Analyst Consensus ?
ConsensusBuy45 ratings
Bullish3066.7%
Neutral1533.3%
Bearish00.0%
EQT Corporation · EQT · FY2026 Q2 · Calendar Q3 2026
EQT Posts Record Q2, Raises 2026 Production Outlook 90 Bcfe on Operational Gains
EQT's Q2 2026 results reinforce the company's evolution from a pure-play Appalachian gas producer into an integrated gas platform. Production outperformed guidance, enabling a 90 Bcfe raise to the full-year outlook, while free cash flow of $330 million was generated despite a low gas-price environment. New commercial agreements -- a 10-year CPV power-generation gas supply deal, a 5-year LNG offtake with an Asian integrated energy company, and the BlackLine Midstream propane storage acquisition -- diversify revenue streams and extend EQT's reach into premium demand markets. The stock reacted strongly, rallying 8.6% on 2.3x baseline volume, though it subsequently drifted 2.7% lower. With analyst consensus targets near $72.50 against a current price of $52.59, the market is pricing in meaningful execution risk against management's growth thesis.
Reported After market closeNYSEEnergy
$32.89B market cap
100quality score
Company 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.
Earnings scorecard
Reported versus consensus
Reported EPS
$0.39
Consensus $0
EPS surprise
-5.4%
Reported versus consensus
Reported revenue
$1.81B
Consensus $1.76B
Revenue surprise
+2.6%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$52.04Current
$22Low
$43.47Average
$73High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Jul 30, 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 |
|---|---|---|---|---|
| Citigroup | Buy | Buy | Maintain | Jul 28, 2026 |
| Stephens & Co. | Overweight | Overweight | Maintain | Jul 22, 2026 |
| Barclays | Overweight | Overweight | Maintain | Jul 22, 2026 |
| UBS | Buy | Buy | Maintain | Jul 8, 2026 |
| Jefferies | Buy | Buy | Maintain | Jul 2, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Jun 29, 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 $52.04. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Stephens | Mike Scialla | $72 | $52.73 | +38.4% | Jul 22, 2026 |
| Stephens | Mike Scialla | $71 | $49.81 | +36.4% | Jul 15, 2026 |
| UBS | Josh Silverstein | $73 | $51.22 | +40.3% | Jul 8, 2026 |
| RBC Capital | Scott Hanold | $49 | $44.53 | -5.8% | Dec 3, 2024 |
| Stephens | Mike Scialla | $38 | $37.31 | -27.0% | Oct 30, 2024 |
| Mizuho Securities | Nitin Kumar | $41 | $36.94 | -21.2% | Oct 4, 2024 |
| Citigroup | Scott Gruber | $44 | $37.26 | -15.4% | Oct 3, 2024 |
| Mizuho Securities | Nitin Kumar | $43 | $33.19 | -17.4% | Sep 16, 2024 |
| Citigroup | Paul Diamond | $37 | $32.9 | -28.9% | Aug 22, 2024 |
| Piper Sandler | Mark Lear | $32 | $31.48 | -38.5% | Aug 15, 2024 |
| Wells Fargo | Roger Read | $42 | $31.15 | -19.3% | Aug 13, 2024 |
| Piper Sandler | Mark Lear | $43 | $34.38 | -17.4% | Jul 25, 2024 |
| Piper Sandler | Mark Lear | $47 | $35.6 | -9.7% | Jul 18, 2024 |
| Scotiabank | Cameron Bean | $55 | $37.11 | +5.7% | Jul 12, 2024 |
| Jefferies | Lloyd Byrne | $49 | $36.98 | -5.8% | Jun 30, 2024 |
| Jefferies | Lloyd Byrne | $48 | $40.98 | -7.8% | Jun 3, 2024 |
| Evercore ISI | Stephen Richardson | $50 | $39.91 | -3.9% | May 24, 2024 |
| BMO Capital | Phillip Jungwirth | $47 | $39.35 | -9.7% | May 13, 2024 |
| Piper Sandler | Mark Lear | $46 | $41.05 | -11.6% | Apr 30, 2024 |
| Wolfe Research | Josh Silverstein | $46 | $39.43 | -11.6% | Apr 24, 2024 |
| Piper Sandler | Mark Lear | $41 | $36.22 | -21.2% | Apr 19, 2024 |
| Wells Fargo | Roger Read | $37 | $36.2 | -28.9% | Apr 17, 2024 |
| Mizuho Securities | Nitin Kumar | $40 | $36.52 | -23.1% | Apr 16, 2024 |
| Scotiabank | Cameron Bean | $52 | $37.71 | -0.1% | Apr 11, 2024 |
| Bernstein | Jean Ann Salisbury | $34 | $37.95 | -34.7% | Apr 10, 2024 |
| Jefferies | Lloyd Byrne | $43 | $36.76 | -17.4% | Apr 5, 2024 |
| Stephens | Mike Scialla | $36 | $39.66 | -30.8% | Jul 13, 2023 |
| Truist Financial | Neal Dingmann | $28 | $32.65 | -46.2% | Apr 11, 2023 |
| Goldman Sachs | Analyst unavailable | $49 | $33.87 | -5.8% | Dec 29, 2022 |
| Citigroup | Analyst unavailable | $40 | $36.91 | -23.1% | Dec 7, 2022 |
| Piper Sandler | Analyst unavailable | $63 | $41.49 | +21.1% | Nov 17, 2022 |
| Citigroup | Analyst unavailable | $60 | $46.56 | +15.3% | Sep 21, 2022 |
| BMO Capital | Phillip Jungwirth | $65 | $46.56 | +24.9% | Sep 20, 2022 |
| RBC Capital | Analyst unavailable | $57 | $47.89 | +9.5% | Sep 9, 2022 |
| Goldman Sachs | Analyst unavailable | $53 | $47.7 | +1.8% | Aug 22, 2022 |
