Capitol One Southcoast Starts Rex Energy (REXX) at Strong Buy; $33 PT
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- Capitol One Southcoast Starts Rex Energy (REXX) at Strong Buy; $33 PT
Capitol One Southcoast initiates coverage on Rex Energy (Nasdaq: REXX) with a Strong Buy rating and a $33 price target, which could represent a 38% return from yesterday's closing price of $23.94.
The firm believes that shares of Rex could triple of the next two years, "based on its oil leverage, exposure to a tertiary oil project in Illinois, and the Marcellus Shale in Pennsylvania." Interestingly, Capital One's $33 target on Rex is based on a long-term oil of $80/bbl, but if this price is adjusted to $90/bbl, its price target would move to $37.
Rex Energy Corporation operates as an independent oil and gas company in the Illinois Basin, the Appalachian Basin, and the Southwestern Region of the United States.
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