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

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 (NYSE:EQT) 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 (NYSE:EQT) 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 (NYSE:EQT) 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 (NYSE:EQT) 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 (NYSE:EQT), a leading U.S. natural gas producer, operates upstream, gathering, and transmission assets across the Appalachian Basin.

While we acknowledge the potential of EQT as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

READ NEXT: 10 Best Small-Cap Biotech Stocks to Buy According to Analysts and 11 Best AI Infrastructure Stocks to Buy Right Now.

Disclosure: None.