Core Insights - EQT Corporation, based in Pittsburgh, focuses on exploring and producing natural gas primarily in the Appalachian Basin, with a market cap of $34.7 billion, indicating its significant presence in the energy sector [1][2] Financial Performance - EQT's stock reached an all-time high of $62.23 on December 5, currently trading 10.7% below that peak, with a 9.1% increase in stock prices over the past three months, outperforming the S&P 500 Index's 3.7% increase during the same period [3] - Year-to-date, EQT stock prices have risen 20.5%, and 21.2% over the past 52 weeks, surpassing the S&P 500's gains of 16.1% and 12.8% respectively [4] - Following the release of Q3 results on October 21, despite better-than-expected performance, EQT's stock dropped nearly 4%. The company reported a 9.1% year-over-year increase in sales volumes to 634.4 Bcfe, with average sales prices soaring 39.7% to $2.64 per Mcfe. Overall, topline revenue increased 52.3% year-over-year to $1.96 billion, exceeding consensus estimates [5] - Adjusted EPS for EQT skyrocketed 225% year-over-year to $0.52, surpassing market expectations by 10.6% [5] Competitive Position - EQT has significantly outperformed its peer, EOG Resources, Inc., which experienced an 11.9% decline year-to-date and a 14.7% drop over the past 52 weeks [6]

Core Insights - EQT has fully exited its investment in Kodiak Gas Services, marking the end of a nearly seven-year partnership that supported Kodiak's growth into a leading contract compression company in North America [1][8] Company Overview - Kodiak Gas Services, founded in 2011 and headquartered in Houston, provides essential compression equipment and services for the transportation of natural gas across the U.S. energy value chain [2] - The company operates a high-horsepower fleet that serves major producers and midstream operators in North America's low-cost basins, playing a crucial role in meeting U.S. energy needs and enhancing domestic energy security [3] Investment Impact - Since EQT's initial investment in 2019, Kodiak has transformed significantly, with revenue and EBITDA increasing by over 8 times, and headcount growing by more than 400% to over 1,300 employees [4][5] - Kodiak has expanded its operations into new markets across North America and successfully listed on the New York Stock Exchange in 2023 [5] Strategic Developments - During EQT's investment period, Kodiak completed multiple strategic acquisitions, invested in digital tools to optimize performance and reduce emissions, and launched its first sustainability report, now operating one of the lowest emission fleets in the U.S. compression market [4][5] - The exit from Kodiak demonstrates EQT's commitment to building sustainable businesses through operational excellence and hands-on value creation [8]

Group 1 - The article emphasizes that natural gas is a crucial starting point in the supply chain for AI and data center development, particularly in electricity generation [1] - The focus is on independent power producers (IPPs) and their role in the energy landscape [1] - The article suggests that nuclear and uranium energy sources are projected to become more relevant by 2030 [1] Group 2 - The author has extensive experience in investment, having worked as both a sell-side and buy-side analyst, as well as a portfolio manager [1] - The analysis aims to provide a fundamental view of companies and funds, emphasizing the importance of operating and financial forecasts in driving valuations [1] - The selection choices are based on long-term potential, with a tendency to take personal positions in various investment ideas [1]

Core Insights - The article emphasizes the importance of natural gas as a foundational element in the supply chain for AI and data center development, particularly in electricity generation [1]. Industry Overview - Natural gas is identified as a key driver for electricity generation, with nuclear and uranium energy sources projected to become more relevant by 2030 [1]. Analyst Background - The analyst has over 35 years of experience in investment, having worked as both a sell-side and buy-side analyst, as well as a portfolio manager for debt and equity funds [1]. - The focus is on providing fundamental analysis of companies and funds, with an emphasis on operating and financial forecasts that inform valuations [1].

