Shares of EQT Holdings surged on Thursday after the company reported quarterly earnings that exceeded market expectations, driven by robust performance in its energy infrastructure segment.
The Pittsburgh-based natural gas producer posted adjusted earnings per share of $1.25, up from $0.98 in the same period last year and ahead of the $1.10 consensus estimate compiled by Refinitiv. Revenue rose 18% year-over-year to $1.4 billion, supported by higher natural gas prices and increased production volumes.
EQT Holdings’ energy infrastructure division, which includes midstream assets, reported a 22% increase in operating income, offsetting softer performance in its upstream segment. The company reaffirmed its full-year production guidance, citing stable demand and favorable pricing conditions.
Analysts at JPMorgan upgraded the stock to Overweight from Neutral, citing the earnings beat and improved outlook for natural gas markets. The upgrade followed similar moves from Goldman Sachs and Morgan Stanley, which cited the company’s strong balance sheet and disciplined capital allocation.
The stock, which had been trading near its 52-week low ahead of the report, surged 8.5% in early trading, outpacing broader energy sector gains. EQT Holdings has now recouped nearly half of its year-to-date losses, though shares remain down 15% from their peak in January.
Investors will monitor the company’s next major catalysts, including updates on its liquefied natural gas export projects and potential acquisitions in the Appalachian Basin.
