EQT Corporation operates as a natural gas production company in the United States. The company sells natural gas and natural gas liquids to marketers, utilities, and industrial customers through pipelines located in the Appalachian Basin. It also offers marketing services and contractual pipeline capacity management services. The company was formerly known as Equitable Resources Inc. and changed its name to EQT Corporation in February 2009. EQT Corporation was founded in 1878 and is headquartered in Pittsburgh, Pennsylvania.

EQT appears to be a company with strong operating margins, but noticeably weaker liquidity and somewhat mixed earnings momentum. P/E, P/B, and P/FCF are below the industry median, which supports the thesis of a relatively moderate valuation; however, P/S is significantly above the industry level, which limits re-rating potential. Gross margin, operating margin, and net margin look very strong and have been steadily improving compared with earlier periods, indicating good cost control and high efficiency in production and sales. At the same time, ROE, ROA, ROI, and especially return on tangible equity remain below industry benchmarks, meaning the quality of capital returns is not as convincing as the margins suggest. The debt burden looks comfortable: debt/equity is notably below the median, and long-term debt has declined in recent periods, reducing financial risk. But current and quick ratios are very weak, and cash on hand is low, so the margin of safety in working capital is limited. Revenue and gross profit are high in absolute terms, but quarterly trends are uneven, and net income and operating income in the latest TTM look weaker than at prior peaks. This means the company’s valuation should take into account the cyclicality of the gas business and sensitivity to commodity prices, not just strong margins. Dividend yield remains modest but stable and slightly increasing, which adds a small positive for shareholders. Overall, the fundamentals support a cautiously positive view of the business quality, but do not justify an aggressive upward revision of the target valuation. For an investor, this is a story of good operating efficiency and moderate valuation, but with risk stemming from weak liquidity and less-than-ideal returns on capital. Therefore, the base case looks fairly close to fair value and calls for only a slight conservative downward adjustment.

EQT Corporation

Слабый индекс, значительно упал. Уверенность быков остается на низком уровне.

Weak index, significantly down. Bullish confidence remains low.

Сильный индекс, без изменений. Рынок не поддерживает быков.

Strong index, flat. The market does not support the bulls.

Слабый индекс, незначительно вырос. Отток средств из лонгов остается значительным.

Weak index, slightly up. The outflow of funds from longs remains significant.

Strong margins and low debt support EQT, but weak liquidity, uneven earnings, and a high P/S limit re-rating potential.

