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EQT Corporation (EQT) Stock Jumps 11.7%: Will It Continue to Soar?

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EQT Corporation (EQT - Free Report) shares soared 11.7% in the last trading session to close at $34.33. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 38.3% gain over the past four weeks.

The recent surge in commodity prices due to fears over Russian crude supply disruptions primarily drove the stock. The price of natural gas has risen significantly over the past few months. This is beneficial for EQT Corporation as it is a pure-play Appalachian explorer, which is one of the largest natural gas producers in the United States. The stock price appreciation was also backed by the company’s peer-leading emission-reduction targets as investors see carbon inefficiency as a potential risk.

This company is expected to post quarterly earnings of $0.94 per share in its upcoming report, which represents a year-over-year change of +213.3%. Revenues are expected to be $1.58 billion, up 66.6% from the year-ago quarter.

Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.

For EQT Corporation, the consensus EPS estimate for the quarter has been revised 13.1% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on EQT going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

EQT Corporation is part of the Zacks Oil and Gas - Exploration and Production - United States industry. Range Resources (RRC - Free Report) , another stock in the same industry, closed the last trading session 8.3% higher at $31.51. RRC has returned 21.9% in the past month.

Range Resources' consensus EPS estimate for the upcoming report has changed +1% over the past month to $1.01. Compared to the company's year-ago EPS, this represents a change of +236.7%. Range Resources currently boasts a Zacks Rank of #3 (Hold).

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