Market Overview - U.S. stock markets closed higher on November 28, 2025, with all three major indexes extending a multi-day rally, driven by hopes for future interest rate cuts and positive economic data [1][12] - The Dow Jones Industrial Average (DJIA) rose 0.6% to 47,427.12, the Nasdaq Composite (IXIC) increased by 0.7% to 23,214.69, and the S&P 500 (SPX) gained 0.5% to 6,812.61, marking the fifth consecutive session of increases for all three benchmarks [2] Weekly Performance - For the week, the Nasdaq surged 4.9%, the S&P 500 was up approximately 3.7%, and the Dow gained about 3.2% [3] - November was mixed; while the S&P 500 and Dow extended their winning streaks to seven months, the Nasdaq ended down 1.5%, attributed to reassessment of profitability timelines for major AI companies [3] Economic Data - Initial jobless claims decreased by 6,000 to 216,000, below the consensus estimate of 229,000, indicating a strong labor market [5] - Orders for durable goods rose by 0.5% in September, missing estimates, while non-defense capital goods orders increased by 0.9%, a key indicator for business spending [5] Upcoming Events - Market participants are monitoring the potential for another interest rate cut by the Federal Reserve next month, which is a significant driver of market optimism [4] - Kevin Hassett is a key contender for the next Fed Chairman, with an announcement expected from President Trump before Christmas, which could influence monetary policy expectations [4] Individual Stock Performance - Intel (INTC) surged 10.2%, leading the S&P 500, following speculation it could become a foundry supplier for Apple (AAPL) processors [7] - Eli Lilly (LLY) shares slipped 2.6%, giving back some recent gains despite a market cap exceeding $1 trillion due to sales of weight-loss drugs [8] - Nvidia (NVDA) shares slid 1.8% amid competitive concerns, while other tech stocks like Microsoft (MSFT) and Amazon (AMZN) saw gains of 1.3% and 1.8%, respectively [9] Sector Performance - Retailers performed well on Black Friday, with Walmart (WMT), Target (TGT), and Amazon (AMZN) finishing up roughly 1% to 2% [10] - Cryptocurrency-related stocks rose as Bitcoin moved above $90,000, with Marathon Digital Holdings (MARA), MicroStrategy (MSTR), and Coinbase Global (COIN) up by 7%, 5%, and 5%, respectively [11]

EQT Corporation (NYSE:EQT) is one of the 12 best commodity stocks to buy right now. Morgan Stanley Remains Bullish on EQT Corporation (EQT) Following Strong Multi-Year Performance On November 17, 2025, Morgan Stanley’s Devin McDermott reiterated a “Buy” rating on EQT Corporation (NYSE:EQT) with a $69 price target. Earlier, in a November 9 note, the analyst’s bullish stance reflected the company’s multi-year growth that has given it a strengthened competitive position. McDermott cited the company’s past ...

Summary of Key Points from the Conference Call Industry Overview - The focus remains on electricity demand, AI/power needs, and their impact on equities within the Energy, Utilities, and Mining sectors [1][5] Company Insights EQT (Oil & Gas) - EQT is highlighted as a high-quality equity for exposure to power demand, being a low-cost Appalachian producer with significant inventory depth [2] - The company benefits from extensive midstream infrastructure post-ETRN acquisition, enhancing local project interconnectivity [2] - Positive outlook maintained with a 12-month price target of $66 per share, reflecting an 8.5% target FCF yield on 2026/2027 estimates [2] Kinder Morgan (KMI) (Midstream) - KMI is viewed as a top opportunity due to its role in transporting ~40% of US natural gas and its interconnectivity across key regions [3] - The company is in discussions for $10 billion of pre-FID projects aimed at growing power demand, with a notable discount in stock price compared to peers [6] Sempra Energy (SRE) (Utilities) - SRE is rated as a Buy, with Oncor expected to benefit from data center load growth and a supportive regulatory environment [7] - The stock trades at 17.6x 2026E P/E, with an expected EPS growth rate of 10% through 2029, suggesting a higher multiple is warranted [7] Duke Energy (DUK) (Utilities) - DUK is also rated as a Buy, with a price target of $141, reflecting a 19.5x P/E multiple on estimates [7] - The company plans to increase capex to $95-$105 billion due to rising demand, with a competitive advantage in gas generation [7] MasTec (MTZ) (Energy Services) - MTZ is positioned well for growth due to increased utility capital spending and upcoming T&D projects starting in mid-2026 [8] - The stock trades at ~13x 2026 EV/EBITDA, slightly below the target of 14x, indicating potential for upside [8] Array Technologies (ARRY) (Clean Technology) - ARRY is seen as a compelling investment in the utility-scale solar sector, trading at a P/E of 11.1x compared to peers at 14.2x [10] - The company has improved its growth outlook and is experiencing bookings acceleration, which should lead to margin expansion [10] Market Dynamics - The overall sentiment is constructive regarding growing power demand, which is expected to support gas demand growth and infrastructure development [3] - There is a noted disconnect in valuations, particularly for ARRY, which is trading at a significant discount despite improved growth prospects [10] Risks and Considerations - Key risks for companies include lower commodity prices, execution risks on capital plans, and regulatory uncertainties [60] - Investors are advised to consider the potential for LNG cargo cancellations impacting the US gas market later in the decade [41] Conclusion - The conference call highlighted a positive outlook for several companies within the Energy, Utilities, and Mining sectors, driven by increasing power demand and strategic capital investments. However, investors should remain cautious of potential risks associated with commodity price fluctuations and execution challenges.

