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EQT · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is EQT Corporation (EQT) stock moving?
EQT fell about 12% from $56.04 on Oct 28 to $49.40 on Nov 6, then rebounded to $52.00 on Nov 10 on a day high of $52.36. The Nov 10 volume of 7.8M shares was well below the 16M to 27M seen around the Oct 26 to Oct 28 announcements, so the rebound is not yet confirmed by heavy buying. The main fundamental event is the all-stock Range Resources merger, announced Oct 26 with a pro forma enterprise value above $50B and $325M of targeted base annual synergies. Q3 showed free cash flow of $283M, capex 10% below guidance, operating costs at the low end of guidance, and net debt just under $5.5B. Analysts stayed constructive after the report: UBS kept a Buy at $74, Bernstein raised to $71, Capital One to $67, and Truist to $70, which implies roughly 29% to 42% upside from $52. Offsetting this are the dilution and integration risk of an all-stock deal, a shareholder-rights law firm investigation into the terms, and the weaker gas price backdrop noted in the Q3 release. Overall the evidence leans positive, but the sharp pullback and the still-unresolved merger keep the near-term picture mixed.
News behind the analysis
- EQT Corporation Reports Q3 Results and Announces New Infrastructure and LNG AgreementsQ3 free cash flow attributable to EQT was $283M, capex came in 10% below guidance, and the dividend rose 3% to $0.68 per share annualized. The company also launched an open season for the POWER Pipeline and signed a 10-year LNG sales agreement with Ignitis Group.
- EQT Announces Strategic Acquisition of Range Resources, Creating America's Undisputed Natural Gas ChampionEQT agreed to acquire Range Resources in an all-stock deal with a pro forma enterprise value above $50B. Management expects $325M of base annual synergies within two years, with a path to more than $600M long term.
- Halper Sadeh LLC Investigates Range Resources Corporation Acquisition by EQT CorporationShareholder rights firm Halper Sadeh is investigating the Range deal for potential securities law violations and fiduciary duty breaches. This is an investigation notice, not a court filing.
- UBS Adjusts EQT Price Target to $74 From $75, Maintains Buy RatingUBS trimmed its price target on EQT by $1 to $74 and kept a Buy rating. The price target still sits well above the recent trading range.
- Bernstein Adjusts Price Target on EQT to $71 From $68Bernstein raised its price target on EQT from $68 to $71. The move signals continued analyst support after the Q3 report and merger announcement.
- Capital One Adjusts Price Target on EQT CorporationCapital One raised its EQT price target from $65 to $67. The increase follows the Q3 results and the Range deal news.
- Truist Securities Maintains Buy on EQT, Raises Price Target to $70Truist kept its Buy rating on EQT and raised its price target to $70. It was the first of two Truist target increases in the period.
- Truist Raises Price Target on EQT CorporationTruist raised its EQT price target from $65 to $70 while maintaining a Buy rating. This is the latest analyst target increase in the past two weeks.
- $1000 Invested In EQT 5 Years Ago Would Be Worth This Much TodayEQT returned an average of 21.62% per year over five years, outperforming the market by 11.58% annualized. The company's market capitalization is about $33.94B.
About EQT CORP
EQT Corporation is a Pittsburgh-based natural gas producer and one of the largest in the US, drilling mainly in the Marcellus and Utica shale of the Appalachian Basin, with output of roughly 6.5–6.7 Bcfe per day in 2026. It stands out because it also owns its own pipelines and gathering network (from its Equitrans purchase), so it is vertically integrated, and in October 2026 it announced an all-stock deal worth about $13 billion to buy Range Resources, which would make it the largest US gas producer.
How it makes money
Most of its revenue comes from selling natural gas it produces, with smaller amounts from natural gas liquids (NGLs) and oil. It also earns money from its pipeline and gathering assets and from marketing gas to customers. Its results depend heavily on gas prices. EQT uses hedges (financial contracts that lock in prices), cuts output when prices are low, and is signing more long-term supply deals, such as contracts with power plants and LNG (liquefied natural gas) export sales.
What usually moves EQT
- US natural gas prices (Henry Hub) and the Appalachian price discount
- Power demand from AI data centers and new gas-fired power plants
- LNG export growth and pipeline capacity
- Closing and integrating the Range Resources acquisition
- Production volumes, drilling costs and hedging results