UPDATE: Imperial Capital Upgrades Rex Energy to Outperform on Production, Capex Growth
Imperial Capital raised its rating on Rex Energy (NASDAQ: REXX) from In-Line to Outperform and increased its price target from $14 to $16.
Imperial Capital said, "We believe the company issued an outstanding proved reserve report and update and shares are now more attractive from a cash flow and asset value standpoint… As a result of the increased asset value, and earnings and cash flow estimates, as well as the meaningful catalysts we see on the horizon, particularly from the Utica shale in the Guernsey/Noble County area, thus leading us to upgrade our rating to Outperform and increase our price target to $16.00/share."
Rex Energy closed at $12.12 on Monday.
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