Analyst Consensus ?
ConsensusBuy45 ratings
Bullish3066.7%
Neutral1533.3%
Bearish00.0%
EQT Corporation · EQT · FY2025 Q1 · Calendar Q2 2025
EQT raises production outlook as Olympus deal expands gas platform
The supplied analysis supports a constructive operating thesis for EQT: production growth, lower capital spending, free-cash-flow generation, and integration synergies could improve the business trajectory. The thesis remains dependent on gas-market conditions, execution of demand contracts, and the leverage implications of the Olympus acquisition.
Reported Before market openNYSEEnergy
$33.05B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus $1.01
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus $2.16B
Revenue surprise
—
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+1.9%
Event window
SPY move
+2.6%
Same window
Abnormal move
-0.7%
Stock minus SPY
Volume
0.7×
Versus trailing sessions
Subsequent drift
+15.6%
Up to 20 sessions
EQTSPY benchmark
Ask FN2 about EQT FY2025 Q1
Transcript, numbers and history already loaded
What drove EQT's +1.9% move after FY2025 Q1 earnings?What changed in EQT's guidance and outlook in FY2025 Q1?Give me the bull and bear case for EQT after FY2025 Q1 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior analysis, EQT added the Olympus upstream and midstream assets, raised production guidance, lowered capital-spending guidance, and reported additional annual synergy capture. Management also emphasized unhedged exposure beyond 2026 and growing in-basin demand from power generation and data centers.
Guidance delta
Management raised full-year production guidance by 25 Bcfe and lowered capital-spending guidance by $25 million.
Key takeaways
- Q1 free cash flow exceeded $1 billion, according to the supplied transcript analysis.
- The Olympus acquisition adds upstream and midstream assets and is intended to create integration synergies.
- Management cited in-basin power-generation and data-center demand as medium-term growth drivers.
- The company plans disciplined capital spending while pursuing further free-cash-flow growth and shareholder returns.
Management priorities
- Integrate Olympus midstream assets with Equitrans and pursue compression synergies.
- Secure additional firm gas-supply contracts for power plants and data centers.
- Maintain disciplined capital spending while targeting further free-cash-flow growth.
- Continue share repurchases and incremental dividend growth.
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Beat
Miss
Match
Analyst 52W Price Targets
$52.83Current
$22Low
$44.19Average
$73High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 11, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Jefferies | Buy | Buy | Maintain | Sep 29, 2026 |
| Citigroup | Buy | Buy | Maintain | Sep 23, 2026 |
| Stephens & Co. | Overweight | Overweight | Maintain | Sep 17, 2026 |
| UBS | Buy | Buy | Maintain | Sep 14, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Aug 19, 2026 |
| Barclays | Overweight | Overweight | Maintain | Aug 17, 2026 |
| Truist Securities | Buy | Buy | Maintain | Jun 24, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Apr 23, 2026 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Apr 15, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Apr 6, 2026 |
| BMO Capital | Outperform | Outperform | Maintain | Mar 27, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Mar 17, 2026 |
| Piper Sandler | Neutral | Neutral | Maintain | Mar 5, 2026 |
| TD Cowen | Buy | Buy | Maintain | Feb 20, 2026 |
