|Bid||10.42 x 50000|
|Ask||10.73 x 50000|
|Day's Range||10.86 - 11.27|
|52 Week Range||8.69 - 41.05|
|Beta (3Y Monthly)||0.28|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||0.11 (1.00%)|
|1y Target Est||N/A|
Two brothers have won control of the board of directors of natural gas producer EQT Corp, and one of them, Toby Rice, is expected to be named chief executive officer later on Wednesday, the company said. Shareholders ranging from mutual fund group T. Rowe Price Group Inc to pension fund CalSTRS elected all seven Rice Team nominees as directors as well as five nominees supported by both Rice and EQT, the company said in a statement. "The newly constituted Board will meet later today and is expected to name Toby Z. Rice as President and CEO, succeeding Robert McNally," the statement added.
The board of EQT, the largest independent U.S. natural gas producer, is expected to meet Wednesday and name Toby Rice president and CEO, ending a nine-month battle for control of the company.
The activist shareholders seizing control of EQT Corp., the largest U.S. natural gas producer, have a lot to prove to shale investors burned by lousy earnings and busted budgets.
Proxy advisory firm Egan-Jones Ratings Co recommended that investors in EQT Corp vote in favor of nominees by shareholders Toby and Derek Rice, who have been locked in a battle with the natural gas producer. The brothers were part of the founding team at Rice Energy, which EQT bought in November 2017. EQT's shares have fallen nearly 60 percent since it closed the acquisition of Rice Energy.
Natural gas producer EQT Corp's largest shareholder on Monday extended its support for the nominees of Toby and Derek Rice, the two brothers who sold their company to EQT more than a year ago and are pressing for changes to its board. T Rowe Price Associates Inc, which owns 10% of the company, said it intends to vote for the slate of nominees of Rice brothers at the annual shareholders' meeting on July 10. Proxy advisory firms Institutional Shareholder Services and Glass Lewis came up with contrasting reports last week with ISS supporting nominees of Rice brothers and Glass Lewis backing the company's management.
Proxy adviser Glass Lewis & Co has recommended that investors in natural gas producer EQT Corp vote in favor of the company's board nominees, putting it at odds with another proxy advisory firm which recommended voting in favor of a competing slate of directors proposed by Toby and Derek Rice. "We see no significant outstanding concerns regarding leadership or governance at EQT and we do not believe further board refreshment or oversight is warranted at this juncture," Glass Lewis said in a note dated June 28. The recommendation by Glass Lewis to vote in favor of all 12 of the company's nominees comes after proxy advisory firm Institutional Shareholder Services on Friday advised EQT investors to vote in favor of all the nominees of shareholders Toby and Derek Rice.
Proxy adviser Institutional Shareholder Services urged investors of natural gas producer EQT Corp to vote in favor of all the nominees of shareholders Toby and Derek Rice, sending the company's shares up 8%. The Rice brothers, who own about 3% of EQT, were part of the founding team at Rice Energy, which EQT bought in November 2017. EQT stock has lost nearly 59% since the completion of the Rice merger, compared with an 8.8% fall in the broader S&P Energy Index during the same period.
EQT Corporation (NYSE: EQT ) shareholders known as the Rice Team said in a Friday press release that the natural gas producer is deflecting attention from its underperformance ahead of a July 10 annual ...
In his second "Executive Decision" segment on Mad Money Tuesday night, our own Jim Cramer sat down with Rob McNally, president and CEO of EQT Corp. , the natural gas producer embroiled in a bitter proxy fight with Rice Energy, a company it acquired in 2017. When asked about the proposals made by those backing Rice Energy, McNally said simply that those claims are not based in reality.
The founder of Rice Energy, the U.S. natural gas producer acquired by larger peer EQT Corp for $6.7 billion in 2017, told Reuters on Tuesday that only by giving him control of the EQT board would the business be able to make the changes he believes it needs. Toby Rice has put forward himself, his brother Daniel and five more nominees to sit on EQT's 12-member board, arguing the company has mismanaged the acquisition, with its inefficient production methods leading to significant shareholder value destruction. Daniel Rice is already an EQT board director.
EQT Corp shareholders Rice brothers said on Thursday they will reduce their director nominees to the company's board from nine to seven, after EQT decided to replace three long-serving directors. Rice Energy's Toby Rice and brother Derek own around 3% of EQT and have been pushing for a change in its strategy and a shakeup of the board. Toby and Derek Rice are part of Rice Energy's founding team, which EQT bought in November 2017.
EQT Corp shareholders Rice brothers on Thursday said the company's plan to replace three board members was not enough and urged it to change its leadership. The oil and gas producer said on Wednesday three of its long-serving directors, including its chairman James Rohr, would step down and announced plans to nominate their replacements. Rice Energy's Toby Rice and brother Derek, who own around 3.1 percent stake in EQT, have been asking for Toby Rice to be made the company's chief executive officer.
EQT Corp on Wednesday said three long-serving directors will step down from the company's board, at a time when the oil and gas producer fights a proxy battle with Rice brothers. The company plans to nominate Janet Carrig, James McManus II and Valerie Mitchell to the board, to replace outgoing executives - chairman James Rohr and directors Bray Cary or Lee Todd - who will not seek re-election, it said. Rice Energy's Toby Rice and brother Derek, who own around 3.1 percent of EQT, have been pushing for a change in EQT's strategy and a shakeup of the board.
Toby Rice, the co-founder of Rice Energy, which was acquired by EQT Corp in 2017, said in a statement on Sunday he would drop his lawsuit against EQT after the U.S. oil and gas producer said it was not seeking to manipulate the outcome of his board challenge. Rice and his brother Derek have put forward a slate of nominees to challenge EQT's board in a shareholder vote in July, arguing EQT has mismanaged the $6.7 billion acquisition of their company to the detriment of EQT investors. In a lawsuit last month, Rice also accused EQT of seeking to mislead its shareholders by portraying his board nominees as endorsing EQT's existing board, and presenting their election as triggering covenants that would require EQT to repay early or refinance its debt.
The chief executive of EQT Corp has rejected allegations in a lawsuit filed on Thursday by a founder of Rice Energy Inc to prevent the oil and gas producer from "manipulating" the outcome of its forthcoming board election. Toby and his brother Derek Rice were part of the founding team of Rice Energy, which was bought by EQT in November 2017. Toby, in a statement, alleged that EQT might name Rice nominees in its proxy statement against their wishes, giving an impression that his nominees support the company's current board.