Rex Energy (NASDAQ: REXX)‘s stock had its “outperform” rating reaffirmed by BMO Capital Markets in a research note issued on Friday. They currently have a $17.00 price target on the stock, up from their previous price target of $15.00.
The analysts wrote, “We are adjusting our estimates and raising our target price for Rex Energy following its 4Q12 earnings release. Our new target price of $17 per share is a discount to our $20 per share after-tax NYMEX NAV in which we now ascribe value to the company’s Upper Devonian potential following success of the Drushel 6-HD, which produced at a five-day rate of 7.3MMcfe/d (w/ ethane); ~50% of production was liquids. We lowered our 2013 estimates owing to the timing of completions, with only four expected in 1Q13, followed by 13 in 2Q13, although this was factored into Rex’s guidance. Our 2014 estimates are mostly unchanged.”
Separately, analysts at RBC Capital raised their price target on shares of Rex Energy from $16.00 to $18.00 in a research note to investors on Thursday. They now have an “outperform” rating on the stock.
Eight equities research analysts have rated the stock with a buy rating, three have issued an overweight rating, and two have given a hold rating to the company’s stock. Rex Energy currently has an average rating of “overweight” and a consensus price target of $16.91.
Shares of Rex Energy traded down 0.93% during mid-day trading on Friday, hitting $13.355. Rex Energy has a 52 week low of $8.80 and a 52 week high of $14.65. The stock’s 50-day moving average is currently $13.43. The company has a market cap of $710.7 million and a P/E ratio of 15.49.
Rex Energy last announced its earnings results on Tuesday, February 26th. The company reported $0.11 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.09 by $0.02. The company had revenue of $45.10 million for the quarter, compared to the consensus estimate of $42.62 million. The company’s quarterly revenue was up 42.3% on a year-over-year basis. Analysts expect that Rex Energy will post $0.61 EPS for the current fiscal year.
Rex Energy Corporation (Rex) is an independent oil and gas company operating in the Appalachian Basin and the Illinois Basin.
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