Rex Energy Corporation (REXX) Cut to Hold at Zacks Investment Research
Rex Energy Corporation (NASDAQ:REXX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Wednesday.
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 research firms also recently issued reports on REXX. Northland Securities set a $4.00 price target on Rex Energy Corporation and gave the stock a “hold” rating in a research report on Monday, July 17th. Royal Bank Of Canada reissued a “buy” rating and set a $4.00 price target on shares of Rex Energy Corporation in a research report on Thursday, July 20th. One analyst has rated the stock with a sell rating and four have given a hold rating to the company. Rex Energy Corporation currently has an average rating of “Hold” and an average target price of $5.84.
Shares of Rex Energy Corporation (NASDAQ:REXX) opened at 2.58 on Wednesday. The company’s market cap is $24.94 million. Rex Energy Corporation has a one year low of $2.10 and a one year high of $9.80. The stock’s 50 day moving average is $2.37 and its 200-day moving average is $2.20.
Rex Energy Corporation (NASDAQ:REXX) last posted its quarterly earnings results on Tuesday, August 8th. The oil and gas exploration company reported ($0.98) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.02) by $0.04. Rex Energy Corporation had a negative return on equity of 140.84% and a negative net margin of 37.94%. The business had revenue of $47.50 million for the quarter, compared to the consensus estimate of $48.49 million. During the same quarter in the prior year, the company earned ($0.07) EPS. The business’s revenue was up 51.8% compared to the same quarter last year. Equities research analysts expect that Rex Energy Corporation will post ($3.69) earnings per share for the current year.
A number of hedge funds have recently modified their holdings of the stock. KBC Group NV boosted its position in Rex Energy Corporation by 19.0% during the first quarter. KBC Group NV now owns 417,214 shares of the oil and gas exploration company’s stock valued at $196,000 after purchasing an additional 66,559 shares in the last quarter. Bank of America Corp DE boosted its position in Rex Energy Corporation by 30,715.1% during the first quarter. Bank of America Corp DE now owns 336,193 shares of the oil and gas exploration company’s stock valued at $158,000 after purchasing an additional 335,102 shares in the last quarter. Finally, Spark Investment Management LLC bought a new stake in Rex Energy Corporation during the second quarter valued at about $194,000. 14.72% of the stock is currently owned by institutional investors.
Rex Energy Corporation Company Profile
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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