Eagle Capital Management, LLC on EQT Corporation
Thesis
EQT is the largest U.S. pure-play natural-gas producer and combines low-cost, long-lived assets with a management team Eagle views as strong capital allocators. Its Marcellus position and internally owned pipelines differentiate the company and allow it to earn good margins even in weak pricing environments. Additional LNG export capacity and rising electricity demand from data centers should tighten natural-gas supply and demand, supporting EPS growth and free cash flow.
“Its position in the Marcellus shale and internally owned pipeline assets give it a distinctive position compared to most peers.”