UPDATE: Global Hunter Securities Downgrades Rex Energy Corporation to Accumulate on Limited Upside
Global Hunter Securities reduced its rating on Rex Energy Corporation (NASDAQ: REXX) from Buy to Accumulate with a reiterated $15 price target.
Global Hunter Securities commented, "With Marcellus Shale drilling activity staid for the year and limited Utica drilling activity and news flow likely for the next several months, we see few catalysts in the near term for REXX shares. As a result and with limited upside to our $15 price target, we are reducing our rating to Accumulate from Buy. A potentially material increase in reserve value related to ethane marketability and REXX's ATEX pipeline agreement could excite investors early in 2013, but we already flow substantial NGLs production through our valuation model for the contracted period."
Rex Energy Corporation closed at $ on Wednesday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Tags: Global Hunter Securities