It has been about a month since the last earnings report for Comstock Resources (CRK). Shares have added about 15.1% in that time frame, outperforming the S&P 500.
But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Comstock due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the latest earnings report in order to get a better handle on the important drivers.
Comstock Q2 Earnings Beat Estimates on Higher Production
Comstock Resources reported second-quarter 2026 adjusted earnings of 3 cents per share, beating the Zacks Consensus Estimate of 2 cents by 50%. The bottom line declined from 12 cents in the year-ago quarter.
Total revenues of $353.28 million missed the consensus mark of $415.15 million by 14.9%. The top line fell 24.9% from $470.26 million a year ago.
The better-than-expected earnings were driven by higher production volume. Lower natural gas prices and reduced gas services revenues offset the positives.
Production Returns to Sequential Growth
Total production averaged 1,243 million cubic feet equivalent per day (MMcfe/d), up from 1,233 MMcfe/d a year earlier. Natural gas production totaled 113,069 million cubic feet (MMcf) compared with 112,164 MMcf in the prior-year period, while oil production declined to 5,000 barrels from 13,000 barrels.
Comstock turned 16 operated wells to sales during the quarter. The company brought five Western Haynesville wells to sales with an average lateral length of 9,679 feet and an average initial production rate of 33 MMcf per day. It also turned 12 Legacy Haynesville wells to sales, including five horseshoe wells.
Gas Pricing Weighs on Sales
The average realized natural gas price before hedging declined to $2.54 per thousand cubic feet (Mcf) from $3.02 per Mcf a year ago. Including hedging, the realized natural gas price was $2.93 per Mcf compared with $3.06 per Mcf in the second quarter of 2025.
Natural gas and oil sales, including realized hedging gains, totaled $331.55 million, down from $344.25 million a year earlier. The quarter included $43.33 million of natural gas hedging settlements, sharply higher than $4.29 million in the year-ago period, cushioning the impact of weaker market prices.
Gas Services Revenues Decline Sharply
Natural gas sales declined to $287.75 million from $339.23 million a year earlier. Gas services revenues decreased to $63.48 million from $130.30 million, accounting for much of the year-over-year decline in consolidated revenues.
Gas services expenses dropped to $63.01 million from $126.71 million. The business generated a margin of $467,000 compared with $3.58 million in the prior-year quarter, reflecting a substantially smaller level of activity.
Comstock Keeps Unit Production Costs in Check
Total production costs averaged 77 cents per Mcfe, improving from 80 cents a year ago. The cost structure per Mcfe for the second quarter of 2026 included 38 cents for gathering and transportation, 25 cents for lease operating expenses, 6 cents for production and ad valorem taxes, and 8 cents for cash general and administrative expenses compared with 37 cents, 28 cents, 9 cents and 6 cents, respectively, in the year-ago quarter.
Comstock’s unhedged operating margin was 70%, down from 73% in the prior-year period. The hedged operating margin remained unchanged at 74%, demonstrating the benefit of the company’s commodity-price protection during a weaker pricing quarter.
Cash Flow Supports Heavy Drilling Spend
Adjusted earnings before interest, taxes, depreciation, amortizations and explorations declined to $244.81 million from $259.74 million a year ago. Operating cash flow before working capital changes totaled $188.51 million or 65 cents per share compared with $209.64 million in the prior-year quarter.
Exploration and development capital expenditures increased to $390.43 million from $268.20 million. Comstock spent $174.36 million on exploratory drilling and completion and $199.36 million on development drilling and completion as it advanced both the Western and Legacy Haynesville programs.
Comstock Strengthens Its Balance Sheet With Pinnacle Deal
Comstock sold a 27% noncontrolling interest in Pinnacle Gas Services to Sixth Street for $600 million. The proceeds were used to retire Pinnacle’s preferred equity and outstanding debt. Comstock retained a 73% controlling stake and continued to operate the midstream business.
At June 30, 2026, CRK had $45.01 million in cash and $3.10 billion of long-term debt. Total liquidity was about $1.15 billion.
2026 Outlook
Comstock expects third-quarter 2026 production to be in the range of 1,300-1,400 MMcfe/d, above the second quarter’s 1,243 MMcfe/d. The company’s full-year production guidance remains unchanged at 1,250-1,400 MMcfe/d, supported by continued development across the Legacy and Western Haynesville areas. For 2026, CRK plans to drill 22 Western Haynesville wells and turn 21 wells to sales.
Total capital expenditures are projected to be in the range of $375-$450 million for the third quarter and $1.45-$1.55 billion for 2026. Pinnacle Gas Services spending is expected to total $25-$45 million in the third quarter and $100-$150 million for the full year.
How Have Estimates Been Moving Since Then?
It turns out, fresh estimates have trended downward during the past month.
The consensus estimate has shifted -40% due to these changes.
VGM Scores
Currently, Comstock has a subpar Growth Score of D, though it is lagging a bit on the Momentum Score front with an F. However, the stock was allocated a grade of B on the value side, putting it in the second quintile for this investment strategy.
Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.
Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. It's no surprise Comstock has a Zacks Rank #4 (Sell). We expect a below average return from the stock in the next few months.
Performance of an Industry Player
Comstock belongs to the Zacks Oil and Gas - Exploration and Production - United States industry. Another stock from the same industry, EQT Corporation (EQT), has gained 3.9% over the past month. More than a month has passed since the company reported results for the quarter ended June 2026.
EQT reported revenues of $1.81 billion in the last reported quarter, representing a year-over-year change of +13.2%. EPS of $0.39 for the same period compares with $0.45 a year ago.
For the current quarter, EQT is expected to post earnings of $0.50 per share, indicating a change of -3.9% from the year-ago quarter. The Zacks Consensus Estimate has changed -11.3% over the last 30 days.
The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for EQT. Also, the stock has a VGM Score of C.
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Comstock (CRK) Up 15.1% Since Last Earnings Report: Can It Continue?

