Global Hunter Securities Downgrades REX Energy (REXX) to Accumulate after In-Line Q3
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Price: $0.53 --0%
Rating Summary:
4 Buy, 14 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
4 Buy, 14 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Global Hunter Securities downgraded REX Energy (NASDAQ: REXX) from Buy to Accumulate with a price target of $15.00 posts Q3 results.
The firm comments, "Rex generally posted Q3'12 results that were within our expectations as production of 71.1 MMcfepd, EPS of $0.08, and CFPS of $0.32 offered little surprise vs. our estimates for 70.1 MMcfepd, $0.08, and $0.40. With Marcellus Shale drilling activity staid for the year and limited Utica drilling activity and news flow likely for the next several months, we see few catalysts in the near term for REXX shares. As a result and with limited upside to our $15 price target, we are reducing our rating to Accumulate from Buy. A potentially material increase in reserve value related to ethane marketability and REXX's ATEX pipeline agreement could excite investors early in 2013, but we already flow substantial NGLs production through our valuation model for the contracted period."
For an analyst ratings summary and ratings history on REX Energy click here. For more ratings news on REX Energy click here.
Shares of REX Energy closed at $13.27 yesterday.
The firm comments, "Rex generally posted Q3'12 results that were within our expectations as production of 71.1 MMcfepd, EPS of $0.08, and CFPS of $0.32 offered little surprise vs. our estimates for 70.1 MMcfepd, $0.08, and $0.40. With Marcellus Shale drilling activity staid for the year and limited Utica drilling activity and news flow likely for the next several months, we see few catalysts in the near term for REXX shares. As a result and with limited upside to our $15 price target, we are reducing our rating to Accumulate from Buy. A potentially material increase in reserve value related to ethane marketability and REXX's ATEX pipeline agreement could excite investors early in 2013, but we already flow substantial NGLs production through our valuation model for the contracted period."
For an analyst ratings summary and ratings history on REX Energy click here. For more ratings news on REX Energy click here.
Shares of REX Energy closed at $13.27 yesterday.
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