EQT Will Buy Rice Energy In $6.7 Billion Natural Gas Shale Deal

EQT Will Buy Rice Energy In $6.7 Billion Natural Gas Shale Deal

The deal is expected to close in the fourth quarter of 2017 and is subject to customary closing conditions, including shareholder and regulator approval. Finally, Carlyle Group L.P. purchased a new position in Rice Energy during the fourth quarter worth approximately $52,583,000. Highbridge Capital Management LLC now owns 122,456 shares of the oil and gas producer’s stock worth $3,197,000 after buying an additional 103,546 shares in the last quarter. Highbridge Capital Management LLC increased its position in Rice Energy by 547.6% in the third 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.

EQT shares were down $3.47, or 5.9%, to $55.30 Monday morning before the opening bell.

EQT Corporation and Rice Energy Inc. announce that they have entered into a definitive merger agreement under which EQT will acquire all of the outstanding shares of Rice common stock for total consideration of approximately $6.7 billion – consisting of 0.37 shares of EQT common stock and $5.30 in cash per share of Rice common stock. The fund owned 93,514 shares of the oil and gas producer’s stock after selling 286,187 shares during the period. The original version of this news story can be accessed at https://www.themarketsdaily.com/2017/06/19/rice-energy-inc-rice-shares-sold-by-cornerstone-capital-management-holdings-llc-updated.html. Dimensional Fund L P holds 0.03% in Rice Energy Inc (NYSE:RICE) or 3.11M shares.

It is now trading at $25.31 marginally under the 50 day moving average which is $20.86 and just below the 200 day moving average of $21.40. The firm’s market capitalization is $4.15 billion. Rice Energy Inc. has a one year low of $18.30 and a one year high of $29.36.

Rice Energy (NYSE:RICE) last posted its quarterly earnings results on Wednesday, May 3rd. The oil and gas producer reported $0.12 EPS for the quarter, missing the Zacks’ consensus estimate of $0.22 by $0.10. EQT said it will assume or refinance about $1.5 billion of debt and preferred equity. The company had revenue of $393.81 million during the quarter, compared to analysts’ expectations of $364.60 million. Rice Energy had 61 analyst reports since July 21, 2015 according to SRatingsIntel. Finally, Barclays PLC reissued a “buy” rating on shares of Rice Energy in a research report on Wednesday, March 1st. Rice Energy presently has a consensus rating of “Buy” and a consensus price target of $30.24. Stifel Nicolaus started coverage on Rice Energy in a research report on Thursday, March 23rd. Seaport Global Securities upgraded the stock to “Buy” rating in Monday, February 6 report. 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.

A few brokerage analysts have issued ratings on the company recently. The company now has a consensus rating of “Buy” and an average target price of $30.76.