Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
We have spent our lives saying that when a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact. EQT is the finest test of that maxim we have seen in some time. Toby Rice and his team have executed about as well as anyone can execute in the natural gas business — they have built the lowest-cost integrated gas franchise in America, cut $8 billion of debt in two years, and positioned themselves squarely in front of the two great demand waves of this decade: LNG exports and data center power. We tip our hats sincerely. And yet the business itself remains what it has always been: a price-taking producer of a fungible commodity that must be drilled out of the ground again every single year, at a cost of over $2 billion annually, just to stand still.
Recent filings analysed: 10-Q (2026-07-22), 8-K (2026-07-21), 8-K (2026-07-14), 10-Q (2026-04-22).
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