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EQT Corporation (EQT) Stock

EQT Corporation Stock Details, Movements and Public Alerts

EQT Corporation (EQT): America's Largest Natural Gas Producer Powering AI Data Centers and LNG Exports

When AI's insatiable power demands collide with grid constraints, natural gas answers the call. EQT Corporation, under CEO Toby Rice's leadership since 2019, operates the most prolific natural gas fields in America—producing 6+ billion cubic feet daily from Pennsylvania, West Virginia, and Ohio's Marcellus and Utica shales. Rice's 'Modern Eaton' operating model slashed costs 40% since his activist-backed takeover, making EQT the lowest-cost major producer at $1.30/Mcf. With Equitrans Midstream integration complete ($14B merger, 2024), EQT now controls the entire value chain from wellhead to pipeline delivery. Trading at 12x forward earnings with zero net debt and $2B+ annual free cash flow, the stock offers asymmetric upside: every $0.50/Mcf natural gas price increase adds $1B+ to annual cash flow. As AI data centers demand 20-30% more power and LNG exports grow 25% annually, EQT's Appalachian gas—closest to East Coast demand centers—becomes increasingly valuable.

52-Week Range

$62.23 - $41.77

-11.33% from high · +32.10% from low

Avg Daily Volume

9,623,990

Latest volume

Fundamentals

Valuation Metrics

P/E Ratio (TTM)

18.63

Near market average

Forward P/E

13.28

Earnings expected to grow

PEG Ratio

0.50

Potentially undervalued

Price to Book

1.51

EV/EBITDA

7.58

EPS (TTM)

$3.01

Price to Sales

4.54

Beta

0.62

Less volatile than market

How is EQT valued relative to its earnings and growth?
EQT Corporation trades at a P/E ratio of 18.63, which is near the market average of approximately 20, suggesting the market views it as fairly valued relative to its earnings. Looking ahead, the forward P/E of 13.28 is lower than the current P/E, indicating analysts expect earnings to grow over the next year. The PEG ratio of 0.50 suggests the stock may be undervalued relative to its growth rate.
What is EQT's risk profile compared to the market?
With a beta of 0.62, EQT Corporation is less volatile than the overall market. This means when the market moves up or down by 10%, this stock typically moves less than 10% in the same direction. Lower beta stocks are often preferred by conservative investors seeking stability. The price-to-book ratio of 1.51 shows investors value the company above its book value, which often reflects intangible assets or growth prospects.

Performance & Growth

Profit Margin

23.10%

Operating Margin

34.90%

EBITDA

$5.21B

Return on Equity

8.49%

Return on Assets

4.09%

Revenue Growth (YoY)

51.40%

Earnings Growth (YoY)

6400.00%

How profitable and efficient is EQT's business model?
EQT Corporation achieves a profit margin of 23.10%, meaning it retains $23.10 from every $100 in revenue after all expenses. This is an impressive margin, indicating strong pricing power and efficient cost management that allows the company to generate substantial profits. The operating margin of 34.90% reveals how efficiently the company runs its core business operations before interest and taxes. With ROE at 8.49% and ROA at 4.09%, the company achieves moderate returns on invested capital.
What are EQT's recent growth trends?
EQT Corporation's revenue grew by 51.40% year-over-year, representing robust expansion that significantly outpaces typical market growth rates. This strong top-line performance suggests the company is successfully capturing market share or benefiting from favorable industry trends. Earnings increased by 6400.00% year-over-year, outpacing revenue growth through improved margins. These growth metrics should be evaluated against OIL & GAS E&P industry averages for proper context.

Dividend Information

Dividend Per Share

$0.63

Dividend Yield

1.10%

Ex-Dividend Date

Nov 5, 2025

Dividend Date

Dec 1, 2025

What dividend income can investors expect from EQT?
EQT Corporation offers a dividend yield of 1.10%, paying $0.63 per share annually. This modest yield below 2% suggests the company prioritizes growth investments over current income. While the dividend provides some return, investors are likely attracted more by capital appreciation potential than income generation. To receive the next dividend, shares must be purchased before the ex-dividend date of Nov 5, 2025.
How reliable is EQT's dividend for long-term investors?
The dividend sustainability can be assessed through the payout ratio - EQT Corporation pays $0.63 per share in dividends against earnings of $3.01 per share, resulting in a payout ratio of 20.93%. This conservative payout below 30% indicates excellent dividend safety with substantial room for future increases. The company retains most earnings for growth while still rewarding shareholders. The next dividend payment is scheduled for Dec 1, 2025.

