UPDATE: KLR Group Initiates Coverage On Rice Energy Inc On Superior Growth

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In a report published Monday, KLR Group analyst Gail Nicholson initiated coverage on

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Rice Energy Inc

(NYSE: RICE) with an Accumulate rating and $38.00 price target.In the report, KLR Group noted, “We are initiating coverage on RICE with an Accumulate rating and target price of $38 per share. The company is focused on the development of the Marcellus and Utica Shale in the Appalachian Basin. Our target price is anchored on a long-term $4.25 NYMEX gas price. RICE has ~127k net acres prospective for the Marcellus and Utica Shale, predominately in Washington and Greene Counties, PA and Belmont County, OH. The company has increased its acreage position by ~56% since its IPO and anticipates adding another ~13.4k net acres by YE'14.”Rice Energy closed on Friday at $30.10.