Breaking News Instant updates and real-time market news.

EQT

EQT Corporation

$62.56

-0.45 (-0.71%)

, RICE

Rice Energy

$27.32

-0.2 (-0.73%)

05:17
10/17/17
10/17
05:17
10/17/17
05:17

EQT Corporation reiterates benefits of pending acquisition of Rice Energy

EQT Corporation (EQT), today issued the following statement in response to a filing from JANA Partners : The proposed acquisition of Rice Energy (RICE) represents a pivotal strategic opportunity for EQT to have an unmatched asset position in one of the most prolific natural gas basins in the United States. EQT's board and management team remain confident the Rice transaction will deliver significant value and is in the best interests of all EQT shareholders. JANA has suggested that EQT's presentation of the combined Rice-EQT acreage map is misleading, and that the existence of non-contiguous acreage contained within the pro-forma footprint of the combined company implies that stated operational synergies from the transaction are not achievable. This is emphatically not the case. EQT has been operating in the Appalachian Basin for nearly 130 years, has drilled more than 2,500 horizontal wells, and has drilled the longest lateral in the Marcellus at 17,400 feet. It is standard industry practice to manage any non-contiguous acreage requirements through well path adjustments, smaller bolt-on acquisitions, and tactical fill-ins, all of which are part of our current development plan at an estimated cost of up to $200 million annually. In addition, there are often small-scale acreage trades between operators that are used to fill in gaps. Each of these methods are routinely employed by EQT and other Appalachian operators to build their respective development programs. Given the multitude of legacy natural gas leases across Appalachia, it is commonplace for small acreage plots to exist given the historical ownership of land in the region. The combined Rice-EQT acreage profile was evaluated thoroughly and carefully, and based on our development plan, which includes the cost of tactical fill-ins, the Company is confident it will achieve the $2.5B in synergies that it has identified. For JANA to suggest that this acreage acquisition strategy, which is standard for Appalachian operators, is inconsistent with achieving the anticipated benefits of the transaction is highly misleading and inaccurate. In addition, JANA seems to believe shareholders face a binary decision between either approving the proposed Rice transaction - or - taking action to address EQT's sum-of-the-parts discount. In fact, that is simply not the case. Approval of the Rice transaction will actually enhance EQT's ability to unlock value by improving the competitive positioning of each of EQT's key businesses and increasing optionality. As previously announced, immediately upon the closing of the Rice transaction, EQT will establish a committee of the Board of directors to evaluate options for addressing EQT's sum-of-the-parts discount and the Board expects to announce a decision by the end of the first quarter of 2018. The EQT Board unanimously approved the Rice transaction and urges shareholders to use the WHITE proxy card to vote "FOR" all agenda items in advance of the special meeting on November 9.

EQT

EQT Corporation

$62.56

-0.45 (-0.71%)

RICE

Rice Energy

$27.32

-0.2 (-0.73%)

EQGP

EQT GP

$29.71

-0.53 (-1.75%)

  • 26

    Oct

  • 14

    Nov

EQT EQT Corporation
$62.56

-0.45 (-0.71%)

09/26/17
GHSC
09/26/17
UPGRADE
Target $79
GHSC
Buy
EQT Corporation upgraded to Buy from Neutral at Seaport Global
Seaport Global analyst Mike Kelly upgraded EQT Corporation (EQT) to Buy and increased its price target to $79 from $57 to reflect increased confidence in the Rice Energy (RICE) acquisition.
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.
07/14/17
HOWW
07/14/17
UPGRADE
HOWW
Outperform
EQT Corporation upgraded to Outperform at Scotia Howard Weil
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.
RICE Rice Energy
$27.32

-0.2 (-0.73%)

09/01/17
09/01/17
DOWNGRADE

On The Fly: Top analyst downgrades
Catch up on today's top analyst downgrades with this list compiled by The Fly: 1. Ambarella (AMBA) was downgraded to Hold from Buy at Craig-Hallum and to Neutral from Buy at Roth Capital. 2. America First Multifamily Investors (ATAX) downgraded to Perform at Oppenheimer with analyst Ben Chittenden saying Hurricane Harvey likely reduces the value of the company's Houston properties. Further, the analyst views the shares as fully priced. 3. Greif (GEF) downgraded to Neutral from Buy at BofA/Merrill with analyst George Staphos citing valuation and reduced catalysts. 4. Rice Energy (RICE) downgraded to Hold from Buy at US Capital Advisors. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
09/01/17
USCA
09/01/17
DOWNGRADE
USCA
Hold
Rice Energy downgraded to Hold from Buy at US Capital Advisors (pre-open)
09/08/17
GSCO
09/08/17
DOWNGRADE
Target $26
GSCO
Neutral
Rice Energy downgraded to Neutral from Buy at Goldman Sachs
Goldman analyst Brian Singer downgraded Rice Energy to Neutral and trimmed its price target to $26 from $29 citing valuation following recent outperformance.
09/08/17
09/08/17
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. PepsiCo (PEP) downgraded to Neutral on declining US beverage sales at Credit Suisse with analyst Laurent Grandet saying risk/reward is "balanced" following an 11% share appreciation over the past year, especially with US beverage sales struggling year-to-date. 2. Chipotle (CMG) downgraded to Underperform from Market Perform at Cowen with analyst Andrew Charles citing proprietary survey data that indicates the company's quality and value perceptions remain at trough levels, leading him to believe the sales recovery will continue to trail investor expectations. 3. Aflac (AFL) downgraded to Underperform from Neutral at BofA/Merrill with analyst Seth Weiss citing relative valuation. 4. Kroger (KR) downgraded to Perform from Outperform at Oppenheimer with analyst Rupesh Parikh citing the company's second quarter results. 5. Rice Energy (RICE) downgraded to Neutral from Buy at Goldman Sachs with analyst Brian Singer citing valuation following recent outperformance. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
EQGP EQT GP
$29.71

