Covey Capital Advisors buys $7.4 Million stake in Rice Energy Inc (RICE)

Rice Energy Inc (RICE) : Covey Capital Advisors scooped up 113,900 additional shares in Rice Energy Inc during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 12, 2016. The investment management firm now holds a total of 408,554 shares of Rice Energy Inc which is valued at $7.4 Million.Rice Energy Inc makes up approximately 3.92% of Covey Capital Advisors’s portfolio.

Other Hedge Funds, Including , Eaton Vance Management reduced its stake in RICE by selling 4,146 shares or 1.7% in the most recent quarter. The Hedge Fund company now holds 239,934 shares of RICE which is valued at $4.3 Million. Rice Energy Inc makes up approx 0.01% of Eaton Vance Management’s portfolio. Cornerstone Capital Management Holdings. added RICE to its portfolio by purchasing 24,474 company shares during the most recent quarter which is valued at $442,735.Blackrock Group Ltd boosted its stake in RICE in the latest quarter, The investment management firm added 4,390 additional shares and now holds a total of 79,963 shares of Rice Energy Inc which is valued at $1.4 Million.Norges Bank reduced its stake in RICE by selling 12,546 shares or 6.05% in the most recent quarter. The Hedge Fund company now holds 194,780 shares of RICE which is valued at $3.5 Million. Secor Capital Advisors Lp added RICE to its portfolio by purchasing 28,012 company shares during the most recent quarter which is valued at $506,737. Rice Energy Inc makes up approx 0.10% of Secor Capital Advisors Lp’s portfolio.

Rice Energy Inc closed down -0.16 points or -0.85% at $18.62 with 22,99,942 shares getting traded on Friday. Post opening the session at $18.81, the shares hit an intraday low of $18.3 and an intraday high of $18.9 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.

On the company’s financial health, Rice Energy Inc reported $-0.15 EPS for the quarter, missing the analyst consensus estimate by $ -0.05 based on the information available during the earnings call on May 4, 2016. Analyst had a consensus of $-0.10. The company had revenue of $139.90 million for the quarter, compared to analysts expectations of $170.29 million. The company’s revenue was up 27.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $-0.02 EPS.

Many Wall Street Analysts have commented on Rice Energy Inc. Company shares were Reiterated by Topeka Capital Markets on May 9, 2016 to “Buy”, Firm has raised the Price Target to $ 24 from a previous price target of $20 .Company shares were Reiterated by Stifel on May 9, 2016 to “Buy”, Firm has raised the Price Target to $ 22 from a previous price target of $19 .Company shares were Reiterated by Topeka Capital Markets on Apr 13, 2016 to “Buy”, Firm has raised the Price Target to $ 20 from a previous price target of $16 .

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 operates in two segments: Exploration and Production and Midstream. Exploration and Production segment is engaged in the acquisition exploration and development of natural gas oil and NGLs. Midstream segment is engaged in the gathering and compression of natural gas oil and NGL production of and in the provision of water services to support the well completion activities of Rice Energy and third-parties. The Company’s Exploration and Production segment operates in the core of the Marcellus Utica Shales and Upper Devonian Shale. The Company’s midstream assets consist of gathering systems and associated compression infrastructure at Washington County System Greene County System and Belmont County System.

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