We just covered the From Fired Researcher to $13.7 Billion King: How Leopold Aschenbrenner Broke the Hedge Fund World and EQT Corporation (NYSE:EQT) ranks 32nd on this list.
Filings for the first quarter of 2026 show that Leopold Aschenbrenner has sold off the stake his hedge fund had in EQT Corporation (NYSE:EQT). The stock first appeared in the 13F portfolio of the fund back in the first quarter of 2025. This position comprised just under a million shares. The fund then proceeded to add to this stake in the coming months, growing it to 2.15 million in the next quarter and 2.48 million by the fourth quarter of 2025. The company engages in the exploration, production, gathering, and transmission of hydrocarbons and natural gas. It also provides marketing services and contractual pipeline capacity management services, as well as engages in risk management and hedging activities.
Bears emphasize that record Q1 free cash flow for EQT Corporation (NYSE:EQT) was temporarily inflated by seasonal winter pricing and a brief deferral of capital outlays, a reality that reverses sharply in Q2. EQT spent $608 million on capital expenditures in Q1 2026. However, management confirmed that Q2 2026 will represent the absolute peak capital investment for the year. Total guided Q2 capital expenditures jumped to $735–$830 million, $525–$595 million maintenance and $210–$235 million growth. Per-unit operating costs crawled up to $1.09 per Mcfe in Q1 2026 compared to $1.05 per Mcfe in Q1 2025.
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