EQT
NYSE · Energy · Oil & Gas Exploration & Production · US
Research · Sep 3, 2026
[EQT] EQT Thesis 2026: Equitrans Acquisition Doubles Scale, Transforms Into Integrated Gas Company
EQT Corporation FY25 revenue $9.07B (+74% YoY from $5.22B FY24); op income $3.15B (+359%); NI $2.04B (+784%); EPS $3.31 (vs $0.41 FY24). FCF $2.84B (+395%). Capex $2.29B. Total debt $7.80B (-17% YoY) — meaningful deleveraging. Dividends $-389M (+19%). Q4 strong free cash flow generation; opportunistic hedging strategy. Winter Storm Fern showcased operational strength + value creation. Growth projects in compression, water infrastructure, Clarington Connector Pipeline, land acquisitions strengthening the platform. FY26 guide: production 2.275-2.375 Tcfe; maintenance capital budget $2.07-$2.21B; adjusted EBITDA ~$6.5B; FCF ~$3.5B (including growth investments); hedged ~40% Q1 / ~20% Q2-Q3 / ~20% Q4 2026 with specific floor + ceiling prices. Risks: Henry Hub price volatility, hedge book coverage, Marcellus-Utica concentration, pipeline takeaway, Equitrans integration, LNG demand pace, AI power demand, carbon policy, competitive landscape (Antero, Range, CNX, Coterra), cost inflation, severe weather.
Research · Apr 13, 2026
Goldman Sachs Natural Gas Warning: EQT Up 73%, But SO Faces Margin Squeeze
Goldman Sachs' supply crunch warning spotlights natgas winners like EQT and COP for production gains, midstream KMI/WMB for volumes, versus utility loser SO facing fuel cost pain. Backed by FY2025 financials showing EQT's 73% revenue surge and strong FCF across winners.
Research · Apr 10, 2026
LNG Stocks to Watch as Asia-Pacific Demand Surges — WDS, COP, CVX Ranked
Australia's reliance on LNG exports amid volatility spotlights US-listed winners like WDS and COP with direct Asia-Pacific ties. The article analyzes six firms' exposure, financials, and ranks conviction amid rising demand.
Research · Mar 12, 2026
Which US LNG exporters gain the most from rerouted European gas flows amid Gulf escalation?
Escalating Gulf tensions are rerouting European LNG demand toward US Gulf Coast exporters. Cheniere Energy (LNG) and Venture Global (VG) are the most direct beneficiaries with expanding terminal capacity, while EQT offers the cheapest upstream exposure at 14x forward P/E with 65% EBITDA margins.