EQT is one of the largest pure play natural gas producers in the world and has been consolidating in a long base for 3 months printing higher lows. Insiders are snapping up shares. Several large hedge funds are building positions and pushing for constructive changes to boost shareholder value.Hedge Fund Manager D.E. Shaw Supports Shake-Up At EQT
12:39 PM ET, 01/11/2019 - MT Newswires
12:39 PM EST, 01/11/2019 (MT Newswires) -- EQT (EQT) shares were slightly higher at mid-day Friday as hedge fund manager D.E. Shaw & Co. expressed support for the call by Rice Energy co-founders Toby Rice and Derek Rice for change at the natural gas company in a bid to reverse management's "poor execution."
Last month the Rice brothers called for a "course correction" at the company a year after their family sold Rice Energy Inc. to EQT in an $8 billion deal.
In a letter to the board Friday, D.E. Shaw, which advises funds that own 4.5% of the EQT stock, described the Rice team as "seasoned operators with a proven track record of delivering peer-leading results" on the exact assets the company currently owns.
"Like many shareholders, we have been disappointed in the current management's poor execution and are excited about the prospect of Toby Rice and the Rice Team returning to lead the company and deliver the performance improvements shareholders deserve," D.E. Shaw said.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.