EQT Corporation (NYSE:EQT) is one of the 12 best commodity stocks to buy right now.
On November 17, 2025, Morgan Stanley’s Devin McDermott reiterated a “Buy” rating on EQT Corporation 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 five years’ journey, marked by over 50% production growth, 30% cost reduction, and a doubling of free cash flow. With this, EQT Corporation has become a competitive player in the market, McDermott noted. The analyst also expressed optimism about the company’s goal of achieving a $1 billion higher run-rate FCF, with an additional $550 million in fee-based cash flow and $400 million in lower maintenance spending.
Meanwhile, EQT Corporation had reported its Q3 2025 results on October 21. Advancing its operational consistency, the company delivered $484 million in quarterly free cash flow, which surpassed $2.3 billion over the past four quarters. This robust cash flow was driven by high-end production, strong productivity, and record-low cash costs.
The quarter also marked disciplined capital management, keeping spending $70 million below the target midpoint and integrating Olympus Energy in just 34 days. The company also raised the base dividend by 5% to $0.66 per share, while expecting minimal cash taxes in 2025, which could save nearly $100 million relative to the prior forecast. EQT Corporation expects to generate $19 billion in free cash flow over the next five years. This growth will be driven by utility demand through MVP boost commitments and a paced LNG strategy designed to avoid the expected oversupply in 2027-2029.
EQT Corporation, a leading U.S. natural gas producer, operates upstream, gathering, and transmission assets across the Appalachian Basin.
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