Rex Energy Corporation (NASDAQ:REXX) announced that its bank group has reaffirmed the existing $350 million borrowing base under the company’s senior secured credit facility. Under the terms of the credit agreement, the bank group re-determines the borrowing base semi-annually utilizing the bank’s estimates of reserves and future oil and gas prices. In addition, the bank group approved an amendment to the credit agreement which, among other things, allows the company to repurchase up to $25 million of Rex Energy common stock or senior unsecured notes, subject to certain terms and conditions.
“We appreciate the support of our bank group as we continue to navigate through the challenging price environment,” said Tom Stabley, Rex Energy’s President and Chief Executive Officer. “Preserving our liquidity and flexibility is a key component of our strategy. We continue to pursue strategic transactions to further reduce our capital expenditure budget, increase overall liquidity, and hold by production the company’s core position in theAppalachian Basin.” (Original Source)
Shares of Rex Energy Corp closed yesterday at $2.98. REXX has a 1-year high of $15.50 and a 1-year low of $1.85. The stock’s 50-day moving average is $2.74 and its 200-day moving average is $4.18.
On the ratings front, Rex Energy has been the subject of a number of recent research reports. In a report issued on August 17, Imperial analyst Kim Pacanovsky reiterated a Buy rating on REXX, with a price target of $4.25, which represents a potential upside of 42.6% from where the stock is currently trading. Separately, on July 30, Northland Securities’ Reed Anderson reiterated a Buy rating on the stock and has a price target of $5.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Kim Pacanovsky and Reed Anderson have a total average return of -37.9% and 0.8% respectively. Pacanovsky has a success rate of 16.1% and is ranked #3750 out of 3752 analysts, while Anderson has a success rate of 44.2% and is ranked #2008.
Rex Energy Corp is an independent energy company. The Company is engaged in acquisition, production, exploration and development of oil and gas with properties concentrated in the Appalachian and Illinois regions.