Zacks Investment Research Lowers Rex Energy Corp. (REXX) to Sell
Rex Energy Corp. (NASDAQ:REXX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Tuesday.
According to Zacks, “Rex Energy Corporation is an independent oil and gas company operating in the Illinois Basin, the Appalachian Basin and the southwestern region of the United States. The Company pursues a balanced growth strategy of exploiting its sizable inventory of lower-risk developmental drilling locations, pursuing its higher-potential exploration drilling and enhanced oil recovery projects, and actively seeking to acquire complementary oil and natural gas properties. “
Other research analysts also recently issued reports about the stock. Stifel Nicolaus raised shares of Rex Energy Corp. from a “sell” rating to a “hold” rating and raised their price objective for the stock from $0.50 to $0.52 in a research report on Thursday, September 29th. Wells Fargo & Co. reissued a “hold” rating on shares of Rex Energy Corp. in a research report on Monday, June 20th. One equities research analyst has rated the stock with a sell rating and seven have given a hold rating to the company’s stock. Rex Energy Corp. has an average rating of “Hold” and an average target price of $1.90.
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Rex Energy Corp. (NASDAQ:REXX) traded up 1.2740% on Tuesday, hitting $0.5644. 70,144 shares of the company traded hands. Rex Energy Corp. has a 12 month low of $0.45 and a 12 month high of $2.85. The stock’s market cap is $42.98 million. The stock’s 50-day moving average is $0.54 and its 200 day moving average is $0.71.
Rex Energy Corp. (NASDAQ:REXX) last issued its quarterly earnings data on Tuesday, August 2nd. The oil and gas exploration company reported ($0.07) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.13) by $0.06. Rex Energy Corp. had a negative net margin of 229.66% and a negative return on equity of 32.36%. The company had revenue of $31.30 million for the quarter, compared to the consensus estimate of $43.71 million. During the same period last year, the firm posted ($0.22) EPS. Rex Energy Corp.’s revenue for the quarter was down 12.6% on a year-over-year basis. Equities research analysts expect that Rex Energy Corp. will post ($0.52) earnings per share for the current fiscal year.
Hedge funds have recently made changes to their positions in the stock. Mackay Shields LLC bought a new stake in shares of Rex Energy Corp. during the second quarter valued at approximately $2,159,000. Franklin Resources Inc. bought a new stake in shares of Rex Energy Corp. during the second quarter valued at approximately $1,658,000. Loomis Sayles & Co. L P bought a new stake in shares of Rex Energy Corp. during the first quarter valued at approximately $1,101,000. Goldman Sachs Group Inc. boosted its stake in shares of Rex Energy Corp. by 59.3% in the first quarter. Goldman Sachs Group Inc. now owns 1,318,698 shares of the oil and gas exploration company’s stock valued at $1,013,000 after buying an additional 491,056 shares during the period. Finally, Bridgeway Capital Management Inc. boosted its stake in shares of Rex Energy Corp. by 240.9% in the second quarter. Bridgeway Capital Management Inc. now owns 495,300 shares of the oil and gas exploration company’s stock valued at $327,000 after buying an additional 350,000 shares during the period. Hedge funds and other institutional investors own 22.97% of the company’s stock.
About Rex Energy Corp.
Rex Energy Corporation is an independent oil, natural gas liquid (NGL) and natural gas company. The Company has operations in the Appalachian Basin and Illinois Basin. In the Appalachian Basin, the Company is focused on its Marcellus Shale, Utica Shale and Upper Devonian (Burkett) Shale drilling and exploration activities.
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