Company Size & Market

Market Cap

$35.0B

Revenue (TTM)

$7.71B

Revenue/Share (TTM)

$12.75

Shares Outstanding

624.07M

Book Value/Share

$37.10

Asset Type

Common Stock

What is EQT's market capitalization and position?
EQT Corporation has a market capitalization of $35.0B, classifying it as a large-cap stock ($10B-$200B). Large-caps are typically industry leaders with established business models, offering a balance of stability and growth potential. They often provide dividend income and are core holdings in institutional portfolios. With 624.07M shares outstanding, the company's ownership is relatively concentrated. As a participant in the OIL & GAS E&P industry, it competes with other firms in this sector.
How does EQT's price compare to its book value?
EQT Corporation's book value per share is $37.10, while the current stock price is $55.18, resulting in a price-to-book (P/B) ratio of 1.49. This reasonable premium to book value suggests the market values the company's earnings power and intangible assets appropriately. Most profitable companies trade between 1-3x book value. As a common stock, this represents equity ownership with voting rights.

Analyst Ratings

Analyst Target Price

$64.67

17.20% upside potential

Analyst Recommendations

Strong Buy

3

Buy

17

Hold

6

Sell

0

Strong Sell

1

How reliable are analyst predictions for EQT?
27 analysts cover EQT with 74% recommending buy/strong buy ratings. Analyst predictions have mixed reliability - studies show consensus rarely beats market returns consistently. The strong bullish consensus may already be priced in. The consensus target of $64.67 implies 17.2% upside, but targets are often adjusted to follow price moves rather than predict them.
What is the Wall Street consensus on EQT?
Current analyst recommendations:3 Strong Buy, 17 Buy, 6 Hold, 01 Strong Sell. The bullish tilt suggests optimism about future prospects, though investors should conduct independent research.Remember that analyst opinions often lag price movements and can be influenced by investment banking relationships.

Fundamentals last updated: Dec 13, 2025, 08:25 AM

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EQT Corporation (EQT) Stock Analysis 2025: Complete Investment Guide

The Activist Takeover That Created a Gas Giant

Toby Rice didn't wait for permission to fix EQT—he waged a proxy fight and won. In 2019, the Rice family (founders of Rice Energy, sold to EQT in 2017 for $6.7B) launched an activist campaign against EQT's incumbent management, arguing the company had destroyed $5B+ in value through operational inefficiency. Shareholders agreed, and Toby Rice became CEO. Five years later, the results speak: production costs fell 40% to $1.30/Mcf (industry-leading), production rose 25% to 6+ Bcf/day, and the company completed its $14B Equitrans Midstream merger (2024), creating an integrated gas producer controlling gathering pipelines, transmission, and processing. At 61, the Appalachian basin holds 25+ years of proved reserves, making EQT effectively a natural gas royalty company with optionality to commodity prices.

Business Model & Competitive Moat

EQT's moat is geological and operational. The Marcellus and Utica shales underlying Pennsylvania, Ohio, and West Virginia contain the most prolific natural gas formations in North America—wells produce 30-40% more gas per lateral foot than Permian or Haynesville competitors. This geological advantage, combined with Toby Rice's 'Modern Eaton' operating system (proprietary drilling techniques, data analytics, centralized operations), delivers $1.30/Mcf all-in costs versus $1.80-2.20 for peers. The Equitrans integration adds midstream margins: rather than paying third parties $0.40-0.60/Mcf for gathering and processing, EQT now captures that value internally. Geographic proximity to East Coast population centers (New York, Philadelphia, Boston) commands $0.20-0.50/Mcf price premiums versus Gulf Coast gas, further enhancing netbacks.

Financial Performance

  • •Revenue: $6B+ annually; highly sensitive to natural gas prices ($4.00 gas = $8B revenue, $2.50 gas = $5B)
  • •Production Costs: $1.30/Mcf all-in; breakeven at $2.00-2.20 gas prices vs. $2.80-3.00 for peers
  • •Free Cash Flow: $2B+ at current prices ($3.00 gas); $3B+ at $4.00 gas; funds buybacks and dividends
  • •Balance Sheet: Zero net debt post-Equitrans; investment-grade credit rating; $2.5B liquidity
  • •Leverage Sensitivity: Every $0.50/Mcf gas price increase adds $1B+ to annual free cash flow

