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 profitability, but with notable liquidity constraints and a mixed market valuation. P/E, P/B, and P/FCF are below the industry median, which usually supports the investment case; however, P/S is materially above the industry level, suggesting that revenue is already priced fairly richly. The company’s margins are very strong: gross, operating, and net margins are noticeably above the median, and this is the main fundamental positive for the valuation. At the same time, margin dynamics over recent periods have generally been good, although the latest observation shows some pullback from peak levels, which limits re-rating potential. ROA and ROI remain close to industry levels, but ROE and return on tangible equity look weaker than the median, so capital quality cannot be considered outstanding. The debt burden looks comfortable: debt/equity is low, and debt has declined over the year, which reduces financial risk and supports balance sheet resilience. On the other hand, current and especially quick liquidity are very weak, and cash on hand is limited, so the cushion for working capital is constrained. Revenue, EBITDA, gross profit, and operating income remain large and generally confirm the scale of the business, but in the latest TTM period profit and EPS are noticeably below the stronger quarters, reducing confidence in the stability of results. Net income and EPS are below industry benchmarks despite high margins, which indicates sensitivity to commodity price cycles and one-off factors. Dividend yield is currently absent, whereas it was modest previously, so the dividend argument for investors has weakened. Overall, the fundamentals support a moderately positive view, but the rich revenue-based valuation, weak liquidity, and imperfect profit dynamics do not justify aggressively raising the target. For an investor, this is a story of good operating efficiency and an acceptable balance sheet, but without sufficient grounds for a meaningful upward revision.

EQT Corporation

Сильный индекс, значительно упал. Быки в растерянности.

Strong index, significantly down. The bulls are confused.

Сильный индекс, без изменений. Рынок на стороне быков.

Strong index, flat. The market is on the bulls' side.

Средний индекс, значительно упал. Отток средств из лонгов резко увеличился и находится на высоком уровне.

Medium index, significantly down. The outflow of funds from longs has increased sharply and is at a high level.

EQT has strong margins and moderate debt, but weak liquidity, no dividend yield, and a high P/S limit its rerating potential.

Key Points
LNG projects are expensive to build, which leads developers to lock in long-term capacity contracts.
EQT is the country's only large-scale integrated gas producer.
It has signed LNG contracts and agreements to supply gas to AI power projects.
I'd buy EQT Corp (NYSE: EQT) over a liquefied natural gas (LNG) exporter right now, as it provides export exposure and upside to the AI power megatrend. The gas producer offers greater upside potential because it isn't fully capping its ability to capitalize on higher prices, unlike many other LNG stocks.
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What's the difference between a gas producer and an LNG exporter?
LNG exporters build and operate massive liquefaction and export terminals to turn natural gas into a liquid for transport on specialized gas-carrying ships. These facilities are costly to build and take years to complete. For example, leading U.S. LNG export terminal developer Cheniere Energy (NYSE: LNG) has already invested $50 billion to develop two LNG export terminals along the U.S. Gulf Coast. It took the company four years to build the first two liquefaction trains at its Sabine Pass LNG facility and three years to begin production at its Corpus Christi Liquefaction facility. It's continuing to invest capital to expand both facilities to support growing global LNG demand.
LNG terminal operators typically sell most of their volumes under long-term contracts, locking in pricing. For example, Cheniere expects to produce 53 to 54 million tonnes of LNG this year, with 46 to 47 million tonnes locked in under long-term contracts. LNG developers generally pre-sell the bulk of their planned capacity before starting construction because it provides the revenue predictability needed to finance these large projects.
Meanwhile, natural gas producers extract gas from the ground and sell it at the prevailing market price. Many gas producers aim to secure access to premium gas markets (U.S. Gulf Coast or global) by reserving capacity on large-scale gas transmission pipelines or at LNG export terminals.
Does EQT benefit from LNG exports without investing in terminals?
EQT is the country's only large-scale, integrated natural gas producer. It owns significant midstream infrastructure, including an interest in the large-scale Mountain Valley Pipeline. That pipeline transports gas to premium markets along the East Coast, where it can connect to pipelines shipping gas to the Gulf Coast, the home to most of the country's LNG export capacity.
While EQT hasn't invested directly in an LNG export terminal, it has signed capacity deals for several LNG export projects. It most recently signed a 5-year offtake agreement with a large Asian integrated energy company for 0.5 million tons of LNG per year sourced from several Gulf Coast LNG facilities starting in 2028. That deal alone should boost its 2028 free cash flow by $45 million, based on recent gas prices. From 2030 onward, EQT expects international pricing exposure for 10% to 15% of its volumes based on its current LNG contracts.
What are the different risk factors facing EQT and LNG exporters?
One of EQT's biggest risk factors is natural gas price volatility. Changes in supply and demand can meaningfully impact gas prices, affecting EQT's profitability. For example, its 2026 cash-flow breakeven level is around $2 per MMBtu. The company offsets some of this volatility by hedging a portion of its volume, which can cap its upside while providing a pricing floor. However, thanks to its integration and low-cost business model, EQT has peer-leading free cash flow durability. At $2.75 per MMBtu, EQT would generate about $10 billion in cumulative free cash flow through 2030, whereas many of its peers are near or below their breakeven point at that price.
The long-term contracts underpinning most LNG export terminals help insulate them from price volatility. However, these companies still face risks, including permitting, construction, and financing risk. Permitting and market issues led to a series of delays and setbacks for Energy Transfer (NYSE: ET) as it tried to develop Lake Charles LNG. Energy Transfer ultimately decided to suspend further development of that project earlier this year because its growing backlog of gas pipeline projects offered superior risk/return profiles. The company had spent at least $350 million on developing the project and secured significant offtake deals, including a 20-year, 1 million tonnes per year agreement with EQT.
Why EQT is the best natural gas stock to buy
LNG operators offer lower-risk exposure to growing global gas demand, as long-term contracts lock in project economics. EQT has more upside exposure to that market and the overall growth in gas demand. It has also signed deals to supply gas to power producers, capitalizing on AI-driven electricity demand (it recently signed a 10-year deal to supply gas to a power project in West Virginia at a meaningful uplift to local pricing). I think EQT's combination of a lower risk profile compared to other U.S. gas producers and its exposure to both the LNG and AI power markets makes it the best natural gas stock to buy.
Should you buy stock in EQT right now?
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Forget LNG Exporters: EQT Is the Natural Gas Stock I'd Buy Today

