EQT - EQT Corp.: Buy The Forgivable Dip At A 20% Free Cash Flow Yield

• EQT Corp., which I wrote about twice in 2020, is my latest entry in my new series, BTFD, which stands for "Buy The Forgivable Dip".
• Shares of EQT are down over 20% from their early 2021 highs, completely ignoring a robust dry natural gas pricing environment, as investors instead focus on near-term hedging losses.
• Even with their suboptimal hedges in place for 2021, and 2022, EQT is trading at roughly a 20% free cash flow yield looking out a year.
• Bigger picture, the disciplined commitment to capital spending is setting the stage for a longer-term secular bull market in dry natural gas prices.
• As the biggest producer of dry gas, by a significant margin, following recent acquisitions, EQT should be a primary beneficiary from a potential secular bull market in dry natural gas prices.

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