EQT Corporation (EQT), headquartered in Pittsburgh, Pennsylvania, operates as a natural gas production company. With a market cap of $31 billion, EQT is an integrated energy company with emphasis on Appalachian area natural-gas supply, transmission, and distribution, offering its products to wholesale and retail customers.

Shares of this leading independent natural gas producer have outperformed the broader market over the past year. EQT has gained 32.9% over this time frame, while the broader S&P 500 Index ($SPX) has rallied nearly 10.2%. In 2025, EQT stock is up 16.1%, surpassing the SPX’s 3.9% decline on a YTD basis. 

Zooming in further, EQT’s outperformance looks more pronounced compared to the SPDR S&P Oil & Gas Exploration & Production ETF (XOP). The exchange-traded fund has declined about 24.8% over the past year. Moreover, EQT’s gains on a YTD basis outshine the ETF’s 14.7% dip over the same time frame.

On Apr. 22, EQT shares closed up more than 1% after reporting its Q1 results. Its adjusted EPS came in at $1.18, up 43.9% year over year. The company’s revenue increased 23.2% year over year to $1.7 billion.

For the current fiscal year, ending in December, analysts expect EQT’s EPS to grow 111.2% to $3.40 on a diluted basis. The company’s earnings surprise history is impressive. It beat the consensus estimate in each of the last four quarters.

Among the 22 analysts covering EQT stock, the consensus is a “Strong Buy.” That’s based on 15 “Strong Buy” ratings, one “Moderate Buy,” and six “Holds.”

This configuration is more bullish than a month ago, with 14 analysts suggesting a “Strong Buy.”

On May 2, Piper Sandler Companies (PIPR) analyst Mark Lear maintained a “Hold” rating on EQT with a price target of $35.

The mean price target of $57.91 represents an 8.2% premium to EQT’s current price levels. The Street-high price target of $74 suggests a notable upside potential of 38.3%.