Rex Energy Corporation (REXX) Rating Lowered 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 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 equities analysts have also recently issued research reports about the company. Royal Bank Of Canada reissued a “buy” rating and set a $4.00 price target on shares of Rex Energy Corporation in a report on Thursday, July 20th. Northland Securities set a $4.00 price target on Rex Energy Corporation and gave the stock a “hold” rating in a report on Monday, August 21st. Finally, ValuEngine cut Rex Energy Corporation from a “sell” rating to a “strong sell” rating in a report on Friday, June 2nd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $5.90.
Rex Energy Corporation (NASDAQ:REXX) traded up 4.73% during trading on Tuesday, reaching $2.88. The company had a trading volume of 248,859 shares. The firm’s market capitalization is $27.84 million. Rex Energy Corporation has a 12-month low of $2.10 and a 12-month high of $9.80. The firm’s 50 day moving average price is $2.42 and its 200 day moving average price is $1.98.
Rex Energy Corporation (NASDAQ:REXX) last posted its quarterly earnings results on Tuesday, August 8th. The oil and gas exploration company reported ($0.98) 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 company had revenue of $47.50 million during the quarter, compared to analysts’ expectations of $48.49 million. During the same quarter in the previous year, the firm earned ($0.07) EPS. Rex Energy Corporation’s revenue was up 51.8% on a year-over-year basis. Analysts anticipate 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. Spark Investment Management LLC bought a new stake in Rex Energy Corporation during the 2nd quarter worth $194,000. Bank of America Corp DE grew its position in Rex Energy Corporation by 30,715.1% during the 1st quarter. Bank of America Corp DE now owns 336,193 shares of the oil and gas exploration company’s stock worth $158,000 after acquiring an additional 335,102 shares during the last quarter. Primecap Management Co. CA grew its position in Rex Energy Corporation by 4.6% during the 1st 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 acquiring an additional 150,000 shares during the last quarter. Finally, KBC Group NV grew its position in Rex Energy Corporation by 19.0% during the 1st quarter. KBC Group NV now owns 417,214 shares of the oil and gas exploration company’s stock worth $196,000 after acquiring an additional 66,559 shares during the last quarter. Institutional investors and hedge funds own 14.72% of the company’s stock.
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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