Goldman Sachs Group Inc. Downgrades Rice Energy Inc. (RICE) to Not Rated
Rice Energy Inc. (NYSE:RICE) was downgraded by equities researchers at Goldman Sachs Group Inc. from a “neutral” rating to a “not rated” rating in a note issued to investors on Tuesday.
Several other equities analysts have also weighed in on the stock. Jefferies Group restated a “buy” rating on shares of Rice Energy in a research report on Friday, September 9th. Seaport Global Securities lowered shares of Rice Energy from a “buy” rating to a “neutral” rating and raised their price objective for the company from $26.00 to $29.00 in a research report on Tuesday, August 30th. Williams Capital assumed coverage on shares of Rice Energy in a research report on Monday, August 29th. They set a “hold” rating and a $29.00 price objective for the company. Citigroup Inc. raised their price objective on shares of Rice Energy from $22.00 to $28.00 and gave the company a “neutral” rating in a research report on Thursday, August 11th. Finally, Deutsche Bank AG raised their price objective on shares of Rice Energy from $23.00 to $28.00 and gave the company a “hold” rating in a research report on Wednesday, August 10th. Seven analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Rice Energy presently has a consensus rating of “Buy” and a consensus price target of $24.50.
Shares of Rice Energy (NYSE:RICE) opened at 25.25 on Tuesday. The company has a 50 day moving average of $26.47 and a 200 day moving average of $20.86. Rice Energy has a 52 week low of $7.92 and a 52 week high of $29.36. The firm’s market cap is $3.95 billion.
Rice Energy (NYSE:RICE) last announced its earnings results on Wednesday, August 3rd. The company reported ($1.07) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.06) by $1.01. The company earned $116 million during the quarter, compared to the consensus estimate of $180.12 million. Rice Energy had a negative net margin of 70.19% and a positive return on equity of 1.01%. The business’s quarterly revenue was up 2.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.03 EPS. On average, equities research analysts anticipate that Rice Energy will post $0.03 EPS for the current fiscal year.
A number of institutional investors have recently added to or reduced their stakes in RICE. Legal & General Group Plc increased its position in shares of Rice Energy by 57.7% in the first quarter. Legal & General Group Plc now owns 7,159 shares of the company’s stock valued at $100,000 after buying an additional 2,618 shares during the period. Acadian Asset Management LLC bought a new position in shares of Rice Energy during the second quarter valued at approximately $118,000. BNP Paribas Arbitrage SA bought a new position in shares of Rice Energy during the second quarter valued at approximately $162,000. Pacad Investment Ltd. bought a new position in shares of Rice Energy during the second quarter valued at approximately $179,000. Finally, Menta Capital LLC bought a new position in shares of Rice Energy during the second quarter valued at approximately $225,000. Hedge funds and other institutional investors own 95.95% of the company’s stock.
About Rice Energy
Rice Energy Inc (Rice Energy) is an independent natural gas and oil company. The Company is engaged in the acquisition, exploration and development of natural gas, oil and natural gas liquids (NGL) properties in the Appalachian Basin. The Company conducts its operations through two segments: Exploration and Production, and Midstream.
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