Rex Energy Corporation (NASDAQ:REXX) announced third quarter 2015 production volumes and price realizations.
Production Results and Price Realizations
Rex Energy’s third quarter 2015 production was 194.3 MMcfe/d, an increase of 14% over the third quarter of 2014 and a decrease of 6% from the second quarter of 2015. Net production consisted of 116.6 MMcf/d of natural gas and 12.9 Mboe/d of oil and NGLs (including 4.6 Mboe/d of ethane). Oil and NGLs (including ethane) accounted for 40% of net production during the quarter.
The quarter over quarter decrease in net production resulted from intermittent capacity constraints for ethane volumes; the shut in of a Warrior South well to address an operational condition; and increased deployment of capital and development efforts in the Moraine East Area during the quarter while the Bluestone II processing facility operated at full capacity and the company awaited the commissioning of the Bluestone III facility.
“While net production declined from the second quarter of 2015, we look forward to the expected commissioning of the Bluestone III processing facility in November 2015,” said Tom Stabley, President and Chief Executive Officer of Rex Energy. “The Bluestone III facility will add approximately 105 MMcfe/d of processing capacity in the Butler Operated Area and allow Rex Energy to continue its track record of quarterly production growth.” (Original Source)
Shares of Rex Energy jumped today 11.50% to $2.52. REXX has a 1-year high of $9.40 and a 1-year low of $1.85. The stock’s 50-day moving average is $2.46 and its 200-day moving average is $3.68.
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 92.3% 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 -40.4% and 0.0% respectively. Pacanovsky has a success rate of 17.5% and is ranked #3804 out of 3808 analysts, while Anderson has a success rate of 44.2% and is ranked #2580.
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.