Top oil & gas exploration stocks, according to Mizuho

Mizuho has identified EQT and Range Resources as top-performing stocks in the oil and gas exploration and production sector. EQT, which is in the midst of acquiring Range Resources, reported a third-quarter 2026 EBITDAX of $1,021 million, which was slightly below street expectations but on par with Mizuho's estimates. The company also saw a 35% increase in free cash flow due to lower spending.

Meanwhile, Range Resources reported a third-quarter 2026 EBITDAX of $364 million and free cash flow of $160 million, with total production trending toward the high end of guidance at 2.35 to 2.40 billion cubic feet equivalent per day. Both companies have demonstrated operational efficiencies and strategic consolidation, with Mizuho maintaining an Outperform rating and price targets of $68 and $67 per share, respectively.

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