| Bernstein | Outperform | Outperform | Maintain | Jan 5, 2026 |
| Mizuho | Outperform | Outperform | Maintain | Dec 12, 2025 |
| Scotiabank | Sector Perform | Sector Perform | Maintain | Nov 21, 2025 |
| B of A Securities | Buy | Buy | Maintain | Aug 22, 2025 |
| Roth Capital | Neutral | Buy | Downgrade | Aug 18, 2025 |
| Goldman Sachs | Buy | Buy | Maintain | Feb 12, 2025 |
| Tudor Pickering | Buy | Hold | Upgrade | Jun 20, 2023 |
| Wolfe Research | Outperform | Peer Perform | Upgrade | Dec 14, 2022 |
| Credit Suisse | Outperform | Outperform | Maintain | Jul 28, 2022 |
| MKM Partners | Buy | Buy | Maintain | Oct 23, 2020 |
| TD Securities | Buy | Buy | Maintain | Jul 28, 2020 |
| CFRA | Hold | Hold | Maintain | May 8, 2020 |
| SunTrust Robinson Humphrey | Buy | Buy | Maintain | Apr 24, 2020 |
| Stifel | Hold | Hold | Maintain | Apr 20, 2020 |
| Stifel Nicolaus | Buy | Buy | Maintain | Jan 27, 2020 |
| Macquarie | Neutral | Neutral | Maintain | May 30, 2019 |
| Cowen & Co. | Perform | Market Perform | Maintain | Apr 9, 2019 |
| Drexel Hamilton | Buy | Buy | Maintain | Nov 17, 2016 |
| Scotia Howard Weil | Sector Perform | Outperform | Downgrade | Aug 11, 2016 |
| Deutsche Bank | Hold | Buy | Downgrade | Jun 14, 2016 |
| GMP Securities | Buy | Buy | Maintain | Feb 3, 2016 |
| Seaport Global | Accumulate | Buy | Maintain | Jan 13, 2016 |
| KLR Group | Hold | Buy | Downgrade | Apr 20, 2015 |
| ISI Group | Buy | Buy | Maintain | Sep 10, 2014 |
| Oppenheimer | Outperform | Outperform | Maintain | Apr 15, 2014 |
| Maxim Group | Buy | Buy | Maintain | Nov 13, 2013 |
| Societe Generale | Hold | Buy | Downgrade | May 22, 2013 |
| Canaccord Genuity | Hold | Hold | Maintain | Dec 20, 2012 |
| Brean Capital | Hold | Buy | Downgrade | May 2, 2012 |
| Pritchard Capital Partners | Buy | Neutral | Upgrade | Apr 30, 2012 |
| Ladenburg Thalmann | Hold | Buy | Downgrade | Dec 8, 2011 |
Named analyst price targets
Upside is calculated against the persisted current price $52.83. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Stifel Nicolaus | David Deckelbaum | $66 | $54.62 | +24.9% | Sep 9, 2026 |
| Stephens | Mike Scialla | $72 | $52.73 | +36.3% | Jul 22, 2026 |
| Stephens | Mike Scialla | $71 | $49.81 | +34.4% | Jul 15, 2026 |
| UBS | Josh Silverstein | $73 | $51.22 | +38.2% | Jul 8, 2026 |
| RBC Capital | Scott Hanold | $49 | $44.53 | -7.2% | Dec 3, 2024 |
| Stephens | Mike Scialla | $38 | $37.31 | -28.1% | Oct 30, 2024 |
| Mizuho Securities | Nitin Kumar | $41 | $36.94 | -22.4% | Oct 4, 2024 |
| Citigroup | Scott Gruber | $44 | $37.26 | -16.7% | Oct 3, 2024 |
| Mizuho Securities | Nitin Kumar | $43 | $33.19 | -18.6% | Sep 16, 2024 |
| Citigroup | Paul Diamond | $37 | $32.9 | -30.0% | Aug 22, 2024 |
| Piper Sandler | Mark Lear | $32 | $31.48 | -39.4% | Aug 15, 2024 |
| Wells Fargo | Roger Read | $42 | $31.15 | -20.5% | Aug 13, 2024 |
| Piper Sandler | Mark Lear | $43 | $34.38 | -18.6% | Jul 25, 2024 |
| Piper Sandler | Mark Lear | $47 | $35.6 | -11.0% | Jul 18, 2024 |
| Scotiabank | Cameron Bean | $55 | $37.11 | +4.1% | Jul 12, 2024 |
| Jefferies | Lloyd Byrne | $49 | $36.98 | -7.2% | Jun 30, 2024 |
| Jefferies | Lloyd Byrne | $48 | $40.98 | -9.1% | Jun 3, 2024 |
| Evercore ISI | Stephen Richardson | $50 | $39.91 | -5.4% | May 24, 2024 |
| BMO Capital | Phillip Jungwirth | $47 | $39.35 | -11.0% | May 13, 2024 |
| Piper Sandler | Mark Lear | $46 | $41.05 | -12.9% | Apr 30, 2024 |
| Wolfe Research | Josh Silverstein | $46 | $39.43 | -12.9% | Apr 24, 2024 |
| Piper Sandler | Mark Lear | $41 | $36.22 | -22.4% | Apr 19, 2024 |
