Rex Energy Corporation (REXX) Rating Increased to Buy at Zacks Investment Research
Rex Energy Corporation (NASDAQ:REXX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Friday. The firm presently has a $2.75 price objective on the oil and gas exploration company’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 22.77% from the company’s current price.
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. “
A number of other analysts have also weighed in on the stock. Royal Bank Of Canada reissued a “buy” rating and issued a $4.00 price objective on shares of Rex Energy Corporation in a research report on Thursday, July 20th. Northland Securities set a $4.00 price objective on shares of Rex Energy Corporation and gave the stock a “hold” rating in a research report on Monday, July 17th. ValuEngine lowered shares of Rex Energy Corporation from a “sell” rating to a “strong sell” rating in a research report on Friday, June 2nd. Finally, S&P Equity Research increased their price objective on shares of Rex Energy Corporation from $3.92 to $4.71 in a research report on Monday, May 15th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $5.94.
Shares of Rex Energy Corporation (NASDAQ:REXX) opened at 2.24 on Friday. The company has a 50 day moving average price of $2.82 and a 200 day moving average price of $1.71. The company’s market capitalization is $21.65 million. Rex Energy Corporation has a 1-year low of $2.20 and a 1-year high of $9.80.
Rex Energy Corporation (NASDAQ:REXX) last posted its quarterly earnings data on Tuesday, August 8th. The oil and gas exploration company reported ($0.98) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($1.02) by $0.04. Rex Energy Corporation had a negative net margin of 37.94% and a negative return on equity of 140.84%. The company had revenue of $47.50 million for the quarter, compared to analyst estimates of $48.49 million. During the same period in the prior year, the company posted ($0.07) EPS. The firm’s revenue for the quarter was up 51.8% on a year-over-year basis. Equities analysts predict that Rex Energy Corporation will post ($3.58) EPS for the current fiscal year.
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A number of institutional investors have recently modified their holdings of the company. Primecap Management Co. CA increased its position in shares of Rex Energy Corporation by 4.6% in the first quarter. Primecap Management Co. CA now owns 3,425,000 shares of the oil and gas exploration company’s stock worth $1,608,000 after buying an additional 150,000 shares in the last quarter. Norges Bank bought a new position in shares of Rex Energy Corporation during the fourth quarter worth approximately $634,000. KBC Group NV increased its position in shares of Rex Energy Corporation by 19.0% in the first quarter. KBC Group NV now owns 417,214 shares of the oil and gas exploration company’s stock worth $196,000 after buying an additional 66,559 shares in the last quarter. Bank of America Corp DE increased its position in shares of Rex Energy Corporation by 30,715.1% in the first quarter. Bank of America Corp DE now owns 336,193 shares of the oil and gas exploration company’s stock worth $158,000 after buying an additional 335,102 shares in the last quarter. Finally, Spark Investment Management LLC bought a new position in shares of Rex Energy Corporation during the second quarter worth approximately $194,000.
About Rex Energy Corporation
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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