet strength gives it peer-leading free cash flow durability. For example, it can produce $10 billion in cumulative free cash flow from 2026 to 2030 at $2.75 per MMBtu, a level that's closer to breakeven for several peers.

What are the risks of buying EQT stock? EQT's vertical integration and balance sheet strength make it one of the lowest-risk natural gas stocks. However, it does face risks. Gas price volatility is one of the biggest. If gas tumbles below an average of $2 per MMBtu, EQT wouldn't generate any free cash flow this year.

The company also faces permitting risk for key infrastructure. For example, it has faced delays in building and expanding MVP. It also signed an LNG deal with Energy Transfer for its proposed Lake Charles LNG terminal, which the midstream giant has since suspended developing due to permitting delays.

If you're looking for a natural gas producer heading into 2027, EQT's combination of integration, low costs, balance sheet strength, and visible growth drivers makes it the top choice. It should produce durable, growing free cash flow over the next few years, driven by power and LNG contracts rather than higher prices. The company's combination of resiliency at lower prices and upside to higher prices makes it the best natural gas producer to buy.

Swedish private equity firm EQT (EQTAB.ST) and Norges Bank Investment Management, the manager of Norway's sovereign wealth fund, are launching a ​joint bid for Acciona Energia (ANE.MC), Spanish newspaper Expansion reported on ‌Tuesday, citing market sources.

The consortium faces competition for the renewable energy company from French private equity firm Ardian, which is 91.1% owned by Acciona (ANA.MC), the group ​controlled by the Entrecanales family, the newspaper added.

Acciona Energia's enterprise ​value, including debt, is about €11.9 billion ($13.73 billion), according to LSEG ⁠data.

EQT is participating through its infrastructure division and holds around ​75% of the consortium, while Norges Bank IM would hold the remaining ​25%, Expansion reported.

Acciona declined to comment. EQT and Norges did not immediately respond to requests for comment.

The sale process has progressed beyond non-binding bids, with Acciona Energia ​arranging meetings between the most interested candidates and management before bidders ​confirm their proposed prices in October, according to the report.

Spanish conglomerate Acciona would ‌then ⁠be expected to select a preferred proposal and enter exclusive talks. Any agreement would be expected to lead to a takeover offer aimed at delisting the company, Expansion said.

Ardian is assessing the acquisition through its ​infrastructure business and ​has not formed ⁠an alliance, although Expansion said the transaction's size would require it to at least seek co-investors.

Acciona is ​working with Citi and Goldman Sachs to assess strategic ​options ⁠for the subsidiary, the newspaper reported.

Its Chairman Jose Manuel Entrecanales has previously described a sale of the entire subsidiary as "extremely unlikely", outlining other options ⁠including ​a stake sale.

Shares in Acciona Energía were ​up 3.3% at 0757 GMT, while shares of Acciona were 3.1% higher. EQT shares were ​down 3.2%.

($1 = 0.8669 euros)

Amundi decreased its holdings in shares of EQT Corporation (NYSE:EQT – Free Report) by 0.6% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,416,516 shares of the oil and gas producer’s stock after selling 15,594 shares during the period. Amundi owned approximately 0.39% of EQT worth $128,486,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Greykasell Wealth Strategies Inc. acquired a new stake in shares of EQT during the fourth quarter worth $26,000. Meeder Asset Management Inc. purchased a new stake in shares of EQT in the second quarter valued at about $26,000. Wedbush Fund Advisers LLC boosted its holdings in shares of EQT by 251.8% in the second quarter. Wedbush Fund Advisers LLC now owns 577 shares of the oil and gas producer’s stock valued at $31,000 after acquiring an additional 413 shares in the last quarter. Continuum Advisory LLC purchased a new stake in shares of EQT in the second quarter valued at about $32,000. Finally, Gables Capital Management Inc. acquired a new position in shares of EQT during the second quarter worth about $37,000. Institutional investors and hedge funds own 90.81% of the company’s stock.

Insider Transactions at EQT In related news, CEO Toby Rice sold 175,328 shares of EQT stock in a transaction on Friday, August 14th. The stock was sold at an average price of $55.03, for a total transaction of $9,648,299.84. Following the completion of the transaction, the chief executive officer directly owned 2,157,865 shares of the company’s stock, valued at approximately $118,747,310.95. The trade was a 7.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.72% of the company’s stock.

EQT Trading Down 0.9% Shares of EQT opened at $54.61 on Thursday. EQT Corporation has a twelve month low of $47.94 and a twelve month high of $68.24. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.19. The firm has a market capitalization of $34.16 billion, a P/E ratio of 12.67 and a beta of 0.58. The firm’s 50-day moving average is $52.82 and its two-hundred day moving average is $56.26. EQT (NYSE:EQT – Get Free Report) last posted its quarterly earnings results on Tuesday, July 21st. The oil and gas producer reported $0.39 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.02). The company had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.76 billion. EQT had a net margin of 28.44% and a return on equity of 9.31%. EQT’s revenue was down 29.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.45 earnings per share. On average, research analysts predict that EQT Corporation will post 3.96 earnings per share for the current fiscal year.

