Rex Energy (REX) Maintains Rating Following Anadarko’s (APC) Marcellus Deal

Thomas Weisel (NASDAQ: TWPG) increased the target price for Rex Energy (NASDAQ: REX) to $16, while retaining the previous rating of “overweight”.

This follows the joint venture agreement of Anadarko Petroleum (NYSE: APC) with Mitsui E&P USA (NASDAQ: MITSY), for natural gas exploration in Marcellus, Pennsylvania.

Assuming a market price of $14,000/acre for Rex’s 26,000 net-acres in Centre and Westmorland counties, analyst Michael Scialla believes that current share price implies investors are paying only $4 for the remaining company’s assets.