Comstock Resources, Inc. CRK offers a clear valuation-versus-risk tradeoff. Its deep Haynesville and Bossier inventory and recovering production support long-term optionality, but heavy spending, leverage and weaker earnings estimates limit the near-term case.
The stock’s discount on one valuation measure is not enough to resolve that tension. Investors still have to weigh improving operations against a capital program that remains larger than internally generated cash flow.
CRK's Valuation Is Mixed Rather Than Cheap
CRK trades at about 2.0X forward 12-month sales, below the Zacks sub-industry’s 3.7X but above its five-year median of 1.7X. Its forward price-to-earnings multiple of about 35.3X is also well above the industry comparison of 9.9X, weakening the argument that the shares are broadly inexpensive.
Natural-gas investors can also compare CRK with CNX Resources Corporation CNX, an Appalachian natural gas development, production and midstream company. EQT Corporation EQT is another relevant reference point as a vertically integrated natural gas producer with production and midstream operations focused in the Appalachian Basin.
Comstock's Capital Load Keeps Leverage High
Comstock ended the second quarter of 2026 with about $3.13 billion of total debt and $45 million of cash, while last-12-month net leverage was 3 times. First-half cash capital expenditures of $829.5 million exceeded $442.2 million of operating cash flow.
The Pinnacle transaction reduced fixed charges and left the midstream unit debt-free, but the upstream funding burden remains substantial. Comstock still expects 2026 total capital spending of $1.45-$1.55 billion, keeping financial flexibility closely tied to natural gas prices and operating cash generation.
CRK's Production Recovery Offers Some Support
Second-quarter production rebounded 16% sequentially and 1% year over year to 113.1 Bcfe. Unit production costs improved to 77 cents per Mcfe from 93 cents in the first quarter, helped by higher production and lower lifting, general and administrative, tax and gathering costs per unit.
Management guides third-quarter production to 1.3-1.4 Bcfe per day. The company also plans to turn 48 legacy and 21 Western Haynesville wells to sales in 2026, so continued execution across its drilling program is important to sustaining the recovery.
Comstock's Estimate Revisions Argue for Patience
The Zacks Consensus Estimate for 2026 earnings is 40 cents per share, down 19.5% over the past four weeks. The 2027 consensus estimate stands at 50 cents per share, leaving the earnings outlook dependent on better commodity pricing and continued operating progress.
Second-quarter revenues missed the consensus mark by 14.9%, even though adjusted earnings of 3 cents per share topped expectations. Comstock also pays no dividend, so shareholder returns remain more dependent on commodity prices, production growth and execution.
CRK's Sell Signal Keeps the Value Case in Check
The bottom line is that CRK has asset depth and improving production, but its spending requirements, leverage and weaker estimate trend argue for patience. The current valuation discount on sales does not fully offset those risks, especially with earnings-based valuation still elevated.
CRK currently has a Zacks Rank #4 (Sell). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It also has a Value Score of B, Growth Score of D, Momentum Score of F and VGM Score of D. The Value Score reflects some valuation appeal, but the weaker Growth and Momentum Scores and the Sell rank indicate that the stock does not currently combine favorable style characteristics with supportive estimate revisions.
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Is CRK Stock Worth Buying Despite Heavy Spending and Weak Estimates?

A month has gone by since the last earnings report for EQT Corporation (EQT). Shares have lost about 0.7% in that time frame, underperforming the S&P 500.
Will the recent negative trend continue leading up to its next earnings release, or is EQT due for a breakout? Well, first let's take a quick look at the most recent earnings report in order to get a better handle on the recent catalysts for EQT Corporation before we dive into how investors and analysts have reacted as of late.
EQT Q2 Earnings & Revenues Miss Estimates
EQT Corporation 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 Platform
The 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.
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 Revenues
The 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 Control
Total 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
Adjusted 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.
Balance Sheet
EQT 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.
Outlook
Management 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.
How Have Estimates Been Moving Since Then?
In the past month, investors have witnessed a downward trend in estimates review.
The consensus estimate has shifted -10.03% due to these changes.
VGM Scores
At this time, EQT has a nice Growth Score of B, a score with the same score on the momentum front. Charting a somewhat similar path, the stock was allocated a score of C on the value side, putting it in the middle 20% for value investors.
Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.
Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. It's no surprise EQT has a Zacks Rank #5 (Strong Sell). We expect a below average return from the stock in the next few months.
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EQT (EQT) Down 0.7% Since Last Earnings Report: Can It Rebound?

