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EQT Corporation
S&P 500
$32.9B
Market Cap
16.2
P/E
0.58
PEG
7.4%
ROCE
9.0%
ROE
0.27
D/E
37.6%
OPM
-20.0%
% from 52W High
38
α RS
🔍 EQT is showing a high-conviction setup because it matches 3 of 37 tracked screener presets, Sector RRG has Energy in the Leading quadrant with the trail still rolling over, and an ECS of 81.9 last quarter. Net: Broad signal stack, not a recommendation. ? Conviction RRG ECS
Sources
Conviction 3/37 · Energy in Leading quadrant · ECS 81.9
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🌏 Global Investor Returns
Currency-adjusted total returns for EQT including FX impact
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📈 Price History
Ratio Health
Excellent
Good
Average
Poor
By Category
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About

EQT Corporation engages in the exploration, production, gathering, and transmission of hydrocarbons and natural gas.

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📈 Growth Pattern
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⭐ Superinvestors Holding EQT
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Manager Shares Value % of Fund Period
Jim Simons Renaissance Technologies LLC 489.7K $31.2M 0.05% Mar 2026
Steve Cohen Point72 Asset Management 64.3K $4.1M 0.01% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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Good quarter Investor Presentation One-Pager? Q2 2026
Revenue
$1.68B
+5% YoY
Net Income (attributable)
$211M
-73% YoY
Adjusted Net Income
$244M
-11% YoY
Free Cash Flow (attributable)
$330M
+37% YoY
Total Sales Volume
634 Bcfe
+12% YoY
What Went Right
  • Record Q2 sales volume of 634 Bcfe, above high end of guidance, driven by well performance and compression; 2026 production guidance raised by ~90 Bcfe.
  • Generated $330M free cash flow attributable to EQT despite natural gas prices averaging $2.89/MMBtu.
  • Signed CPV Shay 10-year supply deal for 325 MMBtu/d linked to PJM power pricing and a 0.5 MTPA LNG offtake starting 2028.
  • Drilled record 29,000-foot lateral in shale history with zero safety incidents.
What to Watch
  • Near-term gas price weakness risk from Permian growth and El Niño weather; management hedged summer 2027 to stay on offense.
  • MVP Southgate acceleration pulls $85M of capital contributions from 2027 into 2026; LNG offtake could slip if Gulf Coast construction is delayed.
  • Stock is near a 52-week low per an analyst, and while balance sheet is near the $5B net debt target, cash accumulation is still underway.
Management Guidance
  • 2026 production guidance raised by ~90 Bcfe at the midpoint; full-year CapEx guidance reduced by $25M.
  • Pulled forward $85M of MVP Southgate capital contributions from 2027 into 2026; construction targeted for completion by year-end 2026.
  • LNG offtake expected to add ~$45M to 2028 free cash flow at recent strip; CPV Shay expected in service early 2031.
Investor Lens
The thesis is stronger after this call: EQT continues to beat production guidance, raise output, cut capex, and sign commercial deals (CPV Shay, LNG, Blackline) that improve realizations without major capital. The balance sheet is close to the $5B net debt target, setting up aggressive buybacks during any seasonal weakness. Management's view that Appalachian basis will strengthen is supported by slide 22's 20 Bcf/d demand pool, though near-term gas prices and project execution risks remain. The stock near a 52-week low offers an attractive entry if the 2028-2030 demand inflection arrives.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG Q2 beats with 634 Bcfe, guidance raised 90 Bcfe.
Revenue
Revenue implied from 634 Bcfe at $2.65/Mcfe is ~$1.68B, up ~5% YoY from 568 Bcfe at $2.81/Mcfe ($1.60B). Segment split was not disclosed in the call.
Profitability
Net income attributable to EQT was $211M, or $0.34 per diluted share, down from $784M/$1.30 in Q2 2025. Adjusted net income was $244M ($0.39) versus $273M ($0.45) last year.
Margins
Operating margin was not disclosed; total per-unit operating costs were $1.03/Mcfe, at the low end of guidance due to lower SG&A, transmission and LOE. Realized differential was $(0.67), favorable to guidance despite wider basin basis. Adjusted EBITDA attributable to EQT was $1.067B.
Balance Sheet
Exited Q2 with $5.7B total debt and $5.5B net debt, including $101M working capital usage; repaid $115M of 2026 debentures after quarter-end. Q2 capex was $666M, below guidance, and free cash flow attributable to EQT was $330M.
Key Risks
Management flagged near-term downside risk from Permian gas growth and El Niño weather, with hedging focused on summer 2027. LNG offtake volumes could slip if Gulf Coast facilities are delayed beyond January 2028. Q&A noted the stock is near a 52-week low and MVP Southgate acceleration shifts $85M of capital into 2026.
Outlook
2026 production guidance was raised by ~90 Bcfe and full-year CapEx reduced by $25M. MVP Southgate construction is targeted for completion by year-end 2026, with commercial acceleration talks underway.
Generated by AI · Q2 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-07-22
Record operational and financial performance drove raised production guidance and lower CapEx, with strong free cash flow and new long-term contracts enhancing future growth. Strategic projects and acquisitions are expanding market access and value creation.
Q1 2026 Q1 2026 2026-04-22
Record Q1 free cash flow and production outperformance were driven by vertical integration, cost discipline, and strong demand from LNG and power sectors. Strategic debt reduction, midstream expansion, and robust demand outlook position the company for sustainable growth.
Q4 2025 Q4 2025 2026-02-18
Record 2025 operational and financial results were driven by efficiency gains, robust well productivity, and strategic infrastructure investments. Free cash flow and debt reduction outperformed expectations, with 2026 guidance indicating continued growth and strong market positioning.
Q3 2025 Q3 2025 2025-10-22
Q3 delivered $484M in free cash flow, record operational efficiency, and rapid Olympus integration. Strategic growth projects like MVP Boost and new LNG contracts position the business for long-term demand and pricing strength, while capital discipline and dividend growth remain priorities.
Q2 2025 Q2 2025 2025-07-23
Q2 2025 saw strong production, record efficiency, and $240M free cash flow despite a $134M litigation settlement. Olympus acquisition closed, new power/data center deals secured, and guidance raised for production and efficiency. Net debt fell to $7.8B.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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