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Tue, Feb. 9, 12