EQT

EQT · NYSE

$54.82+$0.40 (+0.74%)TodayMarket closed · Oct 20, 7:59 PM ET

Prev close $54.42

EQT analyst rating

BuyConsensus of 18 analysts over the last 12 months. 83% rate it a buy.

Strong buy0
Buy15
Hold3
Underperform0
Sell0

12-month price target · 27 analysts

Average $67.95 (+23.9% upside)

Low: $52.52
Now: $54.82
High: $85.05

Upgrades and downgrades

The latest rating actions, newest first

EQT analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
UBS	Oct 15, 2026	Maintains	Buy	$77.00 → $76.00	55%
Scotiabank	Oct 15, 2026	Initiates	Sector Perform	$54.00	59%
Mizuho	Oct 15, 2026	Maintains	Outperform	$72.00 → $68.00	60%
Jefferies	Sep 29, 2026	Maintains	Buy	$75.00 → $73.00	58%
Citigroup	Sep 23, 2026	Maintains	Buy	$67.00 → $68.00	48%
Stephens & Co.	Sep 17, 2026	Maintains	Overweight	$71.00	49%
UBS	Sep 14, 2026	Maintains	Buy	$73.00 → $77.00	55%
Morgan Stanley	Aug 19, 2026	Maintains	Overweight	$68.00 → $67.00	66%
Barclays	Aug 17, 2026	Maintains	Overweight	$70.00 → $68.00	53%
Citigroup	Jul 28, 2026	Maintains	Buy	$70.00 → $67.00	48%

The case for and against

Updated Oct 14, 2026

Bull case

EQT is attractive because its integrated production, gathering, and transmission assets support a low-cost structure and durable cash generation, while 2Q26 production rose 12% y/y to 6.97 Bcfe/d and free cash flow reached $330MM, well above consensus. The company is also steadily strengthening its balance sheet, with net debt falling to $5.5B at 6/30/26 and management targeting ~$5B by YE26, which should leave more flexibility for shareholder returns once deleveraging is complete. Longer-term, rising in-basin demand from data centers, new gas sales contracts, MVP Southgate acceleration, and vertical integration moves like the propane terminal acquisition should tighten basis, reduce volatility, and improve margins.

Bear case

EQT is exposed to a weak fundamental setup because its cash flow and EBITDA are highly sensitive to natural gas prices, and the excerpt already shows 2Q26 CFPS being cut 10% to $1.56 and 2026 CFPS reduced 2% to $9.17 on lower realized pricing and wider differentials. Its leverage remains a concern, with 3/31/26 net debt of $5.6B above the long-term $5.0B target and only modest expected improvement to ~$5B at YE26, limiting flexibility if commodity prices stay soft. The bearish view is further reinforced by inflationary, regulatory, execution, and reserve risks, including pipeline restrictions, delayed LNG demand, and the possibility that new wells underperform forecasts.

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