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Why Is EQT (EQT) Down 1.5% Since Last Earnings Report?
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It has been about a month since the last earnings report for EQT Corporation (EQT - Free Report) . Shares have lost about 1.5% in that time frame, underperforming the S&P 500.
But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is EQT due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.
EQT’s Q1 Earnings & Revenues Top Estimates on Higher Sales Volumes
EQT reported first-quarter 2026 adjusted earnings from continuing operations of $2.33 per share, which beat the Zacks Consensus Estimate of $2.23. The bottom line increased from the year-ago quarter’s figure of $1.18.
Adjusted operating revenues increased to $3,136 million from $2,153 million in the prior-year quarter. The top line beat the Zacks Consensus Estimate of $3,127 million.
Strong quarterly results were driven by the increase in total sales volumes and higher realized natural gas equivalent prices.
Production
Sales volume increased to 618 billion cubic feet equivalent (Bcfe) from the year-ago level of 571 Bcfe. The reported figure beat our estimate of 598 Bcfe.
Natural gas sales volume was 581 Bcf, up from 536 Bcf in the year-ago quarter. The figure came higher than our estimate of 565 Bcf.
The total liquid sales volume was 6,061 thousand barrels (MBbls), up from the year-ago level of 5,735 MBbls. The figure beat our projection of 5,497 MBbls.
Commodity Price Realizations
The average realized price was $5.08 per thousand cubic feet of natural gas equivalent (Mcfe), up from the year-ago figure of $3.77.
The average natural gas price, including cash-settled derivatives, was $5.27 per Mcf, which increased from $3.74 a year ago. Our estimate for the same was pinned at $5.12 per Mcf.
The natural gas sales price was $5.22 per Mcf, higher than the $3.83 recorded a year ago.
The oil price was $54.94 per barrel compared with the year-ago figure of $53.05. Our estimate for the same was pegged at $56.98 per barrel.
Expenses
Total operating expenses were $1,343 million, higher than the $1,244 million reported in the prior-year quarter.
Gathering expenses totaled 9 cents per Mcfe, up from the year-ago level of 8 cents. Transmission expenses stood at 43 cents per Mcfe, down from 44 cents recorded a year ago. Lease operating expenses amounted to 9 cents per Mcfe, higher than 7 cents in the corresponding period of 2025. Selling, general and administrative expenses came in at 16 cents per Mcfe, flat year over year.
Cash Flows
EQT’s adjusted operating cash flow totaled $2.58 billion in the reported quarter, up from $1.67 billion a year ago. The free cash flow amounted to $1.94 billion, an increase from $1.15 billion in the corresponding period of 2025.
Capex & Balance Sheet
Total capital expenditure was $608 million, higher than $497 million reported a year ago.
As of March 31, 2026, the company had cash and cash equivalents of $326.6 million and net debt of $5.67 billion.
Guidance
For the second quarter of 2026, EQT expects total sales volume to be between 570 Bcfe and 620 Bcfe. EQT’s total sales volume is forecasted to be in the range of 2,275-2,375 Bcfe for 2026. Total maintenance capital expenditures are projected to be in the band of $525-$595 million, and growth capital expenditures are anticipated to be between $210 million and $235 million in the second quarter.
How Have Estimates Been Moving Since Then?
Since the earnings release, investors have witnessed a downward trend in estimates revision.
VGM Scores
Currently, EQT has a great Growth Score of A, though it is lagging a bit on the Momentum Score front with a B. Charting a somewhat similar path, the stock has a score of C on the value side, putting it in the middle 20% for this investment strategy.
Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, EQT has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
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Why Is EQT (EQT) Down 1.5% Since Last Earnings Report?
It has been about a month since the last earnings report for EQT Corporation (EQT - Free Report) . Shares have lost about 1.5% in that time frame, underperforming the S&P 500.
But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is EQT due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.
EQT’s Q1 Earnings & Revenues Top Estimates on Higher Sales Volumes
EQT reported first-quarter 2026 adjusted earnings from continuing operations of $2.33 per share, which beat the Zacks Consensus Estimate of $2.23. The bottom line increased from the year-ago quarter’s figure of $1.18.
Adjusted operating revenues increased to $3,136 million from $2,153 million in the prior-year quarter. The top line beat the Zacks Consensus Estimate of $3,127 million.
Strong quarterly results were driven by the increase in total sales volumes and higher realized natural gas equivalent prices.
Production
Sales volume increased to 618 billion cubic feet equivalent (Bcfe) from the year-ago level of 571 Bcfe. The reported figure beat our estimate of 598 Bcfe.
Natural gas sales volume was 581 Bcf, up from 536 Bcf in the year-ago quarter. The figure came higher than our estimate of 565 Bcf.
The total liquid sales volume was 6,061 thousand barrels (MBbls), up from the year-ago level of 5,735 MBbls. The figure beat our projection of 5,497 MBbls.
Commodity Price Realizations
The average realized price was $5.08 per thousand cubic feet of natural gas equivalent (Mcfe), up from the year-ago figure of $3.77.
The average natural gas price, including cash-settled derivatives, was $5.27 per Mcf, which increased from $3.74 a year ago. Our estimate for the same was pinned at $5.12 per Mcf.
The natural gas sales price was $5.22 per Mcf, higher than the $3.83 recorded a year ago.
The oil price was $54.94 per barrel compared with the year-ago figure of $53.05. Our estimate for the same was pegged at $56.98 per barrel.
Expenses
Total operating expenses were $1,343 million, higher than the $1,244 million reported in the prior-year quarter.
Gathering expenses totaled 9 cents per Mcfe, up from the year-ago level of 8 cents. Transmission expenses stood at 43 cents per Mcfe, down from 44 cents recorded a year ago. Lease operating expenses amounted to 9 cents per Mcfe, higher than 7 cents in the corresponding period of 2025. Selling, general and administrative expenses came in at 16 cents per Mcfe, flat year over year.
Cash Flows
EQT’s adjusted operating cash flow totaled $2.58 billion in the reported quarter, up from $1.67 billion a year ago. The free cash flow amounted to $1.94 billion, an increase from $1.15 billion in the corresponding period of 2025.
Capex & Balance Sheet
Total capital expenditure was $608 million, higher than $497 million reported a year ago.
As of March 31, 2026, the company had cash and cash equivalents of $326.6 million and net debt of $5.67 billion.
Guidance
For the second quarter of 2026, EQT expects total sales volume to be between 570 Bcfe and 620 Bcfe. EQT’s total sales volume is forecasted to be in the range of 2,275-2,375 Bcfe for 2026. Total maintenance capital expenditures are projected to be in the band of $525-$595 million, and growth capital expenditures are anticipated to be between $210 million and $235 million in the second quarter.
How Have Estimates Been Moving Since Then?
Since the earnings release, investors have witnessed a downward trend in estimates revision.
VGM Scores
Currently, EQT has a great Growth Score of A, though it is lagging a bit on the Momentum Score front with a B. Charting a somewhat similar path, the stock has a score of C on the value side, putting it in the middle 20% for this investment strategy.
Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, EQT has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.