UPDATE: Oppenheimer Starts REX Energy (REXX) at Outperform
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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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(Updated - April 4, 2012 7:25 AM EDT)
Oppenheimer initiates coverage on REX Energy (NASDAQ: REXX) with an Outperform. PT $14.00.
The firm comments, "Over the past year, REXX's operating focus has shifted toward the Appalachian basin, and specifically the Utica shale. We believe 2012 will be a transformative year for REXX, driven by extensive drilling by the industry de-risking the Utica play. We expect multiple near-term catalysts, including its first results from Carroll County, completion of a two-well pad in the "super-rich" window in Butler County, as well as two upcoming asset sales to result in the shares' outperformance over the next 12-months."
The price target is based on 6x projected cash flow, below the multiples for both COG and RRC, its closest peers in the Appalachian basin.
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 $10.63 yesterday.
Oppenheimer initiates coverage on REX Energy (NASDAQ: REXX) with an Outperform. PT $14.00.
The firm comments, "Over the past year, REXX's operating focus has shifted toward the Appalachian basin, and specifically the Utica shale. We believe 2012 will be a transformative year for REXX, driven by extensive drilling by the industry de-risking the Utica play. We expect multiple near-term catalysts, including its first results from Carroll County, completion of a two-well pad in the "super-rich" window in Butler County, as well as two upcoming asset sales to result in the shares' outperformance over the next 12-months."
The price target is based on 6x projected cash flow, below the multiples for both COG and RRC, its closest peers in the Appalachian basin.
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 $10.63 yesterday.
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