EQT buys Rice Energy to create shale gas drilling giant

Reuters

The combined firm would own 1.5 million acres spanning the Marcellus and Utica shale formations, and the transaction would make EQT the largest producer of natural gas in the country, according to a report from the Pittsburgh Post-Gazette.

Several institutional investors have recently modified their holdings of RICE.

On November 7, 2016 Goldman Sachs started covering the stock setting a rating of "Neutral" and projecting a price target of $27.00.

Rice Energy (NYSE:RICE) last issued its quarterly earnings results on Wednesday, May 3rd.

The stock of Rice Energy Inc (RICE) formed H&SI with $27.02 price target or 7.00 % above the current $25.25 share price. Out of 8 analysts who cover the stock, 7 suggest a Buy rating and one recommends to Hold the stock.

Rice Energy Inc. has a 52-week low of $18.30 and a 52-week high of $29.36.

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Wall Street await Rice Energy Inc (NYSE:RICE) to release earnings on August, 2.

Rice Energy (RICE) traded up 24.78% during trading on Friday, hitting $24.57. Russell Investments Group Ltd. bought a new position in shares of Rice Energy during the fourth quarter valued at $586,000. After having $0.12 EPS previously, Rice Energy Inc's analysts see 41.67 % EPS growth. Advisors Asset Management Inc. purchased a new position in Rice Energy during the first quarter valued at about $190,000. Dimensional Fund L P holds 0.03% in Rice Energy Inc (NYSE:RICE) or 3.11M shares.

"This fits entirely with what we were hoping would get done", said Barnes Hauptfuhrer, the founder of Charlotte-based Chapter IV Investors LLC, who wrote an open letter to EQT in January urging it to merge with either Antero Resources Corp. or Range Resources Corp. As per Friday, March 24, the company rating was initiated by Stifel Nicolaus. The 12-month average price target assigned to the stock is $34.00, which represents a potential upside of 34% from where the stock is now trading. The company was maintained on Tuesday, June 14 by Deutsche Bank. The stock has "Hold" rating by SunTrust on Monday, January 30.

On September 27 the company was downgraded to "Not Rated" from "Neutral" in a report issued by Goldman Sachs. TheStreet upgraded shares of Rice Energy from a "d+" rating to a "c-" rating in a research note on Thursday, April 6th. Reuters.com's article titled: "Oil and gas producer EQT to buy Rice Energy in $6.7 billion deal" and published on June 19, 2017 is yet another important article.

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