EQT Corporation initiated with an Overweight at Wells Fargo

Wells Fargo analyst Roger Read initiated coverage of EQT Corporation with an Overweight rating and $41 price target. EQT has become the largest U.S. natural gas producer and one of the largest exploration and production companies by volume and resource base, the analyst tells investors in a research note. Wells anticipates modest growth through 2025, due mostly to market access limitations, but views EQT’s overreliance on gas as a "modest headwind for equity performance" in 2023.