Growth Catalysts

  • •AI Data Center Power Demand: Hyperscalers need 15-20 GW additional capacity by 2030; natural gas peaker plants essential for grid reliability
  • •LNG Export Growth: U.S. LNG capacity expanding from 14 Bcf/day to 25+ Bcf/day by 2028; Appalachian gas feeds East Coast terminals
  • •Coal Plant Retirements: 50+ GW of coal closing by 2030; natural gas captures 60-70% of replacement generation
  • •Pipeline Expansions: Mountain Valley Pipeline (2024) adds 2 Bcf/day Appalachian takeaway; reduces basis differentials $0.30-0.50/Mcf
  • •Equitrans Synergies: $350M annual cost savings from midstream integration; margin expansion through 2027

Risks & Challenges

  • •Commodity Price Volatility: Natural gas trades $2.00-9.00 range; sub-$2.50 prices stress even EQT's low-cost operations
  • •Regulatory/ESG Pressure: Pennsylvania, New York fracking restrictions; ESG-driven institutional divestment limits investor base
  • •Competition from Renewables: Solar/wind + battery storage increasingly cost-competitive for baseload generation
  • •LNG Export Uncertainty: Biden administration paused LNG export approvals; policy reversal risk under any administration
  • •Basis Differentials: Pipeline constraints can trap Appalachian gas at $0.50-1.00 discounts to Henry Hub

Competitive Landscape

EQT competes with Appalachian peers Range Resources (RRC, $8B market cap), Antero Resources (AR, $9B), and Southwestern Energy (SWN, $7B), plus diversified producers ConocoPhillips and EOG Resources. EQT's advantage is scale (6+ Bcf/day vs. 2-3 Bcf for peers) and cost structure ($1.30/Mcf vs. $1.60-2.00). The Equitrans integration created the only fully-integrated Appalachian producer—peers pay $0.40-0.60/Mcf in midstream fees that EQT captures internally. Toby Rice's operating expertise (40% cost reductions since 2019) extends competitive advantage each year as continuous improvement widens the gap. Among large-cap natural gas plays, only Coterra Energy (CTRA, $22B) offers comparable cost efficiency, but with Permian oil exposure diluting gas leverage.

Who Is This Stock Suitable For?

Perfect For

  • ✓Commodity-oriented investors seeking natural gas price leverage through lowest-cost producer
  • ✓Energy sector allocators wanting Appalachian pure-play with AI/LNG tailwinds
  • ✓Value investors (12x forward P/E, zero debt) accepting volatility for upside
  • ✓Income investors seeking 1.8% yield with 50%+ FCF returned annually

Less Suitable For

  • ✗ESG-focused investors avoiding fossil fuel exposure
  • ✗Risk-averse investors uncomfortable with commodity price swings (50%+ volatility)
  • ✗Growth investors seeking steady 10%+ annual appreciation
  • ✗Short-term traders (stock trades on weather, gas storage reports)

Investment Thesis

EQT Corporation offers the most asymmetric natural gas exposure in public markets: industry-leading $1.30/Mcf costs enable profitability across the commodity cycle, while AI data center and LNG export demand create structural tailwinds for Appalachian gas. Toby Rice's operational excellence (40% cost reduction, Equitrans integration) built competitive advantages that widen annually. The zero-debt balance sheet and $2B+ free cash flow fund aggressive shareholder returns: $1.5B annual buyback capacity plus 1.8% dividend yield return 50%+ of cash flow.

The risk is commodity price volatility—sub-$2.50 natural gas stress even low-cost producers, and renewable competition threatens long-term gas demand. However, AI power requirements (20-30% annual data center growth) and LNG exports (25% CAGR to 2027) provide demand visibility absent in previous gas cycles. At 12x forward earnings with zero debt, EQT offers cheap call option on gas prices: $4.00 gas generates $3B+ free cash flow (25% FCF yield) versus $2B at $3.00. For portfolios accepting energy sector volatility, EQT is the premier U.S. natural gas play.

Conclusion

EQT is a BUY for energy investors seeking natural gas exposure through the industry's cost leader. The 12x forward P/E and zero-debt balance sheet provide margin of safety, while AI data center power demand and LNG export growth create demand tailwinds. Toby Rice's operational track record (40% cost reduction) supports confidence in continued execution. Position size appropriately for commodity volatility; suitable for portfolios accepting 30-40% annual price swings for asymmetric upside.
Bull Case
$75 (23% upside) - $4.00+ gas prices, LNG exports accelerate, buybacks reduce float 10%
Base Case
$65 (7% upside) - $3.00-3.50 gas, steady operations, 50% FCF returned
Bear Case
$42 (31% downside) - Sub-$2.50 gas, LNG delays, regulatory pressure increases

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