(RTTNews) - Rexford Industrial Realty (REXR) has entered into a definitive agreement to sell an industrial portfolio to an affiliate of EQT Real Estate for approximately $1.2 billion. The portfolio transaction is part of Rexford Industrial's previously announced portfolio realignment. Rexford Industrial plans to use net proceeds from the portfolio transaction to support its capital allocation priorities, including the repayment of debt maturing in 2027, opportunistic repurchases of common stock under the $1.0 billion share repurchase program and continued investment in the internal repositioning and development projects.
The company said it remains in active negotiations on additional disposition opportunities and will provide further updates as transactions close. Also, Rexford Industrial reaffirmed its 2026 guidance provided in the second quarter earnings release dated July 23, 2026.
In pre-market trading on NYSE, Rexford shares are up 0.46 percent to $36.01.

Rexford Industrial To Sell Industrial Portfolio For Approx. $1.2 Bln

In the latest look at the underlying components of the S&P 500 ordered by largest market capitalization, EQT Corp (Symbol: EQT) has taken over the #293 spot from Crown Castle Inc (Symbol: CCI), according to The Online Investor.
Market capitalization is an important data point for investors to keep an eye on, for various reasons. The most basic reason is that it gives a true comparison of the value attributed by the stock market to a given company's stock. Many beginning investors look at one stock trading at $10 and another trading at $20 and mistakenly think the latter company is worth twice as much — that of course is a completely meaningless comparison without knowing how many shares of each company exist. But comparing market capitalization (factoring in those share counts) creates a true "apples-to-apples" comparison of the value of two stocks. In the case of EQT Corp (Symbol: EQT), the market cap is now $33.82 billion, versus Crown Castle Inc (Symbol: CCI) at $32.28 billion.
Below is a chart of EQT Corp versus Crown Castle Inc plotting their respective size rank within the S&P 500 over time (EQT plotted in blue; CCI plotted in green):
Below is a three month price history chart comparing the stock performance of EQT vs. CCI:
Another reason market capitalization is important is where it places a company in terms of its size tier in relation to peers — much like the way a mid-size sedan is typically compared to other mid-size sedans (and not SUV's). This can have a direct impact on which mutual funds and ETFs are willing to own the stock. For instance, a mutual fund that is focused solely on Large Cap stocks may for example only be interested in those companies sized $10 billion or larger. Another illustrative example is the S&P MidCap index which essentially takes the S&P 500 index and "tosses out" the biggest 100 companies so as to focus solely on the 400 smaller "up-and-comers" (which in the right environment can outperform their larger rivals). So a company's market cap, especially in relation to other companies, carries great importance, and for this reason we at The Online Investor find value to putting together these rankings daily.
Examine the full EQT market cap history vs. the full CCI market cap history.
At the closing bell, EQT is up about 0.2%, while CCI is up about 2.3% on the day Thursday.
Further EQT Research:
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

EQT Now #293 Largest Company, Surpassing Crown Castle

Key Points
Strong businesses can still become overpriced investments.
AI enthusiasm has lifted some energy stocks beyond fundamentals.
Valuation matters as much as long-term growth potential.
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.
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1. Oklo
Few stocks have benefited more from the AI-driven nuclear narrative than Oklo (NYSE: OKLO). 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.
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.
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 (NYSE: EQT) 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.
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.
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Jeff Siegel has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Amazon, EQT, Meta Platforms, and Microsoft. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

