Rex Energy Corporation (NASDAQ:REXX) announced that its bank group has reaffirmed the existing $190 million borrowing base under the company’s senior secured credit facility, inclusive of the previously announced sale of the Illinois Basin asset.
“I would like to thank our bank group for their continued support of Rex Energy,” said Tom Stabley, Rex Energy’s President and Chief Executive Officer. “One of the key components of our strategy is to maintain our liquidity and flexibility as we work towards our goal of having our core acreage in theAppalachian Basin held by production. With the various transactions we have executed over the past year to improve overall liquidity and reduce capital expenditures, the reaffirmed borrowing base is another positive step towards achieving our goals.” (Original Source)
Shares of Rex Energy are up nearly 6% to $0.75 in pre-market trading. REXX has a 1-year high of $4.82 and a 1-year low of $0.49. The stock’s 50-day moving average is $0.75 and its 200-day moving average is $0.87.
On the ratings front, REXX has been the subject of a number of recent research reports. In a report issued on June 15, Wells Fargo analyst Gordon Douthat maintained a Hold rating on REXX. Separately, on March 17, KLR Group’s John Gerdes reiterated a Hold rating on the stock and has a price target of $1.75.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Gordon Douthat and John Gerdes have a total average return of 17.1% and 3.9% respectively. Douthat has a success rate of 42.1% and is ranked #595 out of 4010 analysts, while Gerdes has a success rate of 53.3% and is ranked #646.
Rex Energy Corp. is an independent energy company, which engages in acquisition, production, exploration and development of oil, natural gas and natural gas liquids with properties concentrated in the Appalachian and Illinois regions of the United States. The Illinois Basin focuses on the implementation of enhanced oil recovery on properties as well as conventional oil production. The Appalachian Basin focuses on Marcellus Shale drilling projects. The company operates its business through two segments: Exploration & Production and Field Services. The Exploration & Production segment engages in the exploration, acquisition, development and production of oil, natural gas and Liquids. The Field Services segment operates and manages water sourcing, water transfer and water disposal services, primarily in the Appalachian Basin.