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EQT

EQT Corporation

, RRC

Range Resources

09:23
01/03/17
01/03
09:23
01/03/17
09:23

Chapter IV urges EQT to explore merger with Range, Antero

Chapter IV Investors, an investment firm with ownership stakes in EQT Corporation (EQT), Antero Resources (AR) and Range Resources (RRC), said earlier today that it sent a letter and presentation to the board of EQT on December 28 encouraging the company to conduct a process to simultaneously evaluate a potential stock-for-stock merger with either Antero Resources or Range Resources. Chapter IV wants EQT to contrast those options versus a go-it-alone strategy. "If either merger option is consummated, such merger would create the largest and best-positioned natural gas producer in the United States with an expected pro forma enterprise value greater than $25 billion," the fund said in the press release. "In addition, the resulting company would control a complementary, high-growth midstream business that would provide cash flow stability and funding to accelerate its high-return E&P business. In Chapter IV's opinion, an EQT stock-for-stock merger with either Antero or Range would unlock a multi-billion dollar value creation opportunity for EQT shareholders and the shareholders of EQT's chosen merger partner," it added. Reference Link

EQT

EQT Corporation

RRC

Range Resources

AR

Antero Resources

  • 02

    Feb

EQT EQT Corporation

10/24/16
FBCO
10/24/16
INITIATION
Target $86
FBCO
Outperform
EQT Corporation initiated with an Outperform at Credit Suisse
Credit Suisse analyst Mark Lear initiated EQT Corporation with an Outperform and an $86 price target saying it is positioned in the heart of the Marcellus shale with potential upside from further delineation in the Utica Shale, a recovery in gas prices and the ability to extend laterals in the Marcellus.
10/28/16
SBSH
10/28/16
UPGRADE
Target $80
SBSH
Buy
EQT Corporation upgraded to Buy from Neutral at Citi
Citi analyst Vikram Bagri upgraded EQT Corporation to Buy citing improving fundamentals and an attractive valuation following the company's Q3 results. He raised his price target for the shares to $80 from $75.
11/17/16
DRXL
11/17/16
INITIATION
Target $86
DRXL
Buy
EQT Corporation initiated with a Buy at Drexel Hamilton
Drexel Hamilton analyst John Ragozzino initiated EQT Midstream with a Buy and an $86 price target.
12/09/16
GHSC
12/09/16
DOWNGRADE
GHSC
Neutral
EQT Corporation downgraded to Neutral from Accumulate at Seaport Global
RRC Range Resources

12/15/16
HOWW
12/15/16
UPGRADE
Target $49
HOWW
Range Resources upgraded to Outperform at Scotia Howard Weil
Scotia Howard Weil analyst Holly Stewart upgraded Range Resources (RRC) to Outperform from Sector Perform with a $49 price target. The analyst said the acquisition of Memorial Resources (MRD) increases Range's exposure to Gulf Coast pricing and expects realizations to improve quite significantly in 2017.
10/31/16
GSCO
10/31/16
UPGRADE
Target $47
GSCO
Conviction Buy
Range Resources upgraded to Conviction Buy from Neutral at Goldman
Goldman analyst Brian Singer upgraded Range Resources to Conviction Buy from Neutral with a $47 price target citing favorable exposure to Henry Hub and NGLs prices, underappreciated production growth, and valuation.
11/17/16
BMOC
11/17/16
UPGRADE
BMOC
Outperform
Range Resources upgraded to Outperform from Market Perform at BMO Capital
12/02/16
JEFF
12/02/16
NO CHANGE
JEFF
Encana removed from Franchise Pick List at Jefferies
Jefferies analyst Jonathan Wolff said OPEC's production cut plan has mitigated fears that the E&Ps would have to abandon long-term U.S. oil growth plans. However, citing the run-up in the wake of the OPEC meeting, he has removed Encana (ECA) from the firm's Franchise Pick List, as he thinks the shares now better reflect the value of the company's core Midland basin acreage. He keeps a Buy rating on Encana shares, and noted that Range Resources (RRC) remains on the list.
AR Antero Resources

12/09/16
GHSC
12/09/16
DOWNGRADE
GHSC
Accumulate
Antero Resources downgraded to Accumulate from Buy at Seaport Global
11/21/16
DBAB
11/21/16
UPGRADE
Target $30
DBAB
Buy
Antero Resources upgraded to Buy from Hold at Deutsche Bank
Deutsche Bank analyst Josh Silverstein upgraded Antero Resources to Buy saying the long-term risk/reward outlook for natural gas producers has improved from six months ago. Antero is "largely insulated" in 2017 with hedges in place, Silverstein tells investors in a research note. He raised his price target for the shares to $30 from $27.
10/28/16
SUSQ
10/28/16
UPGRADE
Target $35
SUSQ
Positive
Antero Resources upgraded to Positive at Susquehanna
As reported previously, Susquehanna analyst Biju Perincheril upgraded Antero Resources to Positive from Neutral based on improving well productivity, which is driving higher NAV. The improved productivity and lower well costs could result in narrower cash flow outspend and a stronger balance sheet, said Perincheril, who raised the price target on Antero Resources shares to $35 from $28.
01/03/17
RAJA
01/03/17
UPGRADE
RAJA
Strong Buy
Antero Resources upgraded to Strong Buy from Outperform at Raymond James
Raymond James analyst John Freeman upgraded Antero Resources to Strong Buy and raised its price target to $38 from $33. The analyst believes Antero is positioned to grow into its balance sheet given consistent production growth, extensive hedging portfolio, and firm transportation locking in solid basis differentials.

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GDX

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