EQT buys Rice Energy to create shale gas drilling giant

Engineers Gate Manager LP acquired a new stake in Rice Energy Inc. (NYSE:RICE) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also added to or reduced their stakes in the stock. Next quarter's EPS is expected be $0.13 with next year's EPS projected to be $0.78. Essex Investment Mgmt Co Ltd Co reported 17,606 shares. SG Americas Securities LLC now owns 8,797 shares of the oil and gas producer's stock worth $230,000 after buying an additional 38,797 shares in the last quarter. Lazard Asset Management LLC bought a new position in Rice Energy during the third quarter worth $591,000. The fund owned 178,244 shares of the oil and gas producer's stock at the end of the first quarter. Rice Energy has $43 highest and $9.50 lowest target. (NYSE:RICE) traded down 0.15% during trading on Friday, reaching $19.69.

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

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. For Rice Energy, Barclays Capital Inc. acted as financial adviser and Vinson & Elkins LLP acted as legal adviser.

Rice Energy (NYSE:RICE) last issued its quarterly earnings results on Wednesday, May 3rd. The company had revenue of $393.81 million during the quarter, compared to analysts' expectations of $364.60 million. Rice Energy had a positive return on equity of 2.45% and a negative net margin of 27.73%.

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Rice Energy shareholders will receive $5.30 per share in cash and 0.37 EQT shares for each share they hold, EQT said. RBC Capital Markets maintained the stock with "Outperform" rating in Monday, October 3 report. If you are viewing this report on another site, it was copied illegally and republished in violation of United States and global copyright legislation.

Shares of Rice Energy Inc (NYSE:RICE) opened at 20.23 on Friday.

RICE has been the topic of a number of analyst reports. The stock of Rice Energy Inc (NYSE:RICE) has "Buy" rating given on Monday, November 21 by Deutsche Bank. Stifel Nicolaus initiated it with "Buy" rating and $14.0 target in Thursday, December 10 report.

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. Jefferies Group LLC set a $26.00 price objective on shares of Rice Energy and gave the stock a "buy" rating in a research report on Saturday, March 25th. As per Thursday, August 11, the company rating was maintained by Citigroup. SunTrust downgraded the shares of RICE in report on Monday, January 30 to "Hold" rating.

US oil and gas company EQT Corp said on Monday it would buy Rice Energy in a cash-and-stock deal worth $6.7 billion to expand its natural gas business. Already a leading producer in the Appalachian Basin, this acquisition will make EQT the largest natural gas producer in the United States.

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