| Wells Fargo | Roger Read | $37 | $36.2 | -30.0% | Apr 17, 2024 |
| Mizuho Securities | Nitin Kumar | $40 | $36.52 | -24.3% | Apr 16, 2024 |
| Scotiabank | Cameron Bean | $52 | $37.71 | -1.6% | Apr 11, 2024 |
| Bernstein | Jean Ann Salisbury | $34 | $37.95 | -35.6% | Apr 10, 2024 |
| Jefferies | Lloyd Byrne | $43 | $36.76 | -18.6% | Apr 5, 2024 |
| Stephens | Mike Scialla | $36 | $39.66 | -31.9% | Jul 13, 2023 |
| Truist Financial | Neal Dingmann | $28 | $32.65 | -47.0% | Apr 11, 2023 |
| Goldman Sachs | Analyst unavailable | $49 | $33.87 | -7.2% | Dec 29, 2022 |
| Citigroup | Analyst unavailable | $40 | $36.91 | -24.3% | Dec 7, 2022 |
| Piper Sandler | Analyst unavailable | $63 | $41.49 | +19.3% | Nov 17, 2022 |
| Citigroup | Analyst unavailable | $60 | $46.56 | +13.6% | Sep 21, 2022 |
| BMO Capital | Phillip Jungwirth | $65 | $46.56 | +23.0% | Sep 20, 2022 |
| RBC Capital | Analyst unavailable | $57 | $47.89 | +7.9% | Sep 9, 2022 |
| Goldman Sachs | Analyst unavailable | $53 | $47.7 | +0.3% | Aug 22, 2022 |
| Mizuho Securities | Analyst unavailable | $59 | $47.72 | +11.7% | Aug 18, 2022 |
| Piper Sandler | Mark Lear | $59 | $42.31 | +11.7% | Aug 2, 2022 |
| Credit Suisse | Analyst unavailable | $52 | $45.44 | -1.6% | Jul 28, 2022 |
| Morgan Stanley | Analyst unavailable | $48 | $38.48 | -9.1% | Jul 19, 2022 |
| Mizuho Securities | Analyst unavailable | $55 | $38.7 | +4.1% | Jul 19, 2022 |
| Wells Fargo | Analyst unavailable | $62 | $34.2 | +17.4% | Jul 11, 2022 |
| Credit Suisse | Analyst unavailable | $50 | $46.71 | -5.4% | Jun 13, 2022 |
| Morgan Stanley | Analyst unavailable | $50 | $47.99 | -5.4% | Jun 6, 2022 |
| Mizuho Securities | Analyst unavailable | $65 | $48.32 | +23.0% | May 31, 2022 |
| Wells Fargo | Analyst unavailable | $51 | $39.45 | -3.5% | May 3, 2022 |
| Credit Suisse | Analyst unavailable | $41 | $40.97 | -22.4% | Apr 28, 2022 |
| Morgan Stanley | Analyst unavailable | $47 | $42.32 | -11.0% | Apr 22, 2022 |
| Cowen & Co. | David Deckelbaum | $23 | $19.74 | -56.5% | Oct 13, 2021 |
| Piper Sandler | Kashy Harrison | $27 | $20.76 | -48.9% | Oct 8, 2021 |
| Citigroup | Kevin Cunane | $23 | $18 | -56.5% | Aug 30, 2021 |
| Tudor Pickering | Sameer Panjwani | $27 | $18.28 | -48.9% | Jul 30, 2021 |
| Credit Suisse | William Janela | $26 | $18.58 | -50.8% | Jul 29, 2021 |
| TD Securities | Aaron Bilkoski | $27 | $21.04 | -48.9% | Jun 29, 2021 |
| Goldman Sachs | Neil Mehta | $22 | $17.28 | -58.4% | Apr 20, 2021 |
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Start freeCompany context
Snapshot as of publicationEQT Corporation primarily functions as an extractor of natural gas within the United States. In addition to natural gas, the firm also obtains various natural gas liquids (NGLs), specifically ethane, propane, isobutane, butane, and natural gasoline. By the end of 2021, EQT possessed certified reserves amounting to 25.0 trillion cubic feet of natural gas, NGLs, and crude oil. These reserves are situated across roughly 2.0 million gross acres, with a significant 1.7 million gross acres located within the Marcellus shale formation. The company, which dates back to its founding in 1878, has its principal offices in Pittsburgh, Pennsylvania.
Historical context
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2025-04-08T00:00:45.761361+00:00
- Polygon adjusted daily market bars · 2026-10-11T21:30:44.592402+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-11T21:30:44.589676+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-11. For educational purposes only; not investment advice.