| Mizuho Securities | Analyst unavailable | $59 | $47.72 | +13.4% | Aug 18, 2022 |
| Piper Sandler | Mark Lear | $59 | $42.31 | +13.4% | Aug 2, 2022 |
| Credit Suisse | Analyst unavailable | $52 | $45.44 | -0.1% | Jul 28, 2022 |
| Morgan Stanley | Analyst unavailable | $48 | $38.48 | -7.8% | Jul 19, 2022 |
| Mizuho Securities | Analyst unavailable | $55 | $38.7 | +5.7% | Jul 19, 2022 |
| Wells Fargo | Analyst unavailable | $62 | $34.2 | +19.1% | Jul 11, 2022 |
| Credit Suisse | Analyst unavailable | $50 | $46.71 | -3.9% | Jun 13, 2022 |
| Morgan Stanley | Analyst unavailable | $50 | $47.99 | -3.9% | Jun 6, 2022 |
| Mizuho Securities | Analyst unavailable | $65 | $48.32 | +24.9% | May 31, 2022 |
| Wells Fargo | Analyst unavailable | $51 | $39.45 | -2.0% | May 3, 2022 |
| Credit Suisse | Analyst unavailable | $41 | $40.97 | -21.2% | Apr 28, 2022 |
| Morgan Stanley | Analyst unavailable | $47 | $42.32 | -9.7% | Apr 22, 2022 |
| Cowen & Co. | David Deckelbaum | $23 | $19.74 | -55.8% | Oct 13, 2021 |
| Piper Sandler | Kashy Harrison | $27 | $20.76 | -48.1% | Oct 8, 2021 |
| Citigroup | Kevin Cunane | $23 | $18 | -55.8% | Aug 30, 2021 |
| Tudor Pickering | Sameer Panjwani | $27 | $18.28 | -48.1% | Jul 30, 2021 |
| Credit Suisse | William Janela | $26 | $18.58 | -50.0% | Jul 29, 2021 |
| TD Securities | Aaron Bilkoski | $27 | $21.04 | -48.1% | Jun 29, 2021 |
| Goldman Sachs | Neil Mehta | $22 | $17.28 | -57.7% | Apr 20, 2021 |
Track every rating change on EQT the moment it posts. Free to start.
Start freeMarket reaction
event-close to next-session close
Stock move
+8.5%
Event window
SPY move
-0.1%
Same window
Abnormal move
+8.6%
Stock minus SPY
Volume
2.3×
Versus trailing sessions
Subsequent drift
-2.7%
Up to 20 sessions
EQTSPY benchmark
Follow EQT with an agent that reads every filing, transcript, and price print. Free to start.
Try FN2 freeTranscript intelligence
What changed
Q2 2026 marked several operational and commercial milestones versus the prior quarter. EQT achieved the longest lateral in shale development and new drilling-speed records, translating into a 90 Bcfe increase in 2026 production guidance. The capex outlook shifted from increasing (Q1) to decreasing, reflecting peak midstream spend behind the company. FERC authorized construction of MVP Southgate, prompting EQT to pull $85 million of capital forward into 2026. The BlackLine Midstream acquisition (~$77 million) added 46 million gallons of propane storage in New England, expanding the commercial footprint. A new 10-year gas supply agreement with CPV and a 5-year LNG offtake with an Asian energy company broadened the contract portfolio. Free cash flow moderated to $330 million from Q1's $1.8 billion, reflecting the absence of the extreme winter pricing that boosted Q1 results.
Guidance delta
Management raised 2026 production guidance by 90 Bcfe following Q2 outperformance. The capex outlook shifted from increasing (Q1) to decreasing, reflecting peak midstream spend behind the company. Guidance sentiment moved from maintained in Q1 to raised in Q2.
Key takeaways
- Production outperformed guidance, driving a 90 Bcfe raise to the 2026 production outlook.
- Free cash flow reached $330 million despite a low gas-price environment.
- EPS of $0.39 missed the $0.41 estimate by 5.4%; revenue of $1.81 billion beat the $1.76 billion estimate by 2.6%.
- The BlackLine Midstream acquisition (~$77 million) adds 46 million gallons of propane storage in New England.
- FERC authorized MVP Southgate construction; EQT pulled $85 million of capital forward into 2026.
- A 5-year LNG offtake with an Asian integrated energy company is expected to boost 2028 free cash flow by approximately $45 million.
Management priorities
- Accelerate MVP Southgate construction and bring it into service by 2026.
- Continue aggressive share buybacks funded by free cash flow.
- Expand the LNG portfolio and pursue additional power-generation gas supply contracts.
- Leverage the BlackLine acquisition to grow propane storage and commercial reach.
- Explore further midstream and small-scale M&A opportunities.
Related earnings events
EnergySources
- Earnings call transcript and parsed analysis · 2026-07-22T16:04:52.122417+00:00
- FN2 earnings calendar · 2026-07-30T01:23:13.872335+00:00
- Polygon adjusted daily market bars · 2026-07-30T10:00:59.557699+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-30T10:00:59.554841+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 . For educational purposes only; not investment advice.