EQT intends to sell the Rice midstream assets to its EQT Midstream Partners LP affiliate beginning early next year, Chief Financial Officer Robert McNally said on the call. The legal version of this report can be accessed at https://www.themarketsdaily.com/2017/06/19/rice-energy-inc-rice-stock-rating-reaffirmed-by-scotiabank.html.
Rice Energy (NYSE:RICE) last released its quarterly earnings data on Wednesday, May 3rd. Institutional investors own 94.27% of the company's stock. Dimensional Fund L P holds 0.03% in Rice Energy Inc (NYSE:RICE) or 3.11M shares. TheStreet upgraded shares of Rice Energy from a "d+" rating to a "c-" rating in a research note on Thursday, April 6th.
Rice CEO Daniel J. Rice IV said the combination of the country's "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". They now have a $29.00 target price on the oil and gas producer's stock.
Rice Energy Inc. has a 52-week low of $18.30 and a 52-week high of $29.36.
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The suit does not mean there has been any finding of guilt, only that there is a reason to believe the merger violates the law. What happens next for the merger? "The administrative trial is scheduled to begin on November 21, 2017".
The offer translates to $27.05 per Rice Energy share, representing a premium of 37.4 percent to the stock's Friday closing price, according to Reuters calculations.
In the last earnings report the EPS was $-1.75 and is projected to be $0.55 for the current year with 205,060,000 shares outstanding. The company had revenue of $393.81 million during the quarter, compared to analyst estimates of $364.60 million. The stock now has a consensus rating of "Buy" and an average target price of $30.00. Aureus Asset Mngmt Limited Liability Co holds 0.05% of its portfolio in Rice Energy Inc (NYSE:RICE) for 12,500 shares.
Rice Energy shares reacted to the news, rising almost 27% to $25.01 in Monday's trading session. Scotia Capital maintained the shares of RICE in report on Friday, May 5 with "Buy" rating. Six research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. Separately, on June 16, Mizuho's Tim Rezvan maintained a Buy rating on the stock and has a price target of $34. Out of 8 analysts who cover the stock, 7 suggest a Buy rating and one recommends to Hold the stock.
On the ratings front, Rice Energy has been the subject of a number of recent research reports. On October 6, 2016 started coverage with an initial rating of "Buy" and setting a price target of $43.00.
EQT Corp. will become the largest US natural gas producer after agreeing to buy Rice Energy's holdings in the hydrocarbon-rich Marcellus shale formation for about $6.7 billion in cash and stock. The Exploration and Production segment involves in the acquisition, exploration and development of natural gas, oil and NGLs.