2 Energy Stocks With More Hype Than Fundamentals Right Now

Expand Energy Corporation EXE is trying to turn natural gas scale into a broader commercial advantage. The strategy centers on serving rising liquefied natural gas, power generation and industrial demand while reducing dependence on higher benchmark gas prices alone.
The company’s production base, market access and pending commercial expansion give it several ways to capture value. Execution risk remains because infrastructure timing, regional bottlenecks and integration work still matter.
Expand Energy Brings Scale to Demand Growth
Expand Energy produced about 7.48 Bcfe per day in the second quarter of 2026, with natural gas representing 92% of output. That mix gives the company direct exposure to demand growth tied to liquefied natural gas exports, electricity needs and industrial consumption.
Its Haynesville and Appalachian positions also provide supply diversity. Haynesville production offers access to Gulf Coast demand and export-oriented markets, while Appalachia gives Expand a large position close to major domestic consuming regions.
EQT Corporation EQT is another major Appalachian natural gas producer, making it a relevant peer for investors tracking regional supply and infrastructure constraints. Cheniere Energy LNG, a large U.S. liquefied natural gas producer, provides context for how export demand can influence upstream natural gas strategies.
EXE Extends Its Reach Through Delfin
The 20-year Delfin agreement gives Expand a route to international natural gas markets. That matters because LNG-linked exposure can create access to premium demand beyond the domestic pipeline grid.
The benefit is not fully within EXE’s control. Project approvals, financing and construction schedules can shift, which could delay expected commercial gains and leave more production tied to domestic market conditions for longer than planned.
Expand Energy Uses Twin Eagle to Integrate
Expand agreed to acquire Twin Eagle Holdings for $1.25 billion in cash, with closing expected in the third quarter of 2026. The deal is designed to expand EXE from a large producer into a more integrated natural gas platform.
Twin Eagle adds more than 1,000 customers, 44 Bcf of storage and a broader physical marketing network. Those assets may help Expand link supply with customers, optimize transportation and capture value from regional price volatility rather than only from commodity price direction.
EXE Targets Commercial Cash Flow Growth
Twin Eagle is expected to contribute more than $200 million of annual EBITDA initially. Management expects that contribution to rise to roughly $350 million after targeted synergies by year-end 2028.
Image Source: Expand Energy Corporation
Expand also raised its incremental annual marketing and commercial free cash flow target to $750 million. The higher target reflects a broader effort to make commercial optimization a larger part of the cash flow story.
Expand Energy Must Navigate Regional Bottlenecks
Appalachia remains exposed to pipeline constraints and regional oversupply. Expand expects 2026 natural gas basis deductions of $0.30-$0.40 per Mcf, excluding hedges, which can reduce realized pricing even when benchmark gas prices improve.
Transportation and storage expansion may soften some of that pressure after Twin Eagle closes. Still, infrastructure risk cannot be removed entirely, and sustaining roughly 7.5 Bcfe per day of output requires continued drilling and completion investment.
EXE’s Scores Reflect Trend Potential and Timing Risk
The emerging-demand thesis is clear: Expand has scale, basin diversity and a larger commercial platform aimed at LNG, power and industrial customers. The stock currently carries a Zacks Rank #3 (Hold), which points to a more balanced near-term setup rather than a strong directional signal. You can see the complete list of today’s Zacks #1 Rank stocks here.
Over the past year, Expand Energy shares have declined 9.4%, underperforming Cheniere Energy’s 8.3% gain and trailing EQT’s 0.7% increase, reflecting a more cautious investor response despite the company’s long-term commercial expansion strategy.
EXE Stock Performance Compared With Peers
Image Source: Zacks Investment Research
EXE has a Value Score of A, Growth Score of A and VGM Score of A, suggesting attractive characteristics across valuation and growth measures. Its Momentum Score of C is more measured, indicating that investors may see the long-term commercial opportunity before the stock shows a stronger near-term confirmation signal.
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This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Expand Energy Targets the LNG, Power and Industrial Demand Expansion

