EQT (EQT) just filed a relatively small $55.17 million shelf registration tied to an employee stock ownership plan, and that move is landing against a backdrop of improving natural gas fundamentals and rising investor interest.

See our latest analysis for EQT.

At a latest share price of $53.87, EQT’s 90 day share price return of 9.51 percent and one year total shareholder return of 26.81 percent suggest momentum is quietly building as investors weigh stronger natural gas fundamentals, recent LNG agreements, and strategic portfolio moves.

If EQT’s set up has you rethinking your energy exposure, this could be a good moment to explore aerospace and defense stocks as another pocket of the market where structural demand and cash flows really matter.

With shares still trading at a discount to analyst targets and long term LNG catalysts ahead, is EQT quietly undervalued here, or has the market already baked in the next leg of growth?

With EQT closing at $53.87 against a most popular narrative fair value of $64, the story centers on durable cash flows and margin expansion potential.

Execution on a $1 billion pipeline of organic, low-risk, fee-based midstream and infrastructure projects with minimum volume commitments and index-plus pricing creates stable, annuity-like cash flows, lowering business volatility and raising the durability of free cash flow and earnings.

Read the complete narrative.

Curious how this turns into a richer valuation story? The narrative leans on faster revenue growth, higher margins, and a future earnings multiple that might surprise you.

Result: Fair Value of $64 (UNDERVALUED)

Have a read of the narrative in full and understand what’s behind the forecasts.

However, the narrative could unravel if decarbonization policies accelerate or if Appalachian regulatory pressures and permitting delays squeeze long term demand and margins.

Find out about the key risks to this EQT narrative.

While the narrative fair value points to upside, a simple earnings lens looks more demanding. EQT trades on 18.9 times earnings versus 13 times for the wider US Oil and Gas sector and 15 times for peers, even though the fair ratio sits higher at 22.2 times. Is this a quality premium worth paying, or a margin of safety that could shrink if sentiment turns?

See what the numbers say about this price — find out in our valuation breakdown.

NYSE:EQT PE Ratio as at Dec 2025

NYSE:EQT PE Ratio as at Dec 2025

If you see the story differently or want to stress test the assumptions with your own inputs, build a custom view in minutes, Do it your way.

A great starting point for your EQT research is our analysis highlighting 4 key rewards and 1 important warning sign that could impact your investment decision.

Before momentum shifts again, put Simply Wall St to work and line up your next ideas with screeners built to uncover quality, growth, and mispriced potential.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include EQT.

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