EQT Is Printing Cash and Wall Street Is Starting to Notice

2 hours ago 3

Joel South

Fri, March 27, 2026 astatine 10:05 AM CDT 4 min read

EQT (EQT) generated $2.5B successful escaped currency travel successful 2025, rising to a projected $3.5B successful 2026, with expert Phillip Jungwirth raising his terms people to $76 from $68 based connected outsized currency procreation from its integrated midstream level and selling capabilities. The Equitrans merger reduced gathering costs from $0.60/Mcfe to $0.08/Mcfe and drove 13% little good costs year-over-year, expanding margins careless of state prices.
EQT’s banal momentum is driven by 6-7 Bcf per time of in-basin request gathering this decade, anchored by 45 gigawatts of information halfway capableness nether operation and long-duration LNG offtake agreements starting 2030-2031 that fastener successful request growth.
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EQT Corporation (NYSE:EQT) has been a standout vigor performer this year, gaining 6.58% implicit the past week, 10.44% implicit the past period and 26.88% year-to-date. Over the trailing q2 months, shares person precocious astir 30%, with the banal precocious touching a 52-week precocious of $68.24.

The Street statement people sits astatine conscionable $67.11, hardly supra wherever shares commercialized today, but BMO Capital expert Phillip Jungwirth raised his terms people connected EQT to $76 from $68, maintaining an Outperform rating. That people represents important upside from the existent terms of $66.86 and sits good supra the statement of $67.11. Jefferies independently carries the aforesaid $76 target, portion J.P. Morgan's Arun Jayaram maintains a Buy with a $72 target.

Jungwirth's condemnation centers connected 2 reinforcing dynamics: outsized escaped currency travel procreation driven by EQT's integrated midstream level and selling capabilities to seizure pricing dislocations, and continued momentum astir in-basin request and takeaway projects that enactment optionality astir maturation and improved differentials. The Q1 2026 setup is peculiarly compelling. CFO Jeremy Knop noted that "January and February show already exceeds statement Q1 escaped currency travel expectations by much than 30%", driven by EQT selling astir 98% of its accumulation astatine first-of-month pricing, which settled astatine $7.22 per MMBtu for M2 and $7.46 per MMBtu for Henry Hub.

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Free currency travel compounding: EQT generated $2.5 cardinal of escaped currency travel attributable to EQT successful 2025, up from $684 cardinal successful FY 2024, with ~$3.5 cardinal projected successful 2026. CEO Toby Rice projects "cumulative escaped currency travel attributable to EQT implicit the adjacent 5 years totaling much than $16 billion." That sustained currency procreation funds indebtedness simplification and shareholder returns simultaneously.
Structural outgo advantages from vertical integration: The Equitrans merger slashed gathering costs from $0.60/Mcfe to $0.08/Mcfe, and mean good costs per lateral ft came successful 13% little year-over-year. These reductions grow margins astatine immoderate state terms level.
In-basin request momentum: EQT estimates 6 to 7 Bcf per time of in-basin request gathering this decade, anchored by astir 45 gigawatts of information halfway capableness presently nether construction, including 12 gigawatts successful EQT's halfway operating footprint. LNG offtake agreements totaling 4.5 mtpa with Sempra, NextDecade, and Commonwealth LNG starting 2030-2031 fastener successful long-duration demand.