EQT Corporation

Section 1: Company Overview and Fundamentals

1.1 Company Overview:

EQT Corporation (NYSE: EQT) is a leading vertically integrated U.S. natural gas producer with both upstream and midstream operations concentrated in the Appalachian Basin. The company operates primarily across Pennsylvania, West Virginia, and Ohio, holding or leasing roughly 610,000 net acres in Pennsylvania—predominantly in the state’s southwest, particularly within Greene and Washington Counties.

Kalkine’s Diversified Opportunities Report covers the Company Overview, Key positives & negatives, Investment summary, Key investment metrics, Top 10 shareholding, Business updates and insights into company recent financial results, Key Risks & Outlook, Price performance and technical summary, Target Price, and Recommendation on the stock.

Stock Performance:

• EQT’s stock has shown a mixed but gradually improving trend over the past year. After peaking around mid-June 2025, the stock underwent a period of consolidation through late summer and early fall, forming a base near the USD 48–50 range. Recently, the price has broken above its short-term moving averages, indicating the potential beginning of a renewed uptrend.
• The 20-day moving average (USD 54.11) has crossed above the 50-day moving average (USD 53.14), forming a bullish crossover, a classic early signal of trend reversal or upward momentum. The price currently trades above both moving averages, reinforcing short-term bullish sentiment and suggesting buying interest at lower levels.
• The RSI at 65.05 is nearing the overbought zone but still below the 70 threshold. This implies positive momentum without excessive overextension, indicating room for further upside if buying pressure continues.
• Trading volumes have picked up slightly during the recent price recovery phase, confirming accumulation and investor confidence.

1.2 The Key Positives, Negatives, and Investment summary

1.3 Top 10 shareholders:

The top 10 shareholders together form ~ 41.09% of the total shareholding, signifying concentrated shareholding. The Vanguard Group, Inc. and Wellington Management Company, LLP are the biggest shareholders, holding the maximum stake in the company at 11.95% and 6.85%, respectively.

1.4 Key Metrics:

Between Q3 FY2024 and Q3 FY2025, EQT Corporation demonstrated a marked improvement across all margin metrics, driven by a combination of stronger realized gas prices, higher production volumes, and lower per-unit operating costs. The company’s gross and EBITDA margins expanded significantly, reflecting efficiency gains from its integrated operations, including cost synergies and enhanced productivity following the rapid Olympus acquisition integration. Operating and pretax margins turned positive as disciplined capital spending, record-low total cash costs, and reduced one-time expenses improved profitability. Net margins also swung into positive territory, supported by robust free cash flow generation, lower leverage, and enhanced marketing optimization that tightened price differentials. Overall, EQT’s vertically integrated, low-cost model and operational excellence enabled a strong recovery in profitability, positioning it well above the industry median across all key performance measures.

Moreover, from Q2 FY2024 to Q2 FY2025, EQT Corporation exhibited a notable increase in free cash flow, which grew from USD 408.6 million to USD 2,316.3 million, driven by stronger operational performance, effective cost optimization, and favorable gas price realizations. Cash and cash equivalents also rose over the period, supported by improved cash generation and synergies from the Olympus Energy integration, although a modest decline in Q2 FY2025 reflected targeted spending on dividends and strategic growth projects. The current ratio moved within a range of 0.51 to 0.71, signifying stable liquidity management and disciplined reinvestment of cash flows. Collectively, these trends underscore EQT’s strengthened cash flow profile and financial stability, supported by operational efficiency and a focused approach to capital deployment.

Section 2: Business Updates and Corporate Business Highlights

2.1 Recent Business Updates

2.2 Insights of Q3FY25:

Section 3: Key Risks & Outlook

Section 4: Stock Recommendation Summary:

4.1 Price Performance and Technical Summary:

Stock Performance:

• EQT’s stock has shown a mixed but gradually improving trend over the past year. After peaking around mid-June 2025, the stock underwent a period of consolidation through late summer and early fall, forming a base near the USD 48–50 range. Recently, the price has broken above its short-term moving averages, indicating the potential beginning of a renewed uptrend.
• The 20-day moving average (USD 54.11) has crossed above the 50-day moving average (USD 53.14), forming a bullish crossover, a classic early signal of trend reversal or upward momentum. The price currently trades above both moving averages, reinforcing short-term bullish sentiment and suggesting buying interest at lower levels.
• The RSI at 65.05 is nearing the overbought zone but still below the 70 threshold. This implies positive momentum without excessive overextension, indicating room for further upside if buying pressure continues.
• Trading volumes have picked up slightly during the recent price recovery phase, confirming accumulation and investor confidence.

 4.2 Fundamental Valuation

Valuation Methodology: Price/Earnings Multiple Based Relative Valuation

Markets are trading in a highly volatile zone currently due to certain macroeconomic issues and geopolitical tensions prevailing. Therefore, it is prudent to follow a cautious approach while investing.

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is November 05, 2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: The report publishing date is as per the Pacific Time Zone.

Technical Indicators Defined: -

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

 Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.

 Stop-loss: It is a level to protect against further losses in case of unfavorable movement in the stock prices.