Zacks Investment Research upgraded shares of Rex Energy Corporation (NASDAQ:REXX) from a hold rating to a buy rating in a research note published on Wednesday morning. They currently have $2.00 price objective on the oil and gas exploration company’s stock.
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. “
Several other research analysts have also recently issued reports on the stock. Royal Bank Of Canada cut shares of Rex Energy Corporation from an outperform rating to a sector perform rating and lowered their target price for the company from $4.00 to $3.00 in a report on Tuesday, October 3rd. Northland Securities set a $4.00 target price on shares of Rex Energy Corporation and gave the company a hold rating in a report on Monday, August 21st. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company. Rex Energy Corporation currently has a consensus rating of Hold and a consensus price target of $5.74.
Rex Energy Corporation (NASDAQ:REXX) traded down 4.42% during midday trading on Wednesday, hitting $1.73. 53,769 shares of the stock traded hands. The stock’s market cap is $16.72 million. The company has a 50-day moving average price of $2.30 and a 200 day moving average price of $2.31. Rex Energy Corporation has a one year low of $1.71 and a one year high of $9.80.
Rex Energy Corporation (NASDAQ:REXX) last issued its earnings results on Tuesday, August 8th. The oil and gas exploration company reported ($0.98) earnings per share (EPS) for the quarter, beating the 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 business had revenue of $47.50 million during the quarter, compared to analysts’ expectations of $48.49 million. During the same quarter in the prior year, the business posted ($0.07) EPS. The company’s revenue for the quarter was up 51.8% on a year-over-year basis. Equities research analysts anticipate that Rex Energy Corporation will post ($3.68) earnings per share for the current year.
An institutional investor recently bought a new position in Rex Energy Corporation stock. Spark Investment Management LLC purchased a new position in shares of Rex Energy Corporation (NASDAQ:REXX) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 67,185 shares of the oil and gas exploration company’s stock, valued at approximately $194,000. Spark Investment Management LLC owned 0.70% of Rex Energy Corporation at the end of the most recent reporting period. 14.67% of the stock is currently owned by hedge funds and other 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.