EQT Corporation EQT is trying to convert rising electricity consumption into contracted gas demand rather than simply chasing higher production. The strategy centers on power plants, data centers, pipeline access and liquefied natural gas (LNG) exposure.
That framing matters for investors. New demand can help Appalachian gas only if projects move from proposals to funded, permitted and contracted infrastructure.
EQT Targets Power Demand With Long-Term Contracts
EQT’s clearest power-linked step is a 10-year agreement to supply 325,000 Dekatherm (Dth) per day of natural gas to the planned CPV Shay Energy Center in Doddridge County, WV. The facility is expected to enter service as early as 2031.
The contract links pricing to PJM power markets rather than a conventional gas index. At recent forward prices, that structure is expected to provide a premium to local gas indexes and reduce reliance on Appalachian basin pricing.
How EQT Connects Data Centers to Gas Growth
Management is tracking more than 45 Appalachian demand and pipeline takeaway projects totaling nearly 20 Bcf per day of potential demand. The opportunity set includes power generation, data center-related load growth and new outlets for regional supply.
The key word is potential. Many projects are still under evaluation, which means EQT’s demand story depends on customer commitments and commercial structures that can support financing and construction.
Range Resources Corporation RRC is relevant in this context because Appalachian producers face a similar investor question. Regional gas values improve most when new demand and takeaway capacity absorb supply inside or near the basin.
EQT’s LNG Exposure Broadens Its Demand Base
EQT also signed a five-year LNG offtake agreement for 0.5 million tonnes per annum beginning in 2028. The arrangement sources LNG from various Gulf Coast facilities and accelerates EQT’s exposure to export-linked markets.
The agreement is projected to add about $45 million to 2028 free cash flow at recent strip prices. For EQT, LNG exposure broadens the demand base beyond local power and pipeline projects and adds a route to international natural gas markets.
Cheniere Energy, Inc. LNG offers a useful reference point for the broader LNG theme because it is tied to liquefaction and export infrastructure. EQT’s approach is different, as it seeks LNG exposure while remaining primarily an Appalachian natural gas producer.
Why EQT’s Project Pipeline Depends on Execution
The long-duration demand story is not immediate. Major power, pipeline and data center projects can require three to five years to build, and CPV Shay itself may not begin until 2031.
Permitting, construction timing, financing and customer commitments will determine how much of the project pipeline becomes real demand. Delays could defer pricing benefits and limit the ability to turn emerging demand into a material earnings driver.
EQT’s Weak Momentum Offsets Emerging Demand Themes
The bottom line is that EQT has assembled several demand-linked catalysts, but they remain longer dated. Power contracts, LNG exposure and data center-related load growth can support future outlets for Appalachian gas only if the infrastructure cycle advances.
Near-term signals are less favorable. EQT currently has a Zacks Rank #4 (Sell). Its earnings estimates have been revised downward for 2026 and 2027, supporting a cautious stance. The stock also has a Momentum Score of F. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Growth Score of C and the VGM Score of C are neutral rather than clearly favorable. Together, these scores suggest that the emerging-demand narrative has not yet translated into a clearly superior near-term earnings or share-price profile.
Research Chief Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.
Free: See Our Top Stock And 4 Runners Up
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Cheniere Energy, Inc. (LNG) : Free Stock Analysis Report
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

How EQT Is Positioning for Data Center, Power & Global LNG Demand

For the quarter ended June 2026, EQT Corporation (EQT) 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%.
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.
Zacks' Research Chief Names "Stock Most Likely to Double"
Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.
This top pick is a little-known satellite-based communications firm. Space is projected to become a trillion dollar industry, and this company's customer base is growing fast. Analysts have forecasted a major revenue breakout in 2025. Of course, all our elite picks aren't winners but this one could far surpass earlier Zacks' Stocks Set to Double like Hims & Hers Health, which shot up +209%.
Free: See Our Top Stock And 4 Runners Up
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Compared to Estimates, EQT (EQT) Q2 Earnings: A Look at Key Metrics

