EQT Corp
EQT - Insider Information
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+ FollowMarket Cap$34.64B
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Earnings Call Q2 2026
July 22, 2026 - AI Summary
Q2 performance: strong outperformance vs guidance + raised 2026 production
- EQT delivered “powerful demonstration” of its integrated platform; volumes came in well above the high end of guidance.
- Key driver: base production strength linked to midstream compression projects (extending flat times on new wells and shallower base declines on older wells), exceeding even the upside forecast.
- Operational superlatives: longest shale lateral on record >29k feet, plus new basin 24-hour and EQT 48-hour drilling records, and zero safety incidents.
- Forecast change: raised 2026 production guidance by ~90 Bcfe (midpoint) and lowered full-year CapEx by $25m (per prepared remarks).
Free cash flow and shareholder returns: ~$330m Q2 FCF + countercyclical buyback plan
- ~$330 million of free cash flow attributable to EQT in Q2 despite natural gas averaging ~$2.89/MMBtu—positioned as evidence EQT is low-cost vs peers.
- CFO/CEO emphasis: improving balance sheet and capital efficiency → enables returns even in lower-price environments.
- Buybacks: management intends to be aggressive during episodic down cycles and countercyclical rather than “procyclical.”
- Cash level stance (surprising/important): CEO said EQT may accumulate up to a few billion dollars of cash at certain points in the cycle, but with current stock weakness they’d lean more aggressively toward buybacks (rather than simply stockpiling cash).
Capital allocation & major infrastructure acceleration: MVP Southgate pulled into 2026
- FERC authorization received for MVP Southgate (and “all key regulatory approvals now in hand”).
- EQT decision: accelerate construction timing into 2026 to “derisk execution.”
- Pull-forward of ~$85m of capital contributions to equity-method investments from 2027 into 2026.
- Strategic point: MVP Southgate and MVP Boost were not included in original Equitrans underwriting case, implying upside beyond prior assumptions; it provides market access to connect Appalachian supply to fast-growing Carolinas demand.
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Share Statistics
| Market cap | $34.64 Billion |
|---|---|
| Enterprise Value | $40.18 Billion |
| Annual dividend | $0.66 |
| Dividend yield | 1.19% |
| Earnings per Share | $3.33 |
| Beta | 0.58 |
| Outstanding Shares | 625,991,000 |
Return
| Return on Equity | 11.05% |
|---|---|
| Return on Assets | 6.75% |
| Return on Invested Capital | 9.42% |
Valuation & Multiples
| P/E Ratio | 12.42 |
|---|---|
| PEG | -72.95 |
| Price to Sales | 3.75 |
| Price to Book Ratio | 1.14 |
| Enterprise Value to Revenue | 4.4 |
| Enterprise Value to EBIT | 10.78 |
| Enterprise Value to Net Income | 14 |
| Total Debt to Enterprise | 0.14 |
| Debt to Equity | 0.22 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 27, 2026
EPS Estimate
$0.37
Consensus analyst estimateRevenue Estimate
$1.76 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 16, 2027
EPS Estimate
$0.69
Consensus analyst estimateRevenue Estimate
$2.05 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.15, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.1496▼ 126.74% |
|---|---|
| Total Calls | 632,936▼ 93.41% |
| Total Puts | 94,700▼ 99.30% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 3.28%▼ 91.56% |
|---|---|
| Total Invested | $1.01B▼ 96.80% |
| Investors Holding | 355▼ 826.00% |
About EQT Corp
1,523 employees
CEO: Toby Rice
Operating within the United States, EQT Corporation primarily engages in the extraction and production of natural gas. Its operations also yield a range of natural gas liquids (NGLs), specifically including ethane, propane, isobutane, bu...