Since making EQT (NYSE: EQT) our #2 Best Buy in the Growth Portfolio in The Energy Strategist in January (see Crude Realities Intrude), the stock price has soared. We even raised the Buy limit to $80 on May 2nd (when the price closed at $69.21).

Now that the price has risen to just under $80, the question becomes “Is EQT still a Best Buy?”

Igor Greenwald is out this week on a much-deserved vacation, so we will confer on this when he returns. But until then let me offer a few thoughts to prospective EQT buyers.

In 2014, EQT traded above $100 a share as natural gas inventories were hitting low levels that  hadn’t been seen in a decade. That year EQT reported $2.39 billion of revenue and $1.78 billion in EBITDA. Following the price crash that persisted throughout 2015, EBITDA for the year fell to $1.54 billion, and now for the previous 12 months has fallen to $1.38 billion.

But the reserves and production picture is impressive. At the beginning of 2014, EQT had proved reserves of 7.6 trillion cubic feet (tcf) of natural gas. Production in 2014 totaled 445 billion cubic feet (bcf). At the end of 2015 proved reserves had risen to 9.1 tcf (+20% from the beginning of 2014) and production for 2015 rose to 562 bcf (+26% year-over-year). Over the same time period the company reduced net debt from $1.9 billion to $1.5 billion.

Given these strong performance measures, EQT’s surge is no surprise. It will remain a dominant producer in the core of the Marcellus shale in southeastern Pennsylvania and northern West Virginia for many years.

Growth will continue. In May EQT announced that it would buy drilling rights on 62,000 West Virginia acres adjacent to its turf from Statoil (NYSE: STO) for $407 million. To help pay for the acquisition the company announced an $800 million equity offering.  

While the upside is clearly not what it was a few months ago, long-term investors can have confidence that the company will be well-placed to take advantage of numerous demand drivers that will come into play over the next few years.

At the same time, natural gas prices are presently near $3/MMBtu with inventories at historic highs for this time of year. There is some momentum in natural gas prices, but there is risk of a pullback especially if the summer weather moderates. Thus, the downside risk in the short term may be unacceptably high for those looking to make a fast profit.

So, my advice to long-term and short-term traders would be different (unlike early-May when I was bullish across the board). Long-term investors should continue to buy #2 Best Buy EQT below $80 as we consider whether to raise that buy limit. Short-term traders are advised to proceed much more cautiously given the potential for a pull back. Should you proceed, I would recommend utilizing aggressive trailing stops to protect your downside.