EQT Announces Dividend The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Wednesday, August 5th were paid a $0.165 dividend. This represents a $0.66 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend was Wednesday, August 5th. EQT’s dividend payout ratio (DPR) is presently 15.31%.

Analysts Set New Price Targets Several research analysts recently issued reports on the stock. Jefferies Financial Group cut their price target on shares of EQT from $77.00 to $75.00 and set a “buy” rating for the company in a report on Wednesday, July 1st. Freedom Capital upgraded EQT to a “strong-buy” rating in a research report on Tuesday, June 30th. Truist Financial dropped their target price on EQT from $74.00 to $65.00 and set a “buy” rating on the stock in a research report on Wednesday, June 24th. BMO Capital Markets cut their target price on EQT from $76.00 to $70.00 and set an “outperform” rating for the company in a research note on Wednesday, May 13th. Finally, Stephens raised their price target on EQT from $71.00 to $72.00 and gave the company an “overweight” rating in a report on Wednesday, July 22nd. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and seven have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $68.00.

Get Our Latest Report on EQT

EQT Profile (Free Report)

EQT Corporation is a natural gas exploration and production company headquartered in Pittsburgh, Pennsylvania. The company primarily develops and operates unconventional oil and gas properties in the Appalachian Basin, with a focus on natural gas production from the Marcellus and Utica shale formations.

EQT’s products include natural gas, natural gas liquids and condensate. Its operations span drilling, well completion, production and related gathering activities, supporting the delivery of energy to utilities, industrial customers, marketers and other buyers.

Featured Articles Five stocks we like better than EQT Qualcomm’s Data Center Bet Looks More Real After Amazon’s AI Deal GE Aerospace’s $11.75B Deal Puts Howmet Aerospace in Focus Casey’s Post-Earnings Drop May Give Investors a Better Entry Into a Quality Retailer Sovereign AI: Palantir and Nebius Cut the Cloud Cord Want to see what other hedge funds are holding EQT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for EQT Corporation (NYSE:EQT – Free Report).

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LONDON--(BUSINESS WIRE)--EQT and McGill and Partners are pleased to announce that EQT X ("EQT") has entered into a definitive agreement to acquire a majority stake in McGill and Partners from Warburg Pincus for USD 2.0bn. Founder and Chief Executive Officer Steve McGill will continue to lead the firm, while Chairman John Lloyd will remain actively involved. Both will remain as significant shareholders alongside the firm's wider colleague base, while Warburg Pincus will sell its equity stake in.

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Analyst’s Disclosure: I/we have a beneficial long position in the shares of EQT either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Disclaimer: I am not an investment advisor, and this article is not meant to be a recommendation of the purchase or sale of stock. Investors are advised to do their own research, which includes the review of all company documents and press releases, to see if the company fits their own investment qualifications.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

EQT Corporation remains a premier pure-play U.S. natural gas operator with industry-leading breakeven costs and a deep Appalachian inventory. EQT's stock has diverged from oil peers, falling 10% post-Iran crisis, reflecting its pure natural gas exposure versus oil-linked sector ETFs. I view EQT's pullback as an attractive risk-reward opportunity, offering diversification and upside from underestimated forward prospects.

Representative Thomas H. Kean, Jr. (Republican-New Jersey) recently bought shares of Amazon.com, Inc. (NASDAQ:AMZN). In a filing disclosed on August 18th, the Representative disclosed that they had bought between $1,001 and $15,000 in Amazon.com stock on July 8th. The trade occurred in the Representative’s “KEAN FAMILY PARTNERSHIP” account.

Representative Thomas H. Kean, Jr. also recently made the following trade(s):

Sold $1,001 – $15,000 in shares of Stryker (NYSE:SYK) on 7/22/2026. Sold $1,001 – $15,000 in shares of Alphabet (NASDAQ:GOOGL) on 7/22/2026. Purchased $1,001 – $15,000 in shares of Toast (NYSE:TOST) on 7/8/2026. Purchased $1,001 – $15,000 in shares of EQT (NYSE:EQT) on 7/7/2026. Purchased $1,001 – $15,000 in shares of ESAB (NYSE:ESAB) on 7/7/2026. Sold $1,001 – $15,000 in shares of Analog Devices (NASDAQ:ADI) on 6/30/2026. Sold $1,001 – $15,000 in shares of S&P Global (NYSE:SPGI) on 6/29/2026. Sold $1,001 – $15,000 in shares of Markel Group (NYSE:MKL) on 6/29/2026. Sold $1,001 – $15,000 in shares of Johnson & Johnson (NYSE:JNJ) on 6/29/2026. Purchased $1,001 – $15,000 in shares of ESAB (NYSE:ESAB) on 6/24/2026. Amazon.com Trading Down 0.6% Shares of AMZN opened at $258.63 on Friday. The company has a quick ratio of 0.87, a current ratio of 1.03 and a debt-to-equity ratio of 0.23. Amazon.com, Inc. has a 12-month low of $196.00 and a 12-month high of $287.20. The firm has a market capitalization of $2.79 trillion, a PE ratio of 20.81, a price-to-earnings-growth ratio of 1.73 and a beta of 1.45. The stock’s fifty day simple moving average is $249.86 and its 200-day simple moving average is $239.34.

