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EQT

EQT Corporation

$62.88

-2.52 (-3.85%)

, EQM

EQT Midstream Partners

$76.36

-0.32 (-0.42%)

13:21
01/03/17
01/03
13:21
01/03/17
13:21

Investment firm urges EQT to lead 'much needed' mergers in Appalachia

North Carolina-based investment firm Chapter IV has urged EQT Corp (EQT) to explore a merger with either Antero Resources (AR) or Range Resources (RRC), arguing in a letter published Tuesday that the energy company should lead "much needed" consolidation in the Appalachian Basin. Weighing in on the event, research firm RBC said it expects the letter to drive new conversation on the topic, adding that it expects "some" consolidation over time. INVESTOR URGES MERGER EXPLORATION: Chapter IV, identifying itself as a six-year shareholder of EQT, published a letter delivered to EQT Corp's board on December 28, arguing that the energy company should explore a stock-for-stock merger with either Antero Resources or Range Resources. Explaining its call, the firm wrote, "We strongly believe that EQT has a phenomenal opportunity to lead much needed, large-scale consolidation in the Appalachian Basin, and the timing is right for EQT to explore that opportunity in 2017." Chapter IV said either transaction "would unlock a multi-billion dollar value creation opportunity" and "provide cash flow stability and funding to accelerate its high-return E&P business," while emphasizing that it isn't advocating for one of the proposed merger partners over the other. RANGE SAYS WOULD EVALUATE MERGER APPROACH: In response to the news, Range Resources issued a statement, saying "it has not been contacted by EQT Corp regarding a potential merger of the two companies nor does Range plan to initiate any such discussions. If EQT or any other entity were to contact Range regarding a potential transaction, Range's board will evaluate any such potential transaction considering the best interests of its stockholders." RBC EXPECTS SOME CONSOLIDATION: Weighing in on the event, RBC analyst Scott Hanold said he expects Chapter IV's letter to "spur some conversations on the merits of consolidation" in the area. The Marcellus and liquid-heavy Utica formations "are at a maturation point where consolidation can make sense," but Hanold conceded that the value of dry-gas Utica can be debated, making certain combinations "a bit more challenging." That said, the analyst expects "some" consolidation "over time" as natural gas prices stabilize higher, which he says could occur over the next 12-18 months. Hanold kept an Outperform rating and $88 target on EQT Corp. PRICE ACTION: Shares of EQT are down nearly 4% to $62.88 in afternoon trading, while EQT Midstream Partners (EQM) is down 0.35%. Antero and Range are down 1.4% and 6.9%, respectively.

EQT

EQT Corporation

$62.88

-2.52 (-3.85%)

EQM

EQT Midstream Partners

$76.36

-0.32 (-0.42%)

AR

Antero Resources

$23.20

-0.45 (-1.90%)

RRC

Range Resources

$31.78

-2.58 (-7.51%)

  • 02

    Feb

  • 02

    Feb

EQT EQT Corporation
$62.88

-2.52 (-3.85%)

01/03/17
RBCM
01/03/17
NO CHANGE
Target $88
RBCM
Outperform
EQT activist letter to drive consolidation talk, says RBC Capital
RBC Capital analyst Scott Hanold expects Chapter IV Investors' letter to EQT Corporation (EQT) to drive conversations on the merits of consolidation in the Appalachian region. Mergers can make sense in the Marcellus liquids-rich Utica, but dry-gas Utica value "can still be debated," making certain combinations "a bit more challenging," Hanold tells investors in a research note. The analyst expects "some" industry consolidation once natural gas prices find a more stabilized balance around $3.50/MMBtu, which he thinks could occur over the next 12-18 months. Hanold has an Outperform rating on EQT with an $88 price target.
12/09/16
GHSC
12/09/16
DOWNGRADE
GHSC
Neutral
EQT Corporation downgraded to Neutral from Accumulate at Seaport Global
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.
EQM EQT Midstream Partners
$76.36

-0.32 (-0.42%)

01/15/16
WELS
01/15/16
UPGRADE
WELS
Outperform
EQT Midstream Partners upgraded to Outperform at Wells Fargo
Wells Fargo analyst Michael Blum upgraded EQT Midstream Partners to Outperform from Market Perform and keeps a $76-$78 price target range for the shares.
02/25/16
MSCO
02/25/16
INITIATION
Target $83
MSCO
Equal Weight
EQT Midstream Partners initiated with an Equal Weight at Morgan Stanley
Morgan Stanley analyst Tom Abrams initiated EQT Midstream Partners with an Equal Weight rating and $83 price target on shares.
01/15/16
01/15/16
UPGRADE

On The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: ADTRAN (ADTN) upgraded to Buy from Hold at Drexel Hamilton... Agnico Eagle (AEM) upgraded at BMO Capital... AkzoNobel (AKZOY) upgraded to Overweight from Neutral at JPMorgan... Banco Popolare (BPSAY) upgraded to Hold from Sell at Berenberg... CACI (CACI) upgraded to Outperform from Neutral at Credit Suisse... CRH (CRH) upgraded to Outperform from Neutral at Exane BNP Paribas... Colgate-Palmolive (CL) upgraded to Outperform from Neutral at Exane BNP Paribas... Compania Cervecerias (CCU) upgraded to Buy from Neutral at Goldman... DCP Midstream (DPM) upgraded to Outperform from Market Perform at Wells Fargo... EQT Midstream Partners (EQM) upgraded to Outperform at Wells Fargo... Electronic Arts (EA) upgraded to Buy from Neutral at BofA/Merrill... Esterline (ESL) upgraded to Outperform from Neutral at Credit Suisse... Gilead (GILD) upgraded to Neutral from Underperform at BofA/Merrill... Gold Fields (GFI) upgraded to Neutral from Sell at Goldman... H&E Equipment (HEES) upgraded to Buy from Neutral at Longbow... Huntington Ingalls (HII) upgraded to Neutral from Underperform at Credit Suisse... JPMorgan (JPM) upgraded to Overweight from Neutral at Atlantic Equities... Lennar (LEN) upgraded to Buy from Neutral at UBS... Marketo (MKTO) upgraded at RBC Capital... Masco (MAS) upgraded to Buy from Neutral at UBS... Microchip (MCHP) upgraded to Buy from Hold at Needham... Mosaic (MOS) upgraded to Neutral from Sell at Goldman... NV5 Global (NVEE) upgraded to Accumulate from Neutral at Seaport Global... Nokia (NOK) upgraded to Buy from Hold at Argus... On Deck Capital (ONDK) upgraded to Neutral from Sell at Compass Point... PBF Energy (PBF) upgraded to Overweight from Equal Weight at Morgan Stanley... Plantronics (PLT) upgraded to Overweight from Neutral at JPMorgan... Shire (SHPG) upgraded to Buy from Neutral at BofA/Merrill... Sirius XM (SIRI) upgraded on valuation at BMO Capital... Spectra Energy Partners (SEP) upgraded on valuation at RBC Capital... Spirit AeroSystems (SPR) upgraded to Outperform from Neutral at Credit Suisse... United Rentals (URI) upgraded to Buy from Neutral at Longbow... Webster Financial (WBS) upgraded to Buy from Neutral at Guggenheim... WhiteWave (WWAV) upgraded to Overweight from Equal Weight at Barclays.
AR Antero Resources
$23.20

-0.45 (-1.90%)

12/09/16
GHSC
12/09/16
DOWNGRADE
GHSC
Accumulate
Antero Resources downgraded to Accumulate from Buy at Seaport Global
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.
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.
RRC Range Resources
$31.78

-2.58 (-7.51%)

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.

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