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. The company’s next borrowing base redetermination is scheduled to occur in April 2017.
“We appreciate the support of our bank group as we continue to execute on our strategy of maintaining liquidity and financial flexibility,” said Tom Stabley, Rex Energy’s President and Chief Executive Officer. “The reaffirmed borrowing base, along with the various transactions we have completed over the past year, allows us to continue our operational plan of having our core Appalachian Basin acreage held by production by mid-2017.” (Original Source)
Shares of Rex Energy closed last Friday at $0.58, up $0.02 or 3.53%. REXX has a 1-year high of $3.34 and a 1-year low of $0.45. The stock’s 50-day moving average is $0.55 and its 200-day moving average is $0.74.
On the ratings front, REXX stock has been the subject of a number of recent research reports. In a report issued on September 29, Stifel Nicolaus analyst Michael Scialla upgraded REXX to Hold, with a price target of $0.52, which represents a potential downside of 11% from where the stock is currently trading. Separately, on June 15, Wells Fargo’s Gordon Douthat maintained a Hold rating on the stock .
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Michael Scialla and Gordon Douthat have a total average return of -4.6% and 16.2% respectively. Scialla has a success rate of 45% and is ranked #3572 out of 4197 analysts, while Douthat has a success rate of 48% and is ranked #677.
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.