The NASDAQ 100 After Hours Indicator is up 5.94 to 30,614.08. The total After hours volume is currently 139,531,265 shares traded.
The following are the most active stocks for the after hours session:
First Trust Nasdaq Oil & Gas ETF (FTXN) is -0.12 at $38.48, with 20,767,281 shares traded. This represents a 45.43% increase from its 52 Week Low.
Arbutus Biopharma Corporation (ABUS) is +0.01 at $4.86, with 7,405,059 shares traded. As reported by Zacks, the current mean recommendation for ABUS is in the "strong buy range".
First Trust Nasdaq Pharmaceuticals ETF (FTXH) is unchanged at $41.67, with 4,188,429 shares traded. This represents a 52.64% increase from its 52 Week Low.
Comcast Corporation (CMCSA) is +0.04 at $21.95, with 3,945,540 shares traded. CMCSA's current last sale is 75.69% of the target price of $29.
NVIDIA Corporation (NVDA) is -0.07 at $225.00, with 3,808,788 shares traded. Over the last four weeks they have had 9 up revisions for the earnings forecast, for the fiscal quarter ending Oct 2026. The consensus EPS forecast is $2.47. As reported by Zacks, the current mean recommendation for NVDA is in the "buy range".
Cisco Systems, Inc. (CSCO) is +0.15 at $106.85, with 3,214,897 shares traded. As reported by Zacks, the current mean recommendation for CSCO is in the "buy range".
J P Morgan Chase & Co (JPM) is -0.4219 at $342.64, with 2,652,351 shares traded. JPM's current last sale is 92.6% of the target price of $370.
BitMine Immersion Technologies, Inc. (BMNR) is -0.0571 at $27.50, with 2,165,336 shares traded. As reported by Zacks, the current mean recommendation for BMNR is in the "buy range".
EQT Corporation (EQT) is -0.0586 at $50.75, with 1,710,757 shares traded. As reported by Zacks, the current mean recommendation for EQT is in the "buy range".
CenterPoint Energy, Inc. (CNP) is unchanged at $36.84, with 1,569,436 shares traded., following a 52-week high recorded in today's regular session.
Pfizer, Inc. (PFE) is unchanged at $28.67, with 1,346,991 shares traded. PFE's current last sale is 102.39% of the target price of $28.
CVS Health Corporation (CVS) is +0.25 at $89.38, with 1,326,327 shares traded. As reported by Zacks, the current mean recommendation for CVS is in the "buy range".

After Hours Most Active for Sep 25, 2026 : FTXN, ABUS, FTXH, CMCSA, NVDA, CSCO, JPM, BMNR, EQT, CNP, PFE, CVS

Key Points
EQT is the country's only large-scale, vertically integrated natural gas producer.
It also has an investment-grade balance sheet.
The company can generate more durable cash flows than its peers, with significant upside from growing gas demand.
EQT (NYSE: EQT) 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.
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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.
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 (NASDAQ: EXE) 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.
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.
EQT is the top natural gas stock
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.
Should you buy stock in EQT right now?
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My Top Natural Gas Stock Pick for 2027 and Beyond: EQT Corporation

Looking at options trading activity among components of the S&P 500 index, there is noteworthy activity today in Hubbell Inc. (Symbol: HUBB), where a total volume of 2,367 contracts has been traded thus far today, a contract volume which is representative of approximately 236,700 underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 49.9% of HUBB's average daily trading volume over the past month, of 474,200 shares. Particularly high volume was seen for the $390 strike put option expiring September 18, 2026, with 2,330 contracts trading so far today, representing approximately 233,000 underlying shares of HUBB. Below is a chart showing HUBB's trailing twelve month trading history, with the $390 strike highlighted in orange:
The Charles Schwab Corporation (Symbol: SCHW) options are showing a volume of 37,521 contracts thus far today. That number of contracts represents approximately 3.8 million underlying shares, working out to a sizeable 49.2% of SCHW's average daily trading volume over the past month, of 7.6 million shares. Especially high volume was seen for the $108 strike call option expiring September 18, 2026, with 7,779 contracts trading so far today, representing approximately 777,900 underlying shares of SCHW. Below is a chart showing SCHW's trailing twelve month trading history, with the $108 strike highlighted in orange:
And EQT Corp (Symbol: EQT) options are showing a volume of 28,134 contracts thus far today. That number of contracts represents approximately 2.8 million underlying shares, working out to a sizeable 45.3% of EQT's average daily trading volume over the past month, of 6.2 million shares. Particularly high volume was seen for the $47 strike put option expiring October 23, 2026, with 20,678 contracts trading so far today, representing approximately 2.1 million underlying shares of EQT. Below is a chart showing EQT's trailing twelve month trading history, with the $47 strike highlighted in orange:
For the various different available expirations for HUBB options, SCHW options, or EQT options, visit StockOptionsChannel.com.
Further HUBB Research:

Notable Wednesday Option Activity: HUBB, SCHW, EQT

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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This article originally published on Zacks Investment Research (zacks.com).

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.
Should you buy stock in Oklo right now?
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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.

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