5 Oil Stocks With Biggest Upside

3. EQT Corporation (NYSE:EQT)

Number of Hedge Fund Holders: 57     

EQT Corporation (NYSE:EQT) operates as a natural gas production company in the United States. The firm is one of the top natural gas stocks in the US and has benefited from the recent rise in natural gas prices as winter season approaches and the demand increases. The is also priced at just 4x cash flows, making it an interesting value proposition. The firm expects to generate reliable long-term returns, giving capital back to shareholders as it does so. 

On November 17, Piper Sandler analyst Mark Lear maintained an Overweight rating on EQT Corporation (NYSE:EQT) stock and raised the price target to $63 from $62, noting that the exploration and production models, as well as fiscal 2023 models, were updated based on third-quarter results.

Among the hedge funds being tracked by Insider Monkey, New York-based investment firm Soroban Capital Management is a leading shareholder in EQT Corporation (NYSE:EQT) with 6.5 million shares worth more than $263.6 million.  

In its Q2 2022 investor letter, ClearBridge Investment, an asset management firm, highlighted a few stocks and EQT Corporation (NYSE:EQT) was one of them. Here is what the fund said:

“We also added natural gas company EQT (NYSE:EQT) in the energy sector. As one of the lowest-cost domestic producers, EQT stands to benefit from its position as a leading supplier of natural gas to a world suffering from critically low energy reserves. The Russian invasion of Ukraine and threats to hold natural gas exports hostage have spurred a surge in European energy prices, generating long-term agreements by European countries to purchase U.S. natural gas.

This strong demand and elevated prices have helped EQT strengthen its balance sheet and position it to take advantage as opportunities emerge for natural gas to plug the gaps in the global energy transition from fossil fuels to renewables.”