EQT Corp (EQT) with 6000 January 2023 $22 calls bought $4.30 to $4.55 on 5/7 and follows the recent buys of 50,000 January 2023 $25 calls, a significant long-term bet. EQT put in a strong candle last week breaking out of a multi-month sideways range and the monthly chart is breaking out of a 7-year downtrend. EQT has a nice volume pocket here up to the $25 level. The $5.1B natural gas company trades 35X Earnings, 5.2X EBITDA and 0.63X Book. EQT recently announced a transformative $2.9B acquisition of Alta Resources which is expected to increase FCF buy $300-$400M annually and adds high margin Marcellus Shale assets. EQT has also been focused on accelerating debt reduction / deleveraging and increasing returns to shareholders. EQT current projections see 31% EBITDA growth in 021 and 7% growth in 2022. Analysts have an average target of $23.50 on shares with short interest low at 5% of the float. Tudor Pickering raised to Buy last week with a $24 target.