EQT
Produces Appalachian natural gas and moves it through owned gathering, transmission and storage networks.
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Profile
Produces and markets natural gas and NGLs from the Marcellus and Utica shales, then earns additional fees through owned gathering, processing, interstate transmission and storage assets. The integrated footprint is concentrated in the Appalachian Basin, with pipeline capacity connecting production to markets beyond the region.
Produces natural gas, NGLs and a small amount of oil from Marcellus and Utica acreage across Pennsylvania, West Virginia and Ohio. The Upstream segment develops and markets those volumes, while Gathering owns overlapping collection systems and processing capacity; Transmission operates interstate pipelines and storage and holds the Mountain Valley Pipeline investment.
Combines contiguous acreage, pad development, digital operating workflows and owned midstream infrastructure to coordinate drilling, gathering and delivery. Customers include marketers, utilities and industrial users, with roughly half of sales volumes reaching markets outside Appalachia through a portfolio of firm transportation capacity.
Substantially all assets and operations remain concentrated in the Appalachian Basin. Revenue depends primarily on natural-gas and NGL prices, regional basis differentials and production volumes, while wells, pipelines and storage are subject to federal and state environmental, permitting and safety rules.
Company facts
Key statistics
Year to date +2.1% · Average volume (30d) 6.9M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jul 22, 2026 | Stephens | Target | $71 | $72 | ||
| Jul 15, 2026 | Stephens | Reiterate | Overweight | $38 | $71 | |
| Jul 8, 2026 | UBS | Reiterate | Buy | $73 | ||
| Mar 24, 2026 | Truist Securities | Upgrade | Hold | Buy | ||
| Aug 18, 2025 | Roth Capital | Downgrade | Buy | Neutral |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 21, 2026Q2 FY26 | $0.41 | $0.39 | −5.4% | $1.76B | $1.81B | +2.6% | +8.45% |
| Apr 21, 2026Q1 FY26 | $2.08 | $2.33 | +12.0% | $3.22B | $3.38B | +5.1% | +3.05% |
| Feb 17, 2026Q4 FY25 | $0.76 | $0.90 | +18.4% | $2.13B | $2.39B | +12.2% | +1.52% |
| Oct 21, 2025Q3 FY25 | $0.36 | $0.52 | +43.8% | $1.81B | $1.82B | +0.7% | −3.98% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $2.42B | $2.56B | $1.82B | $2.27B | $3.38B | $1.81B | |
| Gross profit | $1.33B | $1.40B | $659.0M | $1.04B | $3.32B | $1.32B | |
| Operating income | $496.3M | $1.13B | $603.2M | $914.9M | $2.04B | $454.0M | |
| Net income | $242.1M | $784.1M | $335.9M | $677.1M | $1.55B | $281.4M | |
| Diluted EPS | $0.40 | $1.30 | $0.53 | $1.08 | $2.49 | $0.44 | |
| Gross margin | 55.0% | 54.7% | 36.2% | 45.9% | 98.4% | 73.2% | |
| Operating margin | 20.5% | 44.3% | 33.1% | 40.2% | 60.3% | 25.1% |
Fiscal years (4-quarter sums)FY21 $6.84B · FY22 $12.14B · FY23 $5.07B · FY24 $5.22B · FY25 $9.07B
Revenue by product · FY25
Balance sheet, Jun 30, 2026Cash & short-term investments $112.9M · Total debt $5.66B · Total assets $41.32B · Shareholders' equity $25.26B
Dividends
Raised for 3 straight years — most recently to $0.165 from $0.1575 in Nov 2025. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 5, 2026 | Aug 5 | Sep 1 | $0.165 | |
| May 6, 2026 | May 6 | Jun 1 | $0.165 | |
| Feb 17, 2026 | Feb 17 | Mar 2 | $0.165 | |
| Nov 5, 2025 | Nov 5 | Dec 1 | $0.165 | raised from $0.1575 |
| Aug 6, 2025 | Aug 6 | Sep 2 | $0.1575 | |
| May 7, 2025 | May 7 | Jun 2 | $0.1575 | |
| Feb 18, 2025 | Feb 18 | Mar 3 | $0.1575 | |
| Nov 6, 2024 | Nov 6 | Dec 2 | $0.1575 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 625.52M · Float 619.96M · 99.1% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 60.26M | 9.63% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 40.86M | 6.53% | 13F | Aug 13, 2026 |
| State Street Corp | 39.68M | 6.34% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 32.76M | 5.24% | 13F | Aug 13, 2026 |
| Morgan Stanley | 24.35M | 3.89% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 14, 2026 | Toby Z. Rice | director, officer: PRESIDENT & CEO | −175,328 | $55.03 |
| Jun 8, 2026 | Toby Z. Rice | director, officer: PRESIDENT & CEO | −1,731 | $53.46 |
| Jun 5, 2026 | Toby Z. Rice | director, officer: PRESIDENT & CEO | −96,983 | $54.28 |
| Apr 27, 2026 | Vicky A. Bailey | director | −4,116 | $59.80 |
| Mar 16, 2026 | Sarah Fenton | officer: EVP UPSTREAM | −4,876 | $64.49 |
Peers
- Expand Energy
Scale rival in Appalachian and Haynesville gas with superior LNG proximity.
- Antero Resources
Premier Appalachian NGL and wet gas producer; strong LNG and export marketing.
- Range Resources
Marcellus pioneer in SW Pennsylvania; shared acreage, pipeline capacity, buyers.
- CNX Resources
SW PA and WV Appalachian dry-gas operator with ultra-low carbon intensity focus.
- Comstock Resources
Haynesville pure-play with Gulf Coast LNG access competing for the same buyers.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| EQT | $54.67 | +0.19% | $34.13B | 12.0 | 16.3 | 3.7 | −29.2% |
| Expand Energy | $98.16 | 0.00% | $22.72B | 8.5 | 12.2 | 1.7 | −19.8% |
| Antero Resources | $38.50 | +0.13% | $11.82B | 11.0 | 9.0 | 2.1 | +29.6% |
| Range Resources | $41.10 | −0.86% | $9.69B | 11.5 | 11.3 | 2.9 | +19.1% |
| CNX Resources | $36.42 | +0.64% | $5.36B | 6.0 | 10.8 | 2.2 | −35.7% |
| Comstock Resources | $14.40 | +0.73% | $4.20B | 8.2 | 32.8 | 2.2 | −24.9% |
| Median | 8.5 | 11.3 | 2.2 | −19.8% |