Industry Overview - Electricity demand in the U.S. is projected to grow at an annual rate of 2.5%, which is five times faster than the previous decade, highlighting the increasing importance of energy infrastructure and security [2] - The surge in energy demand is driven by the rapid expansion of data centers that support artificial intelligence algorithms [1] Company Insights EQT Corporation - EQT Corporation is a leading natural gas producer in the U.S., involved in the exploration, production, transportation, and sale of natural gas [5] - The company has a market capitalization of $38 billion, with a current price of $59.56 and a gross margin of 40.73% [6][7] - Natural gas is recognized as a cleaner-burning fuel, providing reliable baseload electricity and is increasingly favored by utilities and industrial customers due to its cost-effectiveness [7][8] Vistra Energy - Vistra Energy is one of the largest power producers in the U.S., serving over 5 million customers and operating as a merchant power company [9] - The company has a market capitalization of $57 billion, with a current price of $166.63 and a gross margin of 38.78% [10][11] - Vistra's business model allows it to profit from rising wholesale electricity prices, particularly in regions experiencing high demand and supply constraints [11][12] ExxonMobil - ExxonMobil is one of the world's largest energy companies, with significant investments in oil and gas, including natural gas production in the U.S. [13] - The company has a market capitalization of $491 billion, with a current price of $116.49 and a gross margin of 22.11% [14][15] - ExxonMobil aims to become a leading seller of high-value liquefied natural gas (LNG), with plans to double its LNG sales to 40 million metric tons per annum by 2030 [16][17]

Group 1 - The article discusses the analysis of oil and gas companies, specifically EQT Corporation, focusing on identifying undervalued companies in the sector [1] - The polar vortex event is expected to increase natural gas consumption significantly, leading to below-normal temperatures in several regions [2] - The oil and gas industry is characterized as a cyclical sector that requires patience and experience for successful investment [2] Group 2 - The investing group, Oil & Gas Value Research, seeks out under-followed oil companies and midstream companies that present compelling investment opportunities [2] - The group provides an active chat room for investors to discuss recent information and share investment ideas [2]

Core Insights - The article discusses the potential benefits for oil and gas companies due to the polar vortex event, which is expected to increase natural gas consumption during winter [2]. Group 1: Industry Analysis - The polar vortex event will lead to temperatures significantly below normal, resulting in higher demand for natural gas [2]. - The oil and gas industry is characterized as a boom-bust, cyclical sector, requiring patience and experience for successful investment [2]. Group 2: Company Focus - The analysis includes a focus on undervalued oil and gas companies, particularly those that are under-followed or out-of-favor midstream companies, which present compelling investment opportunities [2]. - EQT Corporation is specifically mentioned as a company of interest, with the analyst holding a beneficial long position in its shares [3].

Core Insights - Whales have adopted a bearish stance on EQT, with 53% of trades being bearish and 46% bullish [1] - The total amount for put trades is $80,596, while call trades amount to $866,449 [1] - The predicted price range for EQT is between $57.5 and $75.0 [2] Options Trading Overview - Significant options trades indicate a mix of bullish and bearish sentiments, with notable trades including a bearish call for $60.00 and a bullish call for $70.00 [7] - The volume and open interest analysis is crucial for understanding liquidity and interest levels in EQT's options [3] Company Profile - EQT is an independent natural gas production company primarily operating in the Marcellus and Utica shales in the Appalachian Basin [8] - The company generates all its operating revenue in the US, mainly from the sale of natural gas [8] Market Position - Current trading volume for EQT is 4,416,443, with a price increase of 1.69% to $61.08 [13] - Analysts have set a consensus target price of $58.5, with varying ratings from different market experts [10][11]

Core Insights - The Carillon Scout Mid Cap Fund's third-quarter 2025 investor letter indicates positive returns for the Russell Midcap Index, driven by strong corporate earnings, AI infrastructure momentum, and U.S. Federal Reserve interest rate expectations [1] Company Summary: EQT Corporation - EQT Corporation (NYSE:EQT), a natural gas production company, reported a one-month return of 4.66% and a 52-week gain of 31.13%, with a closing stock price of $58.60 and a market capitalization of $36.57 billion as of December 2, 2025 [2] - Despite its strong performance metrics, EQT Corporation underperformed due to weakened sentiment around natural gas as supply increased ahead of demand. The company anticipates rising demand as new liquefied natural gas (LNG) export facilities come online and AI-related power demand grows in the coming years [3] - EQT Corporation is not among the 30 most popular stocks among hedge funds, with 82 hedge fund portfolios holding its stock at the end of Q3 2025, down from 96 in the previous quarter. The company is viewed as a potential investment, but certain AI stocks are considered to offer greater upside potential with less downside risk [4]

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]