UPDATE: Rodman & Renshaw Lowers PT to $18 on Rex Energy

Rodman & Renshaw trims its price target on Perform-rated Rex Energy

to $18 from $19 following a new equity offering that leads to a share dilution of 18 percent. Rodman & Renshaw says, "REXX recently completed an 8.05 million share equity offering at $9.25/share; the deal equated to ~18% dilution. Net proceeds from the deal were ~$70.6 million. The proceeds from the offering should give REXX ample liquidity to fund its planned 2012 operating capex budget of ~$190 million, as well as have liquidity available for targeted acreage acquisitions. REXX is also seeking to further enhance its liquidity situation through asset sales, as it believes the sale of its Butler County midstream and DJ Basin assets could provide it with $90-$110 million of proceeds." REXX closed at $10.25 a share on Monday.