# EQT Corporation (EQT)

> Source: Nexqual · https://nexqual.com/EQT · data as of 2026-10-22 20:03 UTC · cite as "Nexqual, EQT Corporation (EQT), nexqual.com/EQT" · informational, not investment advice.

**Price:** USD 54.67 (+1.11% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 54.07 · day 52.84–54.78 · 52w 47.94–68.24 · market cap $34.2B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $9.54B, net income $2.71B (28.4% margin), free cash flow $3.76B (SEC filings).
- Valuation: P/E 12.6x (avg 42.8x at the last 3 fiscal year-ends), EV/EBITDA 5.9x, net debt $5.54B.
- 2 of 80 tracked superinvestors hold EQT (13F, Q2 2026): 0 new, 1 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 3 Form 4 filings, $15.3M; 1 not under a Rule 10b5-1 plan ($246K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Total return with dividends: 1Y +3.3% vs S&P 500 +14.9%; 5Y +174.4% vs S&P 500 +80.3%.
- Next earnings: 2026-10-27, EPS estimate USD 0.36, revenue estimate $1.78B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $6.80B | $12.1B | $6.91B | $5.27B | $8.64B | $9.54B |
| Gross profit | $4.86B | $10.00B | $4.75B | $3.36B | $7.11B | — |
| Operating income | -$1.36B | $2.72B | $2.31B | $685M | $3.25B | $4.05B |
| Net income | -$1.14B | $1.77B | $1.74B | $231M | $2.04B | $2.71B |
| EPS (diluted) | -$3.54 | $4.38 | $4.22 | $0.45 | $3.31 | — |
| Free cash flow | $607M | $2.07B | $1.16B | $573M | $2.84B | $3.76B |
| Gross margin | 71.5% | 82.5% | 68.8% | 63.7% | 82.3% | — |
| Operating margin | -20.0% | 22.4% | 33.5% | 13.0% | 37.6% | 42.5% |
| Net margin | -16.8% | 14.6% | 25.1% | 4.4% | 23.6% | 28.4% |
| Revenue growth | +122.4% | +78.0% | -43.0% | -23.7% | +63.9% | — |
| Cash + short-term investments | $114M | $1.46B | $81.0M | $202M | $111M | — |
| Total debt | $5.59B | $5.68B | $5.80B | $9.32B | $7.80B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 12.6x · P/S 3.6x · EV/EBITDA 5.9x · EV/Sales 4.2x · P/FCF 9.1x · P/B 1.4x · FCF yield 10.99% · Earnings yield 7.93% · Dividend yield (paid, TTM) 1.19% · Net debt $5.54B · EV $39.7B
P/E at fiscal year-ends: Dec 2025 16.2x, Dec 2024 102.9x, Dec 2023 9.2x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold EQT. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Harry Burn | Sound Shore | 2.56% | $83.2M | Added +26.7% |
| Van Den Berg Management I |  | 2.50% | $11.8M | Reduced -1.6% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
2 of 3 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-14 | Rice Toby Z. | PRESIDENT & CEO | 175,328 | $9.6M | 7.5% | Yes (adopted March 6, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-06-05…2026-06-08 | Rice Toby Z. | PRESIDENT & CEO | 98,714 | $5.4M | 4.1% | Yes (adopted March 6, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-04-27 | Bailey Vicky A | Director | 4,116 | $246K | 100% | No | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-15 | UBS | Target lowered | Buy | $77 → $76 |
| 2026-10-15 | Scotiabank | Initiated | Sector Perform | $54 |
| 2026-10-15 | Mizuho | Target lowered | Outperform | $72 → $68 |
| 2026-09-29 | Jefferies | Target lowered | Buy | $75 → $73 |
| 2026-09-23 | Citigroup | Target raised | Buy | $67 → $68 |
| 2026-09-17 | Stephens & Co. | Reiterated | Overweight | $71 |
| 2026-09-14 | UBS | Target raised | Buy | $73 → $77 |
| 2026-08-19 | Morgan Stanley | Target lowered | Overweight | $68 → $67 |
| 2026-08-17 | Barclays | Target lowered | Overweight | $70 → $68 |
| 2026-07-28 | Citigroup | Target lowered | Buy | $70 → $67 |
| 2026-07-22 | Stephens & Co. | Target raised | Overweight | $71 → $72 |
| 2026-07-22 | Barclays | Target raised | Overweight | $69 → $70 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +3.3% | +174.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +3.3% | +22.3% |
| Volatility (annualized) | 29.8% | 40.1% |
| Max drawdown | -28.1% (Mar 2026→Sep 2026) | -40.4% (Aug 2022→Mar 2023) |

## Peers (Oil & Gas E&P)
TPL (Texas Pacific Land Corporation) USD 333.67 -3.09% · EXE (Expand Energy Corporation) USD 92.96 +0.14% · DVN (Devon Energy Corporation) USD 49.18 -1.38% · PR (Permian Resources Corporation) USD 24.4 -1.77% · FANG (Diamondback Energy, Inc.) USD 197.14 -1.89% · OVV (Ovintiv Inc. (DE)) USD 69.3 -0.80%