It has been about a month since the last earnings report for EQT Corporation (EQT) . Shares have added about 10.1% in that time frame, outperforming the S&P 500.But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is EQT due for a pullback? Well, first let's take a quick look at its latest earnings report in order to get a better handle on the recent drivers for EQT Corporation before we dive into how investors and analysts have reacted as o ...

Core Viewpoint - EQT is significantly increasing its investment focus on Asia, identifying the region as a major growth engine with compelling opportunities in private equity and infrastructure [1][2]. Investment Strategy - EQT raised over $10 billion for its ninth Asia private equity fund, the BPEA Private Equity Fund IX, which has a target of $12.5 billion [3]. - The firm plans to invest approximately $930 million in Douzone Bizon, a South Korean enterprise software provider [3]. Market Trends - Other private equity firms, such as KKR, are also shifting focus to Asia, with half of their 2025 private equity capital returns expected to come from the region [5]. - EQT's Asia strategy is based on a strong local presence to exploit "structural alpha opportunities" due to market inefficiencies compared to the U.S. and Europe [6][7]. Regional Focus - While many investors are cautious about China, EQT sees potential in early-stage investments driven by domestic demand rather than cross-border flows [8]. - The firm emphasizes sectors such as services, software, education, and financial services, which are less affected by geopolitical tensions [8]. Performance Insights - In 2020, China represented over 50% of Asia-Pacific private equity deal value, but this share dropped to 27% in 2024 [9]. - EQT's performance has been largely independent of monetary cycles, with the firm not relying on falling interest rates for future success [10][11].

Core Viewpoint - EQT Corporation is recognized as one of the best aggressive growth stocks to buy, with Scotiabank maintaining a Sector Perform rating and a price target of $70 following strong Q3 2025 results [1][2]. Financial Performance - In Q3 2025, EQT Corporation reported significant achievements in production, capital expenditure, and free cash flow, attributing this success to operational efficiencies [2]. - Capital expenditures for Q3 2025 were 10% lower than the midpoint of the company's guidance, resulting from ongoing efficiency gains and midstream cost optimization [3]. Operational Highlights - The company set multiple records during the quarter, including the highest pumping hours in a month, the fastest quarterly completion speed, and the most lateral footage drilled and completed in a 24-hour period [2]. - EQT Corporation had a strong and oversubscribed open season for its MVP boost expansion project, leading to a 20% increase in the project's size [3]. Strategic Initiatives - Potential catalysts for EQT Corporation include continued synergy capture from Equitrans, a target to reduce total debt to a maximum of $5 billion, ongoing optimization of the gathering system, and direct supply agreements [4]. - EQT Corporation operates as a vertically integrated natural gas company, focusing on production and midstream operations primarily in the Appalachian Basin [4].