Amazon.com (NASDAQ:AMZN – Get Free Report) last issued its earnings results on Thursday, July 30th. The e-commerce giant reported $5.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.82 by $3.93. Amazon.com had a net margin of 17.44% and a return on equity of 18.00%. The company had revenue of $200.61 billion for the quarter, compared to analyst estimates of $197.03 billion. During the same quarter last year, the firm earned $1.68 EPS. The company’s revenue for the quarter was up 19.6% on a year-over-year basis. As a group, research analysts predict that Amazon.com, Inc. will post 8.05 earnings per share for the current year. Key Amazon.com News Here are the key news stories impacting Amazon.com this week:

Positive Sentiment: AI and AWS remain the main bullish catalysts: Amazon is part of a group of major technology companies expected to spend approximately $615 billion on AI infrastructure this year. AWS growth, a reported $496 billion backlog and an AI annualized revenue run rate above $25 billion reinforce the view that Amazon’s capital spending could translate into stronger long-term cloud revenue. AI infrastructure spending article Positive Sentiment: Analyst support is strong: Rosenblatt initiated coverage with a Buy rating and a $335 price target. The broader analyst consensus remains Moderately Buy, with an average target of about $322.56, suggesting substantial potential upside if AWS growth and margins improve. Rosenblatt coverage report Positive Sentiment: New growth initiatives could expand Amazon’s ecosystem: Prime Video plans to invest more than $2 billion in Latin America from 2027 through 2030, while the company is targeting drone delivery in nearly 500 U.S. cities and towns. Amazon also selected Austin for a multibillion-dollar robotics facility expected to create up to 500 jobs. Prime Video Latin America investment Neutral Sentiment: Anthropic investment offers both strategic value and valuation uncertainty: Amazon’s stake in the AI startup could become highly valuable if reported IPO valuations hold, and Anthropic supports AWS demand. However, some analysts question whether the private company’s potential valuation is justified by its current revenue and cash generation. Anthropic valuation analysis Negative Sentiment: Investors are concerned about spending and near-term returns: The $2 billion Prime Video expansion adds to Amazon’s investment burden, while the market is focusing more on underlying cash generation than gains related to the rising value of Anthropic. Amazon Prime Video investment analysis Negative Sentiment: Competitive and execution risks remain: SpaceX’s Starlink has more than 11,000 satellites compared with Amazon Leo’s fewer than 1,000, highlighting a significant gap in the satellite broadband race. Drone deliveries also face regulatory, noise, safety and reliability hurdles, including recent delivery mishaps. Starlink and Amazon Leo comparison Institutional Trading of Amazon.com Large investors have recently bought and sold shares of the business. Brighton Jones LLC raised its position in shares of Amazon.com by 10.9% in the fourth quarter. Brighton Jones LLC now owns 4,036,091 shares of the e-commerce giant’s stock valued at $885,478,000 after buying an additional 397,007 shares in the last quarter. Revolve Wealth Partners LLC lifted its holdings in shares of Amazon.com by 4.1% during the 4th quarter. Revolve Wealth Partners LLC now owns 25,045 shares of the e-commerce giant’s stock worth $5,495,000 after acquiring an additional 986 shares during the period. Bank Pictet & Cie Europe AG boosted its position in shares of Amazon.com by 2.8% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 2,016,869 shares of the e-commerce giant’s stock worth $442,481,000 after acquiring an additional 54,987 shares in the last quarter. Highview Capital Management LLC DE raised its position in Amazon.com by 5.5% during the fourth quarter. Highview Capital Management LLC DE now owns 28,975 shares of the e-commerce giant’s stock valued at $6,357,000 after purchasing an additional 1,518 shares in the last quarter. Finally, Liberty Square Wealth Partners LLC bought a new stake in Amazon.com during the fourth quarter worth $2,153,000. 72.20% of the stock is owned by institutional investors.

Insider Buying and Selling at Amazon.com In other news, CEO Douglas J. Herrington sold 3,741 shares of Amazon.com stock in a transaction on Monday, August 17th. The stock was sold at an average price of $262.76, for a total value of $982,985.16. Following the transaction, the chief executive officer owned 467,138 shares in the company, valued at approximately $122,745,180.88. This trade represents a 0.79% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 6,741 shares of company stock valued at $1,767,335. Company insiders own 8.90% of the company’s stock.