-0.53 (-1.75%)

10/10/17
GHSC
10/10/17
INITIATION
Target $37
GHSC
Buy
EQT GP initiated with a Buy at Seaport Global
Seaport Global analyst Bernie Colson initiated EQT GP with a Buy and $37 price target.
07/18/17
LEHM
07/18/17
DOWNGRADE
LEHM
Equal Weight
EQT GP downgraded to Equal Weight from Overweight at Barclays
06/20/17
RBCM
06/20/17
NO CHANGE
RBCM
EQT GP to benefit from Rice Energy deal, says RBC Capital
RBC Capital analyst TJ Schultz says that EQT (EQGP) is the "clear winner" of EQT Corporation's (EQT) acquisition of Rice Energy (RICE). The analyst says that EQT GP should benefit from higher IDR cash flow due to an increase of EQT's equity units which it will use to fund the deal. Additionally, he notes that EQT intends to sell retained midstream assets to EQT Midstream (EQM), and he says that, as a result, EQT GP will benefit from higher distribution growth at EQT Midstream in the medium term. The analyst raised his price target on EQT GP to $40 from $36 and keeps an Outperform rating on the stock.
06/19/17
RBCM
06/19/17
NO CHANGE
RBCM
RBC says EQT deal positive for EQT Midstream, negative for Rice Midstream
After EQT (EQT) announced an agreement to acquire Rice Energy (RICE), RBC Capital analyst TJ Schultz called the news a positive for EQT Midstream (EQM) and EQT GP (EQGP), as it will enhance their growth outlook. However, he views it as a near-term negative for Rice Midstream (RMP), which now lacks clarity and no longer has drops to support growth. Schultz added that he thinks EQT eventually will look to collapse the midstream structure to eliminate the IDRs.

TODAY'S FREE FLY STORIES

KW

Kennedy Wilson

$19.40

0.3 (1.57%)

06:02
11/22/17
11/22
06:02
11/22/17
06:02
Hot Stocks
Kennedy Wilson acquires apartment community in Greater Bellevue for $135M »

Kennedy Wilson has…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

KBR

KBR

$18.85

0.23 (1.24%)

05:55
11/22/17
11/22
05:55
11/22/17
05:55
Hot Stocks
KBR JV awarded FEED contract for Absheron Field in Azerbaijan »

KBR announced that the…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 28

    Nov

CRM

Salesforce

$108.80

1.43 (1.33%)

05:52
11/22/17
11/22
05:52
11/22/17
05:52
Downgrade
Salesforce rating change  »

Salesforce downgraded to…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 27

    Nov

GG

Goldcorp

$13.23

-0.05 (-0.38%)

05:49
11/22/17
11/22
05:49
11/22/17
05:49
Downgrade
Goldcorp rating change  »

Goldcorp downgraded to…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

TRNO

Terreno Realty

$37.74

0.74 (2.00%)

05:46
11/22/17
11/22
05:46
11/22/17
05:46
Upgrade
Terreno Realty rating change  »

Terreno Realty upgraded…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 14

    Dec

PAAS

Pan American Silver

$15.20

0.22 (1.47%)

05:42
11/22/17
11/22
05:42
11/22/17
05:42
Upgrade
Pan American Silver rating change  »

Pan American Silver…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 28

    Nov

  • 05

    Dec

CBRL

Cracker Barrel

$150.79

-6.41 (-4.08%)

05:41
11/22/17
11/22
05:41
11/22/17
05:41
Downgrade
Cracker Barrel rating change  »

Cracker Barrel downgraded…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

VIPS

Vipshop

$8.22

-1.03 (-11.14%)

05:39
11/22/17
11/22
05:39
11/22/17
05:39
Recommendations
Vipshop analyst commentary  »

Vipshop price target…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

NJR

New Jersey Resources

$43.80

-0.5 (-1.13%)

