UPDATE: CK Cooper Initiates Rex Energy at Buy on Strong Initial Utica Results

In a report published Tuesday, CK Cooper analyst Daren Oddenino initiated coverage on Rex Energy (NYSE: REX) with a Buy rating and a $21 price target.

In the report, CK Cooper commented, "To date, Rex has drilled and completed six Utica wells across its Warrior Prospects. Initial production rates have ranged from ~3,000 BOEPD to ~1,100 BOEPD. In 2013, the Company’s capital plans include the drilling and completion of 11 gross Utica wells. In total, Rex has the potential for an additional 84 net unbooked drilling locations across its 20,000 net acres in Ohio."

Rex Energy closed Monday at $29.66.