Published: Mon, June 19, 2017
Money | By Armando Alvarado

EQT buys Rice Energy to create shale gas drilling giant

(NYSE:RICE) by 75.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). Institutional investors own 94.27% of the company's stock. Most recently it picked up 53,400 acres in the field from Stone Energy Corp. The oil and gas producer reported $0.12 earnings per share for the quarter, missing analysts' consensus estimates of $0.22 by $0.10. At EQT's Friday closing price of $58.77, that amounts to about $27.05 per share. State Street Corp now owns 3,747,312 shares of the oil and gas producer's stock worth $79,997,000 after buying an additional 571,466 shares during the last quarter. Finally, Norges Bank acquired a new stake in Rice Energy during the fourth quarter valued at approximately $10,166,000.

Shares of Rice Energy Inc. It provides a range of services, including trade execution, broker-dealer services clearing, trade compression, post trade, information, and other back-office services to a range of financial and non-financial institutions. The company was upgraded on Tuesday, October 20 by RBC Capital Markets. The stock has a 50 day moving average price of $21.18 and a 200-day moving average price of $21.57.

Rice Energy (NYSE:RICE) last announced its quarterly earnings data on Wednesday, May 3rd. Rice Energy had a positive return on equity of 2.45% and a negative net margin of 27.73%. RICE's profit would be $27.19 million giving it 37.06 P/E if the $0.17 EPS is correct. Adage Cap Prtnrs Limited Liability Corporation invested 0.08% in Rice Energy Inc (NYSE:RICE). "(RICE)" was reported by Markets Daily and is the property of of Markets Daily. If you are reading this piece on another domain, it was illegally copied and reposted in violation of U.S. and worldwide copyright and trademark laws. It worsened, as 41 investors sold Rice Energy Inc shares while 60 reduced holdings.

A number of research firms have weighed in on RICE. 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. Scotiabank set a $31.00 price target on Rice Energy and gave the company a "buy" rating in a research report on Monday, March 20th.

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Several brokerage analysts have released ratings on Rice Energy Inc. Out of 8 analysts who cover the stock, 7 suggest a Buy rating and one recommends to Hold the stock. They set a "buy" rating and a $32.00 price target for the company.

As part of the agreement, EQT will also receive Rice Energy's midstream assets, including a 92% interest in Rice Midstream GP Holdings, which owns 100% of the general partner incentive distribution rights and 28% of the limited partnership interests in Rice Midstream Partners L.P. (NYSE: RMP) and retained midstream assets held by Rice Energy. The Exploration and Production segment involves in the acquisition, exploration and development of natural gas, oil and NGLs.

In addition, EQT said the two companies' infrastructure footprint contemplating EQT Midstream Partners LP (NYSE: EQM), where the company is planning dropdowns and additional organic projects.

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