UPDATE: Oppenheimer Raises PT on Rex Energy Corporation Following Positive Utica Results

In a report published Wednesday, Oppenheimer analyst Daniel Katzenberg reiterated an Outperform rating on Rex Energy Corporation (NASDAQ: REXX), and raised the price target from $16.00 to $19.00.In the report, Katzenberg noted, “Following encouraging Utica results in its Warrior South Prospect, we are reaffirming our Outperform rating and raising our PT from $16 to $19. While the shares have outperformed YTD (up 25.3% vs. peer gain of 12.9%), we believe further upside exists in a steady $3.50/mcf natural gas and $90/bbl crude oil environment. Liquids accounted for 30% of the production mix at year-end 2012, and with oil volumes in Illinois coming on-line this year, combined with higher liquid content wells in the Utica and Marcellus, we see a more balanced oil/gas mix by year-end 2014. With attractive liquids growth and high leverage to the Utica shale, we anticipate REXX shares will outperform the peer group over the next 12 months. Our adjusted estimates reflect updated company guidance, hedges and oil & gas futures prices.”Rex Energy Corporation closed on Tuesday at $16.32.