## More
Full page: https://nexqual.com/EQT · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in EQT's own 10-K filed 2026-02-18 (https://www.sec.gov/Archives/edgar/data/33213/000003321326000018/eqt-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | MVP | "See "Transmission Segment Assets and Operations – MVP Joint Venture" for discussion of our investments in the MVP Joint Venture." |
| Partner | Transcontinental Gas Pipe Line Company | "For example, our storage system and the MVP Joint Venture's transmission system interconnect, as applicable, with the following third-party interstate pipelines: Transcontinental Gas Pipe Line Company, LLC, East Tennesse…" |
| Partner | Rockies Express Pipeline | "For example, our storage system and the MVP Joint Venture's transmission system interconnect, as applicable, with the following third-party interstate pipelines: Transcontinental Gas Pipe Line Company, LLC, East Tennesse…" |
| Partner | National Fuel Gas Supply | "For example, our storage system and the MVP Joint Venture's transmission system interconnect, as applicable, with the following third-party interstate pipelines: Transcontinental Gas Pipe Line Company, LLC, East Tennesse…" |
| Partner | ET Rover Pipeline | "For example, our storage system and the MVP Joint Venture's transmission system interconnect, as applicable, with the following third-party interstate pipelines: Transcontinental Gas Pipe Line Company, LLC, East Tennesse…" |
| Partner | Equitrans Midstream | "Firm reservation fee revenue increased for 2025 compared to 2024 due primarily to the timing of the completion of the Equitrans Midstream Merger, which contributed approximately $377 million of additional firm reservatio…" |
| Partner | WILLIAMS COMPANIES, INC. (WMB) | "(b)Laurel Mountain Midstream, LLC (LMM) is a midstream company formed as a joint venture among the Company, Williams Companies Inc. and certain other energy companies for the purpose of owning and operating gathering and…" |
| Partner | NEXTERA ENERGY INC (NEE) | "As of December 31, 2025, MVP A's members consisted of the Midstream Joint Venture and affiliates of each of NextEra Energy, Inc. (NextEra), Con Edison Gas Pipeline and Storage, LLC (ConEd), AltaGas Ltd. (AltaGas) and RGC…" |
| Partner | RGC RESOURCES INC (RGCO) | "As of December 31, 2025, MVP A's members consisted of the Midstream Joint Venture and affiliates of each of NextEra Energy, Inc. (NextEra), Con Edison Gas Pipeline and Storage, LLC (ConEd), AltaGas Ltd. (AltaGas) and RGC…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Upstream | $1.66B | 91.9% | -31.3% | $109.4M | 6.6% |
| Gathering | $341.3M | 18.9% | +6.6% | $216.7M | 63.5% |
| Transmission | $141.2M | 7.8% | +4.9% | $93.0M | 65.9% |
| Total revenue | $1.81B | 100% | — | $419.1M | 23.2% |
The lines above cover 118.6% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Revenues From Contract With Customers | $1.76B | 97.0% | -4.4% |
| Sales Of Natural Gas NG Ls & Oil At Production | $1.61B | 89.0% | -5.3% |
| — Natural Gas Sales (part of Sales Of Natural Gas NG Ls & Oil At Production) | $1.42B | 78.7% | -7.5% |
| — NG Ls Sales (part of Sales Of Natural Gas NG Ls & Oil At Production) | $152.9M | 8.4% | +5.4% |
| — Oil Sales (part of Sales Of Natural Gas NG Ls & Oil At Production) | $32.8M | 1.8% | +102.6% |
| Total revenue | $1.81B | 100% | — |
The lines above cover 186% of total revenue.

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.36 | $0.58 | -37.3% | $1.78B | 23 |
| Next quarter (ends 2026-12-31) | $0.83 | $1.07 | -22.8% | $2.08B | 12 |
| Current fiscal year (ends 2026-12-31) | $3.88 | $4.28 | -9.3% | $9.01B | 25 |
| Next fiscal year (ends 2027-12-31) | $3.72 | $4.51 | -17.4% | $8.73B | 12 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-10-30 (includes earnings 2026-10-27): ±5.5%; last 8 reports averaged ±3.1%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 45.9% | ±5.5% |
| 2026-11-06 | 14 | 40.1% | ±6.6% |
| 2026-11-13 | 21 | 38.0% | ±7.5% |
| 2026-11-20 | 28 | 36.1% | ±8.2% |
| 2026-11-27 | 35 | 35.2% | ±8.8% |
| 2026-12-04 | 42 | 35.6% | ±9.8% |
| 2026-12-18 | 56 | 33.2% | ±10.5% |
| 2027-01-15 | 84 | 31.8% | ±12.3% |