EQT gains as investors digest strong Q1 results, record free cash flow, and supportive gas-price backdrop

EQT Corporation (EQT) is up 3.2% today. Here is some analysis on what might have caused this price movement.

Analysis: The move higher appears tied to EQT’s first-quarter 2026 earnings update (released April 21, 2026), which highlighted results above guidance in key operating metrics and record free cash flow. A firmer natural-gas pricing backdrop into April likely reinforced the market’s confidence in EQT’s near-term cash generation and balance-sheet progress.

Details:

EQT posted Q1 2026 sales volume of 618 Bcfe, above the high end of its guidance, citing strong well performance and operational execution during Winter Storm Fern.

The company reported record quarterly free cash flow attributable to EQT of $1.832 billion and net cash provided by operating activities of about $3.055 billion.

Q1 capital spending was $608 million, below the low end of guidance, which EQT attributed to efficiency gains and lower infrastructure spending.

EQT said it exited the quarter with $6.0 billion of total debt and just under $5.7 billion of net debt, noting progress toward its long-term debt target.

Sources:

EQT Investor Relations, Reuters, American Gas Association

Disclaimer: This price movement analysis was generated with the help of AI. Please double-check the information provided for mistakes.

$EQT Insider Trading Activity

$EQT insiders have traded $EQT stock on the open market 5 times in the past 6 months. Of those trades, 0 have been purchases and 5 have been sales.

Here’s a breakdown of recent trading of $EQT stock by insiders over the last 6 months:

WILLIAM E. JORDAN (CHIEF LEGAL & POLICY OFFICER) sold 57,500 shares for an estimated $3,486,225
J.E.B. BOLEN (EVP OPERATIONS) has made 0 purchases and 2 sales selling 9,056 shares for an estimated $566,315.
SARAH FENTON (EVP UPSTREAM) has made 0 purchases and 2 sales selling 8,644 shares for an estimated $541,927.

To track insider transactions, check out Quiver Quantitative's insider trading dashboard.

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$EQT Hedge Fund Activity

We have seen 609 institutional investors add shares of $EQT stock to their portfolio, and 426 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

WELLINGTON MANAGEMENT GROUP LLP removed 15,635,440 shares (-37.1%) from their portfolio in Q4 2025, for an estimated $838,059,584
JPMORGAN CHASE & CO added 11,626,206 shares (+163.6%) to their portfolio in Q4 2025, for an estimated $623,164,641
LONE PINE CAPITAL LLC removed 8,361,889 shares (-100.0%) from their portfolio in Q4 2025, for an estimated $448,197,250
UBS AM, A DISTINCT BUSINESS UNIT OF UBS ASSET MANAGEMENT AMERICAS LLC removed 7,854,409 shares (-69.1%) from their portfolio in Q4 2025, for an estimated $420,996,322
BLACKROCK, INC. added 5,531,444 shares (+11.5%) to their portfolio in Q4 2025, for an estimated $296,485,398
PRICE T ROWE ASSOCIATES INC /MD/ removed 4,471,925 shares (-37.7%) from their portfolio in Q4 2025, for an estimated $239,695,180
ORBIS ALLAN GRAY LTD added 3,479,105 shares (+inf%) to their portfolio in Q4 2025, for an estimated $186,480,028

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.

$EQT Congressional Stock Trading

Members of Congress have traded $EQT stock 1 times in the past 6 months. Of those trades, 1 have been purchases and 0 have been sales.

Here’s a breakdown of recent trading of $EQT stock by members of Congress over the last 6 months:

REPRESENTATIVE GILBERT RAY CISNEROS, JR. purchased up to $15,000 on 02/10.

To track congressional stock trading, check out Quiver Quantitative's congressional trading dashboard.

$EQT Analyst Ratings

Wall Street analysts have issued reports on $EQT in the last several months. We have seen 3 firms issue buy ratings on the stock, and 0 firms issue sell ratings.

Here are some recent analyst ratings:

Barclays issued a "Overweight" rating on 01/21/2026
Citigroup issued a "Buy" rating on 12/19/2025
Mizuho issued a "Outperform" rating on 12/12/2025

To track analyst ratings and price targets for $EQT, check out Quiver Quantitative's $EQT forecast page.

$EQT Price Targets

Multiple analysts have issued price targets for $EQT recently. We have seen 14 analysts offer price targets for $EQT in the last 6 months, with a median target of $70.0.

Here are some recent targets:

Mike Scialla from Stephens & Co. set a target price of $73.0 on 04/21/2026
Scott Hanold from RBC Capital set a target price of $69.0 on 04/15/2026
Stephen Richardson from Evercore ISI Group set a target price of $70.0 on 04/06/2026
Phillip Jungwirth from BMO Capital set a target price of $76.0 on 03/27/2026
Gabe Daoud from Truist Securities set a target price of $74.0 on 03/24/2026
Arun Jayaram from JP Morgan set a target price of $72.0 on 03/17/2026
Betty Jiang from Barclays set a target price of $69.0 on 03/16/2026

This article is not financial advice. See Quiver Quantitative's disclaimers for more information. Note that there may be inaccuracies due to mistakes in ticker-mapping, and other anomalies.