market folly

Steve Mandel's hedge fund firm Lone Pine Capital has filed a 13G with the SEC regarding shares of Rice Energy (RICE).  Per the filing, Lone Pine now owns 5.8% of the company with over 11.68 million shares.

This is a newly disclosed equity position for the firm and the filing was made due to activity on January 23rd, 2017.

Per Google Finance, 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 conducts its operations through two segments: Exploration and Production, and Midstream. The Exploration and Production segment is engaged in the acquisition, exploration and development of natural gas, oil and NGLs. The Exploration and Production segment operates in the cores of the Marcellus and Utica Shales. The Company controls approximately 231,000 net acres in the Marcellus and Ohio Utica Shale cores. It operates approximately 1,164 drilling locations. The 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."