The S&P 500 Index ($SPX) (SPY) on Wednesday closed down -0.14%, the Dow Jones Industrial Average ($DOWI) (DIA) closed down -0.01%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -0.54%. September E-mini S&P futures (ESU26) fell -0.07%, and September E-mini Nasdaq futures (NQU26) fell -0.48%.
Stock indexes fell on Wednesday as soaring crude prices pushed bond yields higher, weighing on stocks. WTI crude oil (CLU26) rose more than +2% on Wednesday to a 6-week high after the US and Iran played down the prospects of peace talks as disruptions to global oil supplies continued to mount. The 10-year T-note yield climbed to a 2-month high of 4.66% on Wednesday amid rising crude oil prices.
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The weakness in software and cybersecurity stocks on Wednesday also weighed on equities. The markets are waiting for earnings results after Wednesday’s close from Alphabet to see evidence that the company’s investments in artificial intelligence are generating returns, as it plans to more than double capital spending from 2025 to as much as $190 billion this year. On the positive side, most chipmakers strengthened, and energy producers and service providers moved higher with Wednesday’s rally in WTI crude oil to a 6-week high.
The US conducted an 11th straight day of attacks against Iran on Wednesday in an effort to degrade the country's ability to threaten commercial shipping in the Strait of Hormuz. Iran retaliated by striking US bases in Bahrain, Kuwait, and Jordan. President Trump said on Tuesday that the US has “no interest” in meeting with Iran until they are ready for serious peace negotiations.
Also, the Joint Maritime Information Center, a monitoring body for naval security, said on Wednesday that the Iran-backed Houthi rebels have deployed missiles and drones in preparation for attacks on shipping in the Red Sea. The Houthis have vowed to blockade shipping linked to Saudi Arabia and warned shipowners against calling at the nation's ports. The move threatens Saudi oil exports from Yanbu, a Red Sea hub that the Saudi's are using to ship crude since the war brought shipping through the Strait of Hormuz to a near halt. President Trump said Tuesday that if there is a blockade in the Red Sea, the US “will take care of it.”
US MBA mortgage applications rose +1.9% in the week ended July 17, with the purchase mortgage sub-index up +5.5% and the refinancing mortgage sub-index down -2.4%. The average 30-year fixed rate mortgage rose +4 bp to an 11-month high of 6.69% from 6.65% in the prior week.
The outlook for strong Q2 earnings, which begin in earnest this week, is a bullish factor for stocks. Forecasts compiled by Bloomberg Intelligence suggest Q2 earnings may increase by +23%, close to Q1’s blowout earnings of +30%, which was more than double the +12% analysts had expected. AI spending is expected to account for most of earnings, with AI infrastructure stocks set to contribute nearly 60% of the S&P 500's earnings-per-share growth in Q2. So far, earnings results have been positive as 89% of the S&P 500 companies that reported Q2 earnings results have beaten estimates, according to data compiled by Bloomberg.
The markets are discounting a 34% chance of a +25 bp rate hike at the next FOMC meeting on July 28-29.
Overseas stock markets settled mixed on Wednesday. The Euro Stoxx 50 climbed to a 2-week high and closed up +0.50%. China's Shanghai Composite closed up +0.07%. Japan's Nikkei-225 Stock Average closed down -0.18%.
Interest Rates
September 10-year T-notes (ZNU6) on Wednesday closed down -7 ticks, and the 10-year T-note yield rose +3.3 bp to 4.661%. Sep T-notes tumbled to a 17-month nearest-futures low on Wednesday, and the 10-year T-note yield rose to a 2-month high of 4.663%. T-notes retreated on Wednesday as WTI crude oil prices rose more than +2% to a 6-week high, which raised inflation expectations and is a hawkish factor for Fed policy. The 10-year breakeven inflation rate rose to a 1-week high of 2.290% on Wednesday. Also, tepid demand for the Treasury’s $13 billion auction of 20-year T-bonds weighed on T-note prices as the auction had a bid-to-cover ratio of 2.64, below the 10-auction average of 2.65.
European government bond yields moved higher on Wednesday. The 10-year German bund yield rose to a 2-month high of 3.192% and finished up +0.8 bp to 3.171%. The 10-year UK gilt yield climbed to a 2-month high of 5.065% and finished up +0.4 bp to 5.034%.
UK Jun CPI eased to +2.6% y/y from +3.8% y/y in May, weaker than expectations of +2.7% y/y and the slowest pace of increase in 15 months. However, Jun core CPI was unchanged from May at +2.6% y/y, stronger than the +2.5% y/y expected.
Swaps are discounting a 5% chance of a +25 bp ECB rate hike at its next policy meeting on Thursday.
US Stock Movers
