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EQT

EQT Corporation

$63.11

0.88 (1.41%)

06:11
09/14/17
09/14
06:11
09/14/17
06:11

EQT Corporation shareholder D.E. Shaw Group issues letter to board

EQT Corporation stockholder D. E. Shaw & Co., on behalf of certain investment funds advised by it that in the aggregate own an approximately 4.0% interest in the common stock and equivalents of EQT, sent a letter to the EQT board outlining a plan that it claims could unlock $8B of value for the company's shareholders-representing a 50% upside to the current stock price-and that could be completed during 1H18. The letter claims, among other things: "(...) we believe that EQT is substantially undervalued. (...) We also understand why investors are frustrated with the Company and its current strategy. In our view, these frustrations are justified in light of (i) the Company's poor equity performance, particularly given its low leverage and mix of premier midstream and production assets, (ii) the company's outlay of $1.85B (approximately 17% of its current market capitalization) to acquire additional acreage, despite the company's own share price consistently reflecting negative value for undeveloped acreage, and (iii) the uncertain benefits the company stands to achieve through the acquisition of Rice given the lack of a clear plan to unlock value following the transaction (...) In its response to public criticism of the Rice transaction, EQT has missed an opportunity to provide a clear value creation plan to its shareholders. Instead, EQT management has described the potential for an additional $7.5B in synergies without providing a commitment to achieve any portion of them-the kind of communication that puts valuable credibility at risk (...) In the accompanying presentation, we set forth a plan that allows EQT to acquire Rice and to deliver substantial value to shareholders. (...) The plan consists of the following three actions: 1. Carry Out a Separation of Production and Midstream Businesses. (...) 2. Restructure Midstream Businesses Through a Merger of EQM and RMP. (...) 3. Appoint Experienced Midstream Executives to the Board of EQT. (...) We look forward to working constructively together for the benefit of all EQT shareholders".

  • 14

    Nov

EQT EQT Corporation
$63.11

0.88 (1.41%)

08/03/17
08/03/17
DOWNGRADE
Target $30

Equal Weight
Rice Energy downgraded to Equal Weight at Stephens
As previously reported, Stephens analyst Ben Wyatt downgraded Rice Energy (RICE) to Equal Weight from Overweight, with a $30 price target. The analyst notes that the company reported "strong" Q2 results, and acquired 16.5K net acres in the Marcellus while entering into an agreement to sell 36K Barnett acres and 76 Mmcfepd of production from the Barnett. Since the EQT Corporation (EQT) announcement in June, there has been speculation that the transaction would not close due to Jana's involvement with EQT and its push to dissolve the announced EQT/Rice Energy acquisition, the analyst points out. However, he believes the deal will be completed.
07/14/17
HOWW
07/14/17
UPGRADE
HOWW
Outperform
EQT Corporation upgraded to Outperform at Scotia Howard Weil
07/12/17
JEFF
07/12/17
DOWNGRADE
Target $26
JEFF
Hold
Rice Energy downgraded to Hold from Buy at Jefferies
Jefferies analyst Zach Parham downgraded Rice Energy (RICE) to Hold on expectations the acquisition by EQT Corporation (EQT) will be completed. The analyst keeps a $26 price target for the shares.
07/05/17
RBCM
07/05/17
DOWNGRADE
RBCM
Sector Perform
EQT Corporation downgraded at RBC Capital
As noted earlier, RBC Capital downgraded EQT Corporation (EQT) to Sector Perform from Outperform. Analyst Scott Hanold expects the company's acquisition of Rice Energy (RICE) to close and predicts that EQT's stock will perform "more in-line over the next year." Target to $80 from $86.

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