EQT Corporation

New York Stock Exchange
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Somewhat Bearish -25

Morgan Stanley Lowers its Price Target on EQT Corporation (EQT)

📉 Morgan Stanley lowered its price target on EQT Corporation from $74 to $68 while retaining an 'Overweight' rating.

💰 The analyst firm refreshed estimates to account for lower energy prices following a retreat in oil values after the June 14 US-Iran memorandum of understanding.

📅 EQT Corporation expects total sales volume between 570 and 620 Bcfe for the second quarter of 2026.

⚠️ The company includes strategic curtailments of 10-15 Bcfe in its projected sales volume for the upcoming quarter.

🏗️ Maintenance capital expenditures are guided at $525 million to $595 million for the second quarter.

🌱 Growth capital spending is projected between $210 million and $235 million for the same period.

📈 Second-quarter capital expenditures are expected to mark the year's peak as growth-project spending moderates later in the year.

⛏️ EQT Corporation anticipates turning in 30-45 net wells during the second quarter of 2026.

Bullish Signals
  • Morgan Stanley maintains an 'Overweight' rating on EQT Corporation despite lowering the price target.
  • EQT Corporation is a natural gas production company involved in supply, transmission, and distribution of natural gas.
Risk Factors
  • Morgan Stanley lowered its price target from $74 to $68 due to refreshed estimates mirroring lower energy prices.
  • Oil retreated following the June 14 US-Iran memorandum of understanding, causing West Texas Intermediate to trade only slightly above pre-conflict levels.
  • EQT Corporation expects strategic curtailments of 10-15 Bcfe in its second-quarter sales volume.
  • Growth-project spending is expected to moderate in the second half of the year, reducing capital expenditure growth.
Full Analysis
Morgan Stanley has lowered its price target for EQT Corporation (NYSE:EQT) from $74 to $68, though it maintains an 'Overweight' rating. The analyst firm adjusted its estimates to reflect lower energy prices following a retreat in oil values after the June 14 US-Iran memorandum of understanding, with West Texas Intermediate trading near pre-conflict levels. EQT Corporation provided guidance for its second-quarter 2026 outlook, projecting total sales volume between 570 and 620 Bcfe. This figure includes strategic curtailments estimated at 10-15 Bcfe. The company also outlined capital expenditure plans, expecting maintenance spending of $525 million to $595 million and growth capital spending of $210 million to $235 million. The natural gas production firm anticipates that its second-quarter capital expenditures will represent the peak for the year as growth-project spending moderates in the second half. Additionally, EQT expects to complete between 30 and 45 net wells during the quarter. The company operates in the supply, transmission, and distribution of natural gas.