05:35
11/22/17
11/22
05:35
11/22/17
05:35
Upgrade
New Jersey Resources rating change  »

New Jersey Resources…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

PBPB

Potbelly

$12.15

-0.15 (-1.22%)

05:31
11/22/17
11/22
05:31
11/22/17
05:31
Recommendations
Potbelly analyst commentary  »

Potbelly shares remain…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

CRM

Salesforce

$108.80

1.43 (1.33%)

05:29
11/22/17
11/22
05:29
11/22/17
05:29
Recommendations
Salesforce analyst commentary  »

Salesforce price target…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 27

    Nov

YNDX

Yandex

$34.28

0.57 (1.69%)

05:28
11/22/17
11/22
05:28
11/22/17
05:28
Hot Stocks
Yandex appoints Greg Abovsky as COO »

Yandex announced changes…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

MNK

Mallinckrodt

$21.39

-0.42 (-1.93%)

05:26
11/22/17
11/22
05:26
11/22/17
05:26
Downgrade
Mallinckrodt rating change  »

Mallinckrodt downgraded…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 14

    Dec

05:25
11/22/17
11/22
05:25
11/22/17
05:25
General news
FX Action: The dollar has perked up »

FX Action: The dollar…

SIG

Signet Jewelers

$52.79

-23.05 (-30.39%)

05:22
11/22/17
11/22
05:22
11/22/17
05:22
Recommendations
Signet Jewelers analyst commentary  »

Signet Jewelers price…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 07

    Dec

  • 08

    Dec

AXTA

Axalta Coating

$33.87

0.33 (0.98%)

05:19
11/22/17
11/22
05:19
11/22/17
05:19
Recommendations
Axalta Coating analyst commentary  »

Nippon could bid as much…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

AXTA

Axalta Coating

$33.87

0.33 (0.98%)

, AKZOY

AkzoNobel

$30.57

0.085 (0.28%)

05:16
11/22/17
11/22
05:16
11/22/17
05:16
Hot Stocks
Axalta Coating confirms takeover talks with Nippon Paint »

Axalta Coating Systems…

AXTA

Axalta Coating

$33.87

0.33 (0.98%)

AKZOY

AkzoNobel

$30.57

0.085 (0.28%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

RLOG

Rand Logistics

$0.59

0.016 (2.80%)

05:15
11/22/17
11/22
05:15
11/22/17
05:15
Hot Stocks
Rand Logistics to be acquired by American Industrial Partners »

Rand Logistics announced…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

SGMS

Scientific Games

$52.20

-0.3 (-0.57%)

05:12
11/22/17
11/22
05:12
11/22/17
05:12
Hot Stocks
Scientific Games acquires 11.6M ordinary shares of NYX Gaming »

Scientific Games…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

ADI

Analog Devices

$90.19

-2.88 (-3.09%)

05:12
11/22/17
11/22
05:12
11/22/17
05:12
Recommendations
Analog Devices analyst commentary  »

Analog Devices price…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 09

    Jan

TEDU

Tarena

$13.36

-2.53 (-15.92%)

05:10
11/22/17
11/22
05:10
11/22/17
05:10
Downgrade
Tarena rating change  »

Tarena downgraded to Hold…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

HPQ

HP Inc.

$22.46

0.34 (1.54%)

05:07
11/22/17
11/22
05:07
11/22/17
05:07
Recommendations
HP Inc. analyst commentary  »

HP Inc. target raised to…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

CRM

Salesforce

$108.80

1.43 (1.33%)

05:05
11/22/17
11/22
05:05
11/22/17
05:05
Recommendations
Salesforce analyst commentary  »

Salesforce price target…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 27

    Nov

AXTA

Axalta Coating

$33.87

0.33 (0.98%)

, AKZOY

AkzoNobel

$30.57

0.085 (0.28%)

05:03
11/22/17
11/22
05:03
11/22/17
05:03
Recommendations
Axalta Coating, AkzoNobel, Berkshire Hathaway, Berkshire Hathaway analyst commentary  »

Axalta remains potential…

AXTA

Axalta Coating

$33.87

0.33 (0.98%)

AKZOY

AkzoNobel

$30.57

0.085 (0.28%)

BRK.A

Berkshire Hathaway

$275,000.00

2995 (1.10%)

BRK.B

Berkshire Hathaway

$183.18

1.55 (0.85%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

CRM

Salesforce

$108.80

1.43 (1.33%)

04:57
11/22/17
11/22
04:57
11/22/17
04:57
Recommendations
Salesforce analyst commentary  »

Salesforce positive…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 27

    Nov

Get Full Fly Access

Breaking market intelligence sent straight to you
Our team of experts analyze every news story and filter out the noise to deliver real-time market moving news.
Up-to-date information on important industry events
Get real-time updates on events that are moving the market—from conferences and calls to syndicate announcements.
News focused on the companies in your portfolio
Create up to 12 portfolios with 150 stocks each, and see how active they are in market news.