Capital One SouthCoast Sees Upside Potential on Rex Energy (REXX) to $10; High Risk Investors Only
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Capital One SouthCoast comments on Rex Energy (Nasdaq: REXX) after meeting with management.
Capital One analyst says, "REXX is a small cap ($280MM market cap) with leverage to the Marcellus (~60K acres). It has upside potential (could go to $10+) on Marcellus success, but we consider the company high risk because it is just beginning its horizontal drilling program and has not announced any horizontal wells to date. Also, its acreage (12K acres in Butler, 28K in Clearfield and Centre Counties, 6K in Fayette, and 17K in Westmoreland County) is higher risk because we have very limited well data from other companies in those areas. After REXX's recent rally (up 157% YTD vs 21% for the average E&P) and without horizontal well results, which would help de-risk its acreage, we see Range Resources (NYSE: RRC) (followed by Cabot (NYSE: COG)) as the best way to invest in the Marcellus."
Rex Energy Corporation is an independent oil and gas company operating in the Illinois Basin and the Appalachian Basin.
To see more analyst ratings on REXX Click Here.
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