Wall Street Analysts Forecast Growth A number of research analysts have recently weighed in on the company. DA Davidson reissued a “neutral” rating and issued a $250.00 price target on shares of Amazon.com in a research note on Friday, July 31st. Raymond James Financial reaffirmed an “outperform” rating and set a $390.00 price objective (up from $280.00) on shares of Amazon.com in a research note on Friday, July 31st. BMO Capital Markets reissued an “outperform” rating and issued a $360.00 target price (up from $355.00) on shares of Amazon.com in a research note on Tuesday, July 28th. Monness Crespi & Hardt raised their target price on Amazon.com from $315.00 to $330.00 and gave the stock a “buy” rating in a report on Friday, July 31st. Finally, Oppenheimer restated an “outperform” rating on shares of Amazon.com in a research report on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, fifty-six have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $322.39.

Check Out Our Latest Report on AMZN

About Representative Kean Thomas Kean Jr. (Republican Party) is a member of the U.S. House, representing New Jersey’s 7th Congressional District. He assumed office on January 3, 2023. His current term ends on January 3, 2027.

Kean (Republican Party) is running for re-election to the U.S. House to represent New Jersey’s 7th Congressional District. He declared candidacy for the 2026 election.

Thomas Kean Jr. lives in Westfield, New Jersey. Kean earned a master’s degree from the Tufts University Fletcher School of Law and Diplomacy. His career experience includes working with the Environmental Protection Agency during the George H.W. Bush administration and as an advisor to former U.S. Representative Bob Franks, a firefighter, and an emergency medical technician. Kean has served as the vice president of a fire department.

About Amazon.com (Get Free Report)

Amazon.com, Inc is a diversified technology and retail company best known for its e-commerce marketplace and broad portfolio of consumer and enterprise services. Founded by Jeff Bezos in 1994 and headquartered in Seattle, Washington, the company launched as an online bookseller and expanded into a global retail platform that sells products directly to consumers and provides a marketplace for third-party sellers. Over time Amazon has grown beyond retail into areas including cloud computing, digital media, devices and logistics.

Key businesses and offerings include Amazon’s online marketplace and fulfillment services, the Amazon Prime membership program (which bundles expedited shipping with streaming and other benefits), Amazon Web Services (AWS) which supplies on-demand cloud computing and storage to businesses and public-sector customers, and a range of content and advertising services such as Prime Video and Amazon Advertising.

Recommended Stories Five stocks we like better than Amazon.com Blueprint for a Boom: SEC Clears the Crypto Runway Ross Stores Just Flipped the Off-Price Retail Story After TJX’s Marmaxx Miss Advance Auto Parts Plunged, But Its Turnaround Is Still Working Is Palo Alto Networks Priced for Perfection Again as AI Security Demand Accelerates? Receive News & Ratings for Amazon.com Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Amazon.com and related companies with MarketBeat.com's FREE daily email newsletter.

The energy sector has enjoyed a strong run over the past year. Higher oil prices, rising electricity demand, and growing enthusiasm around AI have pushed many energy stocks higher.

But not every rally is backed by improving fundamentals. Consider these two stocks where investor enthusiasm may be getting ahead of the underlying business.

1. Oklo Few stocks have benefited more from the AI-driven nuclear narrative than Oklo (OKLO -1.86%). Today, the market sees a company that could eventually provide small modular nuclear reactors to power data centers, military installations, and industrial facilities. It's an attractive vision, particularly as companies such as Microsoft, Amazon, and Meta Platforms search for reliable sources of around-the-clock electricity. 

Image source: Getty Images.

The problem is that most of Oklo's valuation still depends on what the company might become rather than what it is today. Despite attracting significant investor interest, Oklo remains a pre-revenue company. It has yet to deploy a commercial reactor, and its first Aurora powerhouse isn't expected to begin operating until around 2028, assuming development and regulatory milestones remain on schedule. Meanwhile, the company continues reporting operating losses.

To its credit, Oklo's balance sheet is strong. The company has roughly $2.5 billion in cash and marketable securities and no long-term debt, giving it plenty of runway to execute its strategy. 

But that's exactly the point: Today's valuation assumes investors will eventually see successful reactor deployments, commercial power sales, and broad adoption of small modular reactors. Those outcomes are certainly possible. They're just not reflected in today's financial statements.

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That doesn't make Oklo a poor long-term investment. It simply means the stock currently offers very little margin for error. Any delays in commercialization, permitting, or customer adoption could cause investors to reassess expectations that already appear quite optimistic.

2. EQT  EQT (EQT +0.72%) is the largest natural gas producer in the United States. And, of course, demand continues to improve as LNG exports expand and new data centers require enormous amounts of electricity. Q2 results reflected that strength.

During the second quarter, EQT produced 634 Bcfe (billion cubic feet equivalent), generated $330 million in free cash flow, raised production guidance by roughly 90 Bcfe, reduced expected capital spending, and signed a 10-year natural gas supply agreement tied to a new 2-gigawatt power plant.

But the question isn't whether EQT is executing. It is. Instead, the question is whether the market has become too optimistic about what higher demand will actually mean for future earnings.

Natural gas remains a commodity. If prices don't rise meaningfully, production growth alone won't necessarily translate into substantially higher profits. And while LNG exports and AI demand continue to grow, U.S. producers are also increasing supply.

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The Energy Information Administration expects domestic natural gas production to remain near record levels, which could keep prices from rising as much as some investors might expect. In other words, EQT may continue reporting solid operational results while earnings grow much more slowly than the market is currently pricing in.

