Seeking Alpha

Rex Energy +3.2% on strong Q1, new gas transportation deals

  • Rex Energy (REXX +3.2%) says it signed binding agreements with Dominion (D) and Texas Gas Transmission to pipe natural gas from Pennsylvania to the midwest and Gulf coast.
  • The Dominion deal will allow for expanded capacity on ~235 miles of existing pipeline, while the Texas Gas agreement will allow for expanded capacity on ~690 miles of existing pipeline.
  • Northland Capital raises its REXX price target to $28 from $25 following the gas transport deals as well as an impressive Q1 earnings report, as production exceeded the high end of guidance and EBITDA beat the firm's estimate (Briefing.com).
  • Financial terms of the separate deals were not disclosed.
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