Rice's Third-Quarter Production Beats Expectations; Stock Fairly Valued Following Recent Slump
Rice Energy delivered production of 747 mmcfe/d in the third quarter, which was 23% higher year over year and consistent with our 744 mmcfe/d forecast. However, the reported figure includes a one-time prior period adjustment of 27 mmcfe/d, and without this the company would have far exceeded our estimate (management highlighted an 800 mmcfe/d third-quarter exit rate). The firm’s financial results were slightly low to consensus, with adjusted EBITDA and earnings per share coming in at $133 millio...
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