Software stocks are under pressure today, weighing on the broader market. ServiceNow (NOW) and Palantir Technologies (PLTR) closed down more than -6%, and Workday (WDAY) closed down more than -6% to lead losers in the Nasdaq 100. Also, Atlassian Corp (TEAM) closed down more than -5%, and Salesforce (CRM) closed down more than -4% to lead losers in the Dow Jones Industrials. In addition, Adobe Systems (ADBE), Datadog (DDOG), Autodesk (ADSK), and Thomson Reuters (TRI) closed down more than -3%, and Microsoft (MSFT) closed down more than -2%.
Cybersecurity stocks moved lower on Wednesday. Zscaler (ZS) closed down more than -4%, and Okta (OKTA) closed down more than -3%. Also, CrowdStrike Holdings (CRWD), Palo Alto Networks (PANW), Fortinet (FTNT), and Cloudflare (NET) closed down more than -1%.
Chipmakers and AI infrastructure stocks strengthened on Wednesday. Broadcom (AVGO) and NXP Semiconductors NV (NXPI) closed up more than +2%, and Nvidia (NVDA) closed up more than +2% to lead gainers in the Dow Jones Industrials. Also, Advanced Micro Devices (AMD), Seagate Technology Holdings Plc (STX), Analog Devices (ADI), Western Digital (WDC), Marvell Technology (MRVL), and Qualcomm (QCOM) closed up more than +1%.
Energy stocks and service providers moved higher on Wednesday as WTI crude oil rose more than +2% to a 6-week high. SLB Ltd (SLB) closed up more than +2%, and ConocoPhillips (COP), Devon Energy (DVN), Diamondback Energy (FANG), Occidental Petroleum (OXY), APA Corp (APA), and Chevron (CVX) closed up more than +1%.
Pegasystems (PEGA) closed down more than -16% after reporting Q1 adjusted EPS of 35 cents, weaker than the consensus of 44 cents.
GE Vernova (GEV) closed down more than -8% to lead losers in the S&P 500 after reporting Q2 adjusted Ebitda of $1.25 billion, below the consensus of $1.29 billion.
Reddit (RDDT) closed down more than -8% after the Wall Street Journal reported that the company has discussed cutting off Google’s access to its content for AI use.
TE Connectivity Plc (TEL) closed down more than -4% after announcing it entered into a definitive agreement to acquire Astrodyne TDI for about $1.4 billion.
Chubb Ltd (CB) closed down more than -3% after reporting Q2 net premiums written were $14.71 billion, below the consensus of $14.98 billion.
Northern Trust Corp (NTRS) closed down more than -3% after reporting Q2 non-interest expenses of $1.64 billion, higher than the consensus of $1.51 billion.
Super Micro Computer (SMCI) closed up more than +19% to lead gainers in the S&P 500 after saying its backlog rose to record levels at the end of 2026 with total new orders in excess of $60 billion received during Q4.
Westinghouse Air Brake Technologies (WAB) closed up more than +10% after reporting Q2 net sales of $3.18 billion, better than the consensus of $3.07 billion, and raising its full-year sales forecast to $12.30 billion to $12.60 billion from a previous estimate of $12.19 billion to $12.49 billion.
EQT Corp (EQT) closed up more than +8% after reporting Q2 adjusted Ebitda of $1.20 billion, better than the consensus of $1.11 billion.
CME Group (CME) closed up +5% after reporting Q2 adjusted EPS of $2.99, stronger than the consensus of $2.90.
DigitalOcean Holdings (DOCN) closed up more than +4% after Stifel upgraded the stock to buy from hold with a price target of $160.
CoreWeave (CRWV) closed up more than +3% after Truist Securities upgraded the stock to buy from hold with a price target of $126.
AT&T (T) closed up more than +3% after reporting Q2 wireless postpaid phone net additions of +432,000, well above the consensus of +325,264.
Earnings Reports(7/23/2026)
Albertsons Cos Inc (ACI), Allegion plc (ALLE), American Airlines Group Inc (AAL), Ameriprise Financial Inc (AMP), Appfolio Inc (APPF), Blackstone Inc (BX), Boyd Gaming Corp (BYD), Cleveland-Cliffs Inc (CLF), Columbia Banking System Inc (COLB), Comcast Corp (CMCSA), Comfort Systems USA Inc (FIX), Deckers Outdoor Corp (DECK), Digital Realty Trust Inc (DLR), Dover Corp (DOV), Dow Inc (DOW), Edwards Lifesciences Corp (EW), First Citizens BancShares Inc/ (FCNCA), Freeport-McMoRan Inc (FCX), Honeywell International Inc (HON), Huntington Bancshares Inc/OH (HBAN), Intel Corp (INTC), Kinsale Capital Group Inc (KNSL), Lazard Inc (LAZ), Lockheed Martin Corp (LMT), Nasdaq Inc (NDAQ), Newmont Corp (NEM), Norfolk Southern Corp (NSC), NVR Inc (NVR), Old Republic International Cor (ORI), Ovintiv Inc (OVV), PG&E Corp (PCG), Pool Corp (POOL), Popular Inc (BPOP), Quest Diagnostics Inc (DGX), Rexford Industrial Realty Inc (REXR), RingCentral Inc (RNG), Robert Half Inc (RHI), Roper Technologies Inc (ROP), RTX Corp (RTX), Ryder System Inc (R), SLM Corp (SLM), Snap-on Inc (SNA), SOUTHSTATE BANK CORP (SSB), SS&C Technologies Holdings Inc (SSNC), Summit Therapeutics Inc (SMMT), Thermo Fisher Scientific Inc (TMO), T-Mobile US Inc (TMUS), Tractor Supply Co (TSCO), Union Pacific Corp (UNP), VeriSign Inc (VRSN), Viking Therapeutics Inc (VKTX), West Pharmaceutical Services Inc (WST).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

EQT Corporation

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