EQT buys Rice Energy to create shale gas drilling giant

Patrice Gainsbourg
Junho 20, 2017

The institutional investor owned 34,769 shares of the oil and gas producer's stock after selling 189,061 shares during the period.

On the ratings front, Rice Energy has been the subject of a number of recent research reports. At the same time, Rice Midstream Partners LP (NYSE:RMP), the master limited partnership that owns and operates the bulk of the gathering and midstream assets that support Rice Energy's production assets, is trading down nearly 28% on the news while EQT Midstream Partners LP (NYSE:EQM) is trading up 5.2%, while EQT GP Holdings LP (NYSE:EQGP) is up 11%.

The deal values Rice Energy's shares at a 37% premium to Friday's closing price.

News of the transaction sent Rice Energy stock soaring more than 25% on Monday. One investment analyst has rated the stock with a sell rating, six have given a hold rating and fourteen have issued a buy rating to the stock. On November 21 the stock rating was upgraded from "Hold" to "Buy" with a current price target of $33.00 by analysts at Deutsche Bank. (NYSE:RICE) traded down 0.15% during trading on Friday, reaching $19.69. EQT shares also soared early in the day, before slipping back down 8.8% later in the day. The firm's 50-day moving average price is $20.86 and its 200-day moving average price is $21.40. The firm's market capitalization is $4.15 billion. Rice Energy has a 12 month low of $18.30 and a 12 month high of $29.36. The company had revenue of $393.81 million during the quarter, compared to the consensus estimate of $364.60 million. Rice Energy had a positive return on equity of 2.45% and a negative net margin of 27.73%. On average, analysts anticipate that Rice Energy Inc will post $0.58 EPS for the current year.

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TRADEMARK VIOLATION NOTICE: This report was reported by Stock Observer and is owned by of Stock Observer. If you are reading this piece on another domain, it was illegally copied and reposted in violation of U.S. and global copyright and trademark laws. Lone Pine Capital Limited Liability Co reported 0.42% in Rice Energy Inc (NYSE:RICE).

EQT expects the deal to close in the final quarter of this year. State Board of Administration of Florida Retirement System boosted its position in shares of Rice Energy by 11.6% in the fourth quarter. ProShare Advisors LLC now owns 14,953 shares of the oil and gas producer's stock worth $354,000 after buying an additional 1,084 shares during the last quarter.

"Natural gas is the key to a cleaner energy world", Rice Energy CEO Daniel Rice said in a statement, "and the combination of Rice and EQT - two of the United States' largest, lowest-cost, and most responsible natural gas producers - creates an unparalleled leader in shale gas development that will benefit the environment and our shareholders for many decades to come".

Rice Energy Inc (Rice Energy) is an independent natural gas and oil company.

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