Morgan Stanley Remains Bullish on EQT Corporation (EQT) Following Strong Multi-Year Performance

Core Viewpoint - EQT Corporation is recognized as one of the top commodity stocks to invest in, with strong multi-year performance and a bullish outlook from Morgan Stanley [1][2]. Financial Performance - Over the past five years, EQT has achieved over 50% production growth, a 30% reduction in costs, and a doubling of free cash flow [3]. - In Q3 2025, EQT reported $484 million in quarterly free cash flow, contributing to over $2.3 billion in free cash flow over the last four quarters [4]. - The company anticipates generating $19 billion in free cash flow over the next five years, driven by utility demand and a strategic LNG approach [5]. Capital Management - EQT demonstrated disciplined capital management by spending $70 million below the target midpoint and integrating Olympus Energy in just 34 days [5]. - The base dividend was raised by 5% to $0.66 per share, with expectations of minimal cash taxes in 2025, potentially saving nearly $100 million compared to previous forecasts [5]. Market Position - EQT has strengthened its competitive position in the market, supported by high production levels, strong productivity, and record-low cash costs [3][4].