Core Insights - Investors have reacted negatively to disappointing earnings reports from companies like Netflix and Chipotle, leading to significant declines in their stock prices [1][2] - The overall performance of S&P 500 companies has been positive, but the rewards for beating earnings expectations have been minimal, while penalties for missing expectations have been severe [2][4] Earnings Performance - Companies that missed earnings expectations experienced an average stock decline of nearly 5% around their earnings release, which is worse than the five-year average decline of -2.6% [3][8] - Conversely, companies that beat earnings expectations saw an average stock increase of only 0.1%, below the five-year average increase of 0.9% [3][5] Market Sentiment - The current earnings season has shown a trend where traders are more pessimistic, despite a record number of positive earnings surprises among S&P 500 companies [4][5] - Over 64% of S&P 500 companies that reported earnings exceeded consensus EPS estimates by at least one standard deviation, compared to a historical average of 49% over the past 25 years [5][8] Macro Environment - The earnings season is taking place against a backdrop of macroeconomic volatility, including renewed trade policy uncertainty and concerns regarding bank lending [9]

Industry Overview - The U.S. natural gas market is experiencing a significant price increase, with futures climbing above $4.30 per MMBtu, the highest level since March, driven by colder weather forecasts and strong LNG exports to Europe and Asia [2][5] - Natural gas currently accounts for approximately 40% of U.S. electricity generation, highlighting its critical role in the energy sector [1] LNG Export Dynamics - LNG export flows averaged a record 16.6 billion cubic feet per day in October, with November figures reaching 17.2 billion cubic feet per day, indicating robust demand from European buyers due to declining Russian supplies [3][4] - The U.S. is actively pursuing new energy commitments in trade talks with Asian partners, further solidifying its position as a key LNG supplier [3] Market Trends - Over the past three months, natural gas futures have surged by 34%, contrasting with a 12% drop in oil prices, leading to the lowest oil-to-gas price ratio since late 2022 [5] - Analysts project natural gas prices to reach $4.28 per MMBtu by the end of the current quarter and $5.14 within the next 12 months, indicating a bullish outlook for the sector [5] Company Implications - Companies heavily invested in natural gas production, particularly those with significant LNG export capabilities, are expected to see substantial gains. Cheniere Energy, a leading U.S. LNG exporter, is likely to benefit from increased revenues and profitability due to rising prices and strong demand [5] - Other major natural gas producers, such as EQT Corporation and Chesapeake Energy, are also positioned to benefit from the increased natural gas prices and sustained demand [5]

Core Insights - EQT Corp has historically underperformed in November, finishing lower in seven out of the last ten years with an average loss of 6% [2][3] - Wall Street is currently facing challenges due to fears of AI overvaluation and warnings from executives at major banks about a potential 20% equity market pullback in the next one to two years [1] Company Performance - EQT Corp is identified as the worst performer in the S&P 500 for November over the past decade, with an average return of -5.97% and a median return of -3.56% [2][3] - The stock has shown a year-to-date gain of 21.5% but has faced long-term resistance around the $58 level since early October [3] Market Sentiment - Short-term options traders are exhibiting a bearish sentiment towards EQT, as indicated by a put/call open interest ratio of 1.73, ranking in the 91st percentile of annual readings [5] - The options market appears to be affordably priced, with EQT's Schaeffer's Volatility Index at 40%, placing it in the 20th percentile of annual readings [6]

Core Insights - EQT Corporation, based in Pittsburgh, focuses on exploring and producing natural gas, primarily in the Appalachian Basin, with a market cap of $33.4 billion [1] Performance Overview - EQT has significantly outperformed the broader market, with stock prices increasing by 16.2% in 2025 and 38.9% over the past 52 weeks, slightly lagging behind the S&P 500 Index's 16.3% gains in 2025 but outperforming its 17.7% returns over the past year [2] - The company has also outperformed the Energy Select Sector SPDR Fund (XLE), which saw gains of 2.9% in 2025 and a marginal 10 basis points increase over the past 52 weeks [3] Financial Results - Following the release of Q3 results on October 21, EQT's stock prices dropped nearly 4%, despite better-than-expected results. Sales volumes increased by 9.1% year-over-year to 634.4 Bcfe, and average sales prices surged by 39.7% year-over-year to $2.64 per Mcfe [4] - The company's topline revenue soared by 52.3% year-over-year to $1.96 billion, significantly beating consensus estimates. Adjusted EPS skyrocketed by 225% year-over-year to $0.52, surpassing expectations by 10.6% [4] Future Expectations - For the full fiscal year 2025, analysts expect EQT to deliver an adjusted EPS of $2.84, representing a 76.4% year-over-year increase. The company has a strong earnings surprise history, surpassing bottom-line estimates in each of the past four quarters [5] - Among 26 analysts covering EQT stock, the consensus rating is a "Strong Buy," with 19 "Strong Buys," one "Moderate Buy," and six "Holds" [5] Analyst Ratings - On October 23, Wells Fargo analyst Sam Margolin reiterated an "Overweight" rating on EQT but reduced the price target from $68 to $66 [7]