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EQT

EQT Corporation

$58.77

1.07 (1.85%)

, RICE

Rice Energy

$19.69

-0.03 (-0.15%)

07:59
06/19/17
06/19
07:59
06/19/17
07:59

EQT Corporation to acquire Rice Energy for $6.7B in cash and stock deal

EQT Corporation (EQT) and Rice Energy (RICE) announce that they have entered into a definitive merger agreement under which EQT will acquire all of the outstanding shares of Rice common stock for total consideration of approximately $6.7B - consisting of 0.37 shares of EQT common stock and $5.30 in cash per share of Rice common stock. EQT will also assume or refinance approximately $1.5B of net debt and preferred equity. The transaction is expected to close in Q4 subject to customary closing conditions. As the vast majority of the acquired acreage is contiguous with EQT's existing acreage position, EQT anticipates a 50% increase in average lateral lengths for future wells located in Greene and Washington Counties in Pennsylvania. This same land synergy also complements the infrastructure footprint of EQT Midstream Partners, (EQM), where growth opportunities are expected through drop-downs and additional organic projects. Already a leading producer in the Appalachian Basin, this acquisition will make EQT the largest natural gas producer in the United States. EQT will also obtain Rice's midstream assets, including a 92% interest in Rice Midstream GP Holdings LP, which owns 100% of the general partner incentive distribution rights and 28% of the limited partner interests in Rice Midstream Partners LP and the retained midstream assets currently held at Rice. The retained midstream assets, which EQT intends to sell to EQM in the future through drop-down transactions, are expected to generate approximately $130M of EBITDA in 2018. The boards of directors of both companies have unanimously approved the transaction. Completion of the transaction is subject to the approval of both EQT and Rice shareholders, as well as certain customary regulatory and other closing conditions.

EQT

EQT Corporation

$58.77

1.07 (1.85%)

RICE

Rice Energy

$19.69

-0.03 (-0.15%)

EQM

EQT Midstream Partners

$69.93

0.19 (0.27%)

EQT EQT Corporation
$58.77

1.07 (1.85%)

05/02/17
STFL
05/02/17
NO CHANGE
STFL
EQT Corporation weakness overdone, says Stifel
Stifel analyst Karl Chalabala says that the decline in EQT's stock following its Q2 results are overdone. Despite the company's lower than expected quarterly production guidance, the analyst raised his estimates, citing "higher well productivity from increased type curves and forward gas strips continuing to grind higher." He raised his price target on the stock to $81 from $63 and keeps a Buy rating on the shares.
01/11/17
BMOC
01/11/17
DOWNGRADE
BMOC
Market Perform
EQT Corporation downgraded on production outlook, valuation at BMO Capital
As noted earlier, BMO Capital downgraded EQT to Market Perform from Outperform. Analyst Phillip Jungwirth expects the company's 2017-18 debt-adjusted production growth to come in below that of its peers. He adds that the shares "trade at a premium to Marcellus/Utica peers on 2017-18 EV/EBITDAX." Target to $73 from $75.
03/13/17
TUDR
03/13/17
UPGRADE
TUDR
Buy
EQT Corporation upgraded to Buy from Hold at Tudor Pickering
Tudor Pickering analyst Jeoffrey Lambujon upgraded EQT Corporation to Buy.
03/23/17
STFL
03/23/17
INITIATION
STFL
Buy
EQT Corporation coverage resumed with a Buy at Stifel
Stifel analyst Karl J. Chalabala resumed coverage of EQT with a $63 price target and a Buy rating. The analyst says that the company has the highest leverage to coming natural gas price increases.
RICE Rice Energy
$19.69

-0.03 (-0.15%)

02/06/17
GHSC
02/06/17
UPGRADE
GHSC
Buy
Rice Energy upgraded to Buy from Neutral at Seaport Global
Seaport Global analyst Mike Kelly upgraded Rice Energy to Buy with a $28 price target citing compelling NAV upside and continued operational improvements.
01/30/17
RHCO
01/30/17
DOWNGRADE
RHCO
Hold
Rice Energy downgraded to Hold from Buy at SunTrust
03/23/17
STFL
03/23/17
INITIATION
STFL
Buy
Rice Energy coverage resumed with a Buy at Stifel
Stifel analyst Karl J. Chalabala resumed coverage of Rice with a $32 price target and a Buy rating.
03/31/17
GHSC
03/31/17
DOWNGRADE
Target $26
GHSC
Neutral
Rice Energy downgraded to Neutral from Buy at Seaport Global
Seaport Global analysts led by Mike Kelly downgraded Rice Energy to Neutral from Buy and and lowered its price target to $26 from $28. Kelly said Rice has limited upside relative to his $2.50/Mcf long-term gas estimate and valuation is inline with peers.
EQM EQT Midstream Partners
$69.93

0.19 (0.27%)

02/20/17
MSCO
02/20/17
UPGRADE
Target $89
MSCO
Overweight
EQT Midstream Partners upgraded to Overweight at Morgan Stanley
As previously reported, Morgan Stanley upgraded EQT Midstream Partners to Overweight from Equal Weight with an $89 price target. Analyst Tom Abrams said E&P volume guidance continues to be strong and Northeast takeaway looks better. He said despite recent strength, E&P valuations still have further to go and EQT has organic growth opportunities and attractive valuation.
02/14/17
MSCO
02/14/17
UPGRADE
Target $89
MSCO
Overweight
EQT Midstream Partners upgraded to Overweight at Morgan Stanley
As previously reported, Morgan Stanley upgraded EQT Midstream Partners to Overweight from Equal Weight with an $89 price target. Analyst Tom Abrams said E&P volume guidance continues to be strong and Northeast takeaway looks better. He said despite recent strength, E&P valuations still have further to go and EQT has organic growth opportunities and attractive valuation.
02/14/17
MSCO
02/14/17
UPGRADE
MSCO
Overweight
EQT Midstream Partners upgraded to Overweight from Equal Weight at Morgan Stanley
01/26/17
01/26/17
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Cognex (CGNX) initiated with a Neutral at JPMorgan. 2. Realogy (RLGY) initiated with a Hold at Deutsche Bank. 3. EQT Midstream Partners (EQM) ande EQT GP (EQGP) were initiated with a Buy at Janney Capital. 4. Williams (WMB) was assumed with an Outperform at Credit Suisse, while Williams Partners (WPZ) was assumed with a Neutral. 5. Actelion (ALIOF) reinstated with a Hold at Deutsche Bank. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.

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