Unpacking Oil & Gas Stock's Bull Note

EQT Corp (NYSE:EQT) stock is 0.2% higher at $31.20 at last check, following a bull note at Wells Fargo. The analyst upgraded the natural gas name to "overweight" from "equal weight," following last month's $5.45 billion deal with Equitrans (ETRN) and upbeat second-quarter report.

There's room for more analysts to join the bullish bunch. While 11 still recommend a "buy" or better, nine rate EQT "hold" or worse.  

This bullishness has been prevalent in the options pits lately, per EQT stock's 10-day call/put volume ratio of 19.34 over at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) that sits higher than 100% of annual readings.

Despite its recent rise, finishing three of the last four days higher, EQT remains 19% lower in 2024, and is down almost 26% over the last 12 months. The equity continues to recover from more than 52-week lows amid the global selloff early this month.