To be sure, neither of these companies is fundamentally broken. The issue is simply valuation versus expectations. Both Oklo and EQT could ultimately reward long-term shareholders. But when optimism becomes fully reflected in a stock price, future returns often depend less on good execution and more on exceeding already lofty expectations.

EQT Corporation fell about 22% in the 90 days before Q2 earnings on a broad natural-gas selloff, not a company problem — its largely unhedged 2026 book made the stock swing. Q2 2026 missed adjusted EPS by a cent, ending a four-quarter beat streak — but production beat guidance. MVP Southgate's date moved up. Stock rose on the news. A DCF built on EQT's post-Q2 guidance puts base-case fair value at $69.79/share, about 32% above the $53.03 reference price, with a probability-weighted blend at $72.40, about 37% upside.

EQT (NYSE:EQT) executives said the company exceeded expectations across key operating and financial measures in the second quarter of 2026, citing stronger production, better price realizations, lower operating costs and reduced capital spending.

Chief Financial Officer Jeremy Knop said EQT generated $330 million of free cash flow attributable to the company during the quarter, despite natural gas prices averaging $2.89 per MMBtu. He said the result reflected EQT’s position “at the low end of the cost curve.”

The company raised its 2026 production guidance by roughly 90 billion cubic feet equivalent at the midpoint while lowering full-year capital expenditure guidance by $25 million. EQT also said it is pulling forward $85 million of capital contributions to equity method investments from 2027 into 2026 to accelerate construction timing for MVP Southgate.

Operational performance drives guidance increase President and Chief Executive Officer Toby Rice said EQT’s operating teams set multiple records during the quarter, including drilling what he described as “the longest lateral in the history of shale development” at more than 29,000 feet. Rice said the well was drilled 100% in-zone with no safety incidents. He also said EQT set a new basin 24-hour drilling record and a new company 48-hour drilling record.

Rice attributed the production outperformance partly to better-than-expected base production, including results from midstream compression projects that are extending flat production periods on new wells and reducing decline rates on older wells. He said those projects were part of the synergies projected when EQT acquired Equitrans and are continuing to exceed even the company’s upside forecasts.

During the question-and-answer session, Rice said compression projects are also benefiting new wells by allowing production into optimal gathering-system pressures. Knop added that EQT is recalibrating its models after the impact from lower pressures exceeded the company’s original expectations.

MVP Southgate construction accelerated Rice said EQT received Federal Energy Regulatory Commission authorization to begin construction activities on MVP Southgate and now has all key regulatory approvals in hand. The company elected to accelerate construction timing into 2026 to reduce execution risk.

Rice said the project will connect low-cost Appalachian natural gas supply with demand growth in the Carolinas, helping utilities meet energy needs and support reliability. He said MVP Southgate and the MVP Boost expansion were not included in EQT’s original Equitrans underwriting case.

In response to an analyst question, Rice said construction should be available by the end of the year, while the company is working on commercial arrangements tied to the accelerated project timeline. He said any benefit to 2027 plans would be upside.

New commercial agreements target power and LNG markets Knop said EQT recently signed a 10-year definitive agreement with Competitive Power Ventures to provide 325 million cubic feet per day of natural gas to a planned two-gigawatt power generation facility in Doddridge County, West Virginia. The facility is expected to enter service in early 2031.

Knop said the CPV contract is linked to PJM power pricing rather than a natural gas index, making it EQT’s second agreement using that structure. At the forward strip, he said EQT expects the agreement to provide a material premium to local index pricing. In response to an analyst question, Knop said that if the contract were online for a full year at full capacity, it would improve annual free cash flow by about $100 million and corporate differentials by $0.05, though actual utilization would be lower.

Knop said EQT can hedge the power-linked exposure but currently views the structure favorably because of the correlation between gas and power prices in PJM and the potential for spark spreads to widen as demand for generation grows.

EQT also updated investors on its LNG strategy. Knop said the company executed a five-year offtake agreement with a large Asian integrated energy company for approximately 500,000 tons per year of LNG beginning in 2028, sourced from Gulf Coast LNG facilities. At recent strip pricing, he said the agreement is expected to increase EQT’s 2028 free cash flow by about $45 million.

Blackline acquisition expands propane optionality Knop discussed EQT’s acquisition of Blackline Midstream for approximately $77 million. Blackline owns and operates two propane storage and distribution terminals in New England, including what Knop described as the largest propane storage facility in the region, with rail and waterborne access.

The assets provide 46 million gallons of storage capacity, and EQT currently supplies about 60% of Blackline’s propane volumes. Knop said the acquisition requires essentially no incremental capital investment and gives EQT additional flexibility for propane production, flow assurance, pricing optimization and commercial activity through domestic and international channels.

Knop said EQT projects a 20% free cash flow yield under its base case underwriting for Blackline, with upside that could roughly double that metric.

Management emphasizes balance sheet, buybacks and Appalachia demand Knop said EQT is close to reaching its long-term net debt target of $5 billion, which he described as a milestone in strengthening the balance sheet. He said the company plans to accumulate cash in the near term and deploy it into share repurchases during industry down cycles.

Asked how much cash EQT might hold, Knop said the company is “not opposed to accumulating at certain points in the cycle up to a few billion dollars of cash,” while adding that the company would look to be more aggressive with buybacks when it sees opportunities.

Management repeatedly highlighted Appalachian demand growth as a central theme. Rice said EQT’s analysis shows more than 45 Appalachian demand and pipeline takeaway projects under construction or in evaluation, representing nearly 20 billion cubic feet per day of potential demand. He said EQT would not grow “for growth’s sake” and would tie any upstream growth to demand supported by commercial agreements.

Knop said EQT internally estimates that high single-digit Bcf per day of growth, or roughly 40% of the identified potential, is realistic after risk-weighting the opportunity set. Executives said projects around the Clarington area in Ohio are a key focus for future pipeline takeaway opportunities.

Rice closed the call by calling the quarter “fantastic” and thanking shareholders and employees, saying the company is excited about its path forward.

About EQT (NYSE:EQT) EQT Corporation (NYSE: EQT) is a U.S.-based energy company focused on the exploration, development and production of natural gas. Headquartered in Pittsburgh, Pennsylvania, the company concentrates its upstream operations in the Appalachian Basin, producing from major shale formations including the Marcellus and Utica. EQT’s primary product is natural gas, with production activities supported by associated liquids and conventional gas assets where applicable.

In addition to drilling and well development, EQT operates and coordinates the infrastructure and commercial activities necessary to bring gas to market.

For the quarter ended June 2026, EQT Corporation (EQT - Free Report) reported revenue of $1.81 billion, up 13.2% over the same period last year. EPS came in at $0.39, compared to $0.45 in the year-ago quarter.

The reported revenue compares to the Zacks Consensus Estimate of $1.83 billion, representing a surprise of -1.36%. The company delivered an EPS surprise of -4.88%, with the consensus EPS estimate being $0.41.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how EQT performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Natural gas - Average natural gas price, including cash settled derivatives: $2.51 versus $2.57 estimated by four analysts on average.Average Sales Price - Oil price: $70.14 versus $76.40 estimated by four analysts on average.Average daily sales volume - Total: 6,972.00 MMcfe/D compared to the 6,556.10 MMcfe/D average estimate based on four analysts.Average Sales Price - Natural gas price: $3.05 versus $2.54 estimated by four analysts on average.Oil - Sales volume: 468.00 MBBL compared to the 489.79 MBBL average estimate based on three analysts.Sales Volume - Total: 634,474.00 MMcfe versus 598,398.30 MMcfe estimated by three analysts on average.Operating revenues- Sales of natural gas, natural gas liquids and oil: $1.61 billion compared to the $1.7 billion average estimate based on three analysts. The reported number represents a change of -5.3% year over year.Revenues from contracts with customers- NGLs sales: $152.91 million compared to the $176.18 million average estimate based on three analysts. The reported number represents a change of +5.4% year over year.Operating revenues- Pipeline and other: $155.29 million compared to the $152.17 million average estimate based on three analysts. The reported number represents a change of +13.1% year over year.Natural gas sales, including cash settled derivatives: $1.5 billion versus the two-analyst average estimate of $1.43 billion. The reported number represents a year-over-year change of +4.2%.Total natural gas and liquids sales, including cash settled derivatives: $1.68 billion compared to the $1.75 billion average estimate based on two analysts. The reported number represents a change of +5.2% year over year.Revenues from contracts with customers- Oil sales: $32.79 million versus the two-analyst average estimate of $32.37 million. The reported number represents a year-over-year change of +102.6%.View all Key Company Metrics for EQT here>>>

Shares of EQT have returned +4.9% over the past month versus the Zacks S&P 500 composite's +0.4% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.

© sdf_qwe / Shutterstock.com

On Invest Like the Best episode 483, investor Matthew Smith warned that the natural gas market looks like the memory chip market did about a year before its shortage-driven repricing. “Imagine being short memory a year ago or 18 months ago and finding out all of a sudden you’re short memory. That is what this natural gas market looks like to us, not 2 years out, but 6+ months out.” The memory shortage sent Micron stock up more than 7x, and Smith thinks gas is roughly 12 months behind that same setup.

The Counterparty Risk Nobody Priced In Smith’s core concern is that hyperscalers signing power contracts have not stress-tested the fuel side. “Counterparty risk isn’t something we’ve really talked about during the last couple of years in the AI boom,” he warned that natural gas could become “20, 30, or 40% of their cost of doing business” at exactly the moment they are supposed to hit profitability escape velocity.

He is skeptical of the fuel-cell workaround now being marketed to data center developers: “we are very cynical whether you can deploy fuel cells at scale because there isn’t the gas in the system to power those 24/7, 365.” The host’s response reframed the problem as an efficiency race, noting that “performance per watt is probably a compute metric that we’re gonna care more and more about.”

Smith flagged engineering and construction firms trading at “25 times cash flow, which is a historically high multiple”, warning that by 2029 or 2030 the ability to build more gas plants may hit economic and regulatory walls. His counsel was to pursue “accretive M&A to backfill and diversify” while the window is open.

Five Stocks Along the Gas-to-Power Chain The five names below illustrate who sits along the supply chain Smith’s thesis implicates. Henry Hub spot averaged $2.83 on July 13, 2026, and the EIA forecasts Henry Hub to average about $3.50/MMBtu in 2026 and $3.18/MMBtu in 2027, a level the futures curve does not yet price as a shortage.

Expand Energy Expand Energy (NASDAQ:EXE | EXE Price Prediction) is the largest US pure-play gas producer post-Southwestern merger. Q1 2026 revenue was $4.40 billion with a $4.95/Mcfe realized price. CEO Mike Wichterich told analysts that “nearly 90% of expected U.S. demand growth can be served by our assets.” Shares trade at a 7 trailing PE with an analyst target of $125.16. See EXE’s Q1 8-K.

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EQT EQT (NYSE:EQT) reported Q2 2026 production of 634 Bcfe and raised full-year guidance by roughly 90 Bcfe. CFO Jeremy Knop said “our initial bull case of 10 Bcf per day looking more like the new base case” for power demand growth. EQT trades at a 9 trailing PE.

Williams Companies Williams Companies (NYSE:WMB) is the pipeline layer. Q1 2026 adjusted EBITDA hit a record $2.25 billion, up 13% year over year. CEO Chad Zamarin noted the company has “grown gas demand by 50% over the last 10 years” with no new pipeline into New York or New England. Shares are up 23.81% year to date.

Cheniere Energy Cheniere Energy (NYSE:LNG) exported a record 187 LNG cargoes in Q1 2026, raising 2026 Consolidated Adjusted EBITDA guidance to $7.25 billion to $7.75 billion. CEO Jack Fusco cited “the elevated volatility in global energy markets today” as the case for more capacity. Cheniere is up 35.75% year to date.

GE Vernova GE Vernova (NYSE:GEV) makes the gas turbines. Q2 2026 bookings were $24.20 billion with backlog of $176 billion. CEO Scott Strazik confirmed a path to 30 GW of annual gas turbine output by 2030. GEV trades at a 32 trailing PE.

What to Watch Smith’s timeline is the tell. If the shortage he describes shows up in six months rather than two years, the market will reprice the entire chain from wellhead to turbine at once. If EIA’s baseline holds, the memory analogy dissolves. Urgency tends to spur solutions before crisis prices arrive.

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Contact [email protected] for any questions or corrections.

EQT Corporation (EQT) Q2 2026 Earnings Call Transcript

Key Takeaways EQT's Q2 earnings fell 13.3% to 39 cents as revenues dropped 29.2% to $1.81 billion.Sales volume rose 11.7% to 634 Bcfe, but realized prices fell 5.7% to $2.65 per Mcfe.Free cash flow climbed 37.6% to $329.7 million, and 2026 production guidance rose by about 90 Bcfe. EQT Corporation (EQT - Free Report) reported second-quarter 2026 adjusted earnings of 39 cents per share, down 13.3% year over year. The figure also missed the Zacks Consensus Estimate of 41 cents by 4.9%.

Revenues declined 29.2% year over year to $1.81 billion and missed the Zacks Consensus Estimate of $1.84 billion by 1.4%.

The weaker-than-expected quarterly results can be attributed to lower realized natural gas-equivalent prices despite an 11.7% increase in sales volume.

EQT Expands Its Integrated PlatformThe company completed its $77 million acquisition of Blackline Midstream LLC on July 21, 2026, which operates two propane storage and distribution terminals in New England. The assets provide 46 million gallons of storage capacity and are expected to generate an average annual free cash flow of about $15 million over the next five years.

EQT's Production Strength Supports Results

Total sales volume increased to 634 billion cubic feet equivalent (Bcfe) in the second quarter from 568 Bcfe in the year-ago quarter. The figure came in higher than our estimate of 572 Bcfe. Production exceeded the high end of management’s guidance, driven by strong well performance, system-pressure optimization and fewer price-related curtailments than expected.

Natural gas sales volume was 597 Bcf, up from 534 Bcf in the year-ago quarter. The figure surpassed our estimate of 541 Bcf. The total liquid sales volume was 6,249 thousand barrels (MBbls), up from the year-ago level of 5,631 MBbls. The figure beat our projection of 5,172 MBbls.

The company also benefited from compression projects that reduced decline rates and improved well productivity. These operational gains prompted management to raise its 2026 production outlook by roughly 90 Bcfe.

Realized Pricing Weighs on EQT's RevenuesThe average realized price declined 5.7% year over year to $2.65 per thousand cubic feet equivalent (Mcfe). The figure also missed our estimate of $2.94 per Mcfe.

The average natural gas price, including cash-settled derivatives, was $2.38 per Mcf, which declined from $2.88 a year ago. Our estimate for the same was pinned at $2.75 per Mcf.

The natural gas sales price was $3.05 per Mcf, down from $3.63 recorded a year ago.

The oil price was $70.14 per barrel compared with $51.70 in the year-ago figure. Our estimate for the same was pegged at $77.16 per barrel.

Sales of natural gas, natural gas liquids and oil decreased 5.3% year-over-year to $1.61 billion. Pipeline and other revenues rose to $155.3 million from $137.3 million a year ago.

EQT Keeps Per-Unit Costs Under ControlTotal operating costs were $1.03 per Mcfe, down from $1.08 a year earlier and at the low end of the company’s guidance. Lower transmission, processing, production tax and operating-and-maintenance expenses supported the improvement.

Gathering expenses totaled 9 cents per Mcfe, up from the year-ago level of 8 cents. Transmission expenses stood at 40 cents per Mcfe, down from 45 cents recorded a year ago. Lease operating expenses amounted to 10 cents per Mcfe, up from 9 cents in the corresponding period of 2025. Selling, general and administrative expenses came in at 17 cents per Mcfe, up from the year-ago figure of 14 cents.

Cash Flow Improves for EQTAdjusted EBITDA attributable to EQT increased to $1.07 billion from $1.03 billion in the prior-year period. Adjusted operating cash flow attributable to the company climbed to $1.01 billion from $794 million in the second quarter of 2025.

Free cash flow attributable to EQT climbed 37.6% to $329.7 million. Capital expenditures totaled $666.3 million, up from $553.6 million but 9% below the low end of guidance, reflecting operating efficiencies and lower infrastructure spending. The company paid $103 million in dividends during the second quarter of 2026.

EQT Strengthens Its Balance SheetEQT ended the second quarter with total debt of $5.7 billion and net debt of $5.5 billion, down from $7.8 billion and $7.69 billion, respectively, at the end of 2025.

The company had approximately $3.6 billion of liquidity and $52 million outstanding under its $3.5 billion revolving credit facility. Subsequent to quarter-end, EQT repaid $115 million of debentures due in 2026.

Production Outlook Rises for EQTManagement updated its full-year 2026 sales volume guidance to 2,375-2,450 Bcfe. Third-quarter production is projected to be between 570 Bcfe and 620 Bcfe, with 34-50 net wells scheduled to be turned in line.

Full-year maintenance capital spending is forecast at $2.04-$2.19 billion. The updated range incorporates a $25 million reduction in capital-spending guidance. Third-quarter maintenance expenditures are expected to be between $510 million and $580 million, while growth capital spending is projected at $200-$240 million.

EQT’s Zacks Rank & Key PicksEQT currently has a Zacks Rank #4 (Sell).

Some better-ranked stocks from the energy sector are Par Pacific Holdings (PARR - Free Report) , Valero Energy (VLO - Free Report) , and FuelCell Energy (FCEL - Free Report) . While Par Pacific sports a Zacks Rank #1 (Strong Buy), Valero Energy and FuelCell Energy carry a Zacks Rank #2 (Buy) each at present. You can see the complete list of today’s Zacks Rank #1 stocks here.

Par Pacific Holdings operates an integrated downstream energy business across the United States, with fuel retail operations in Hawaii, Washington and Idaho; refining operations in Hawaii, Wyoming, Washington and Montana; and a supporting logistics network. Its refineries have a combined crude oil throughput capacity of 219,000 barrels per day and produce gasoline, diesel, jet fuel, marine fuels, asphalt and other petroleum products.

Valero Energy is a leading refining player with a robust network of 14 refineries and a combined high-complexity throughput capacity of 3 million barrels per day, which distinguishes it from other independent refiners. VLO’s refineries have a combined Nelson Complexity Index of 11.5, which implies that they can process a wide variety of feedstocks, convert them into higher-value products and shift product yields according to market conditions.

FuelCell Energy is a clean energy company that offers scalable, reliable, low-carbon power solutions. It produces power using flexible fuel sources such as biogas, natural gas and hydrogen. The company’s proprietary molten carbonate fuel cell systems generate electricity through an electrochemical process instead of burning fuel, reducing carbon emissions and minimizing the environmental impact of power generation. FCEL is anticipated to play a crucial role in the energy transition by enabling industries and communities to shift from traditional fossil fuels to low-carbon alternatives.

EQT Corp (NYSE:EQT) on Tuesday posted weaker-than-expected results for the second quarter.

The company reported quarterly earnings of 39 cents per share which missed the analyst consensus estimate of 41 cents per share. The company reported quarterly sales of $1.683 billion which missed the analyst consensus estimate of $1.796 billion.

EQT shares rose 3.8% to $51.69 in pre-market trading.

These analysts made changes to their price targets on EQT following earnings announcement.

Barclays analyst Betty Jiang maintained the stock with an Overweight rating and raised the price target from $69 to $70. Stephens & Co. analyst Mike Scialla maintained EQT with an Overweight rating and raised the price target from $71 to $72. Considering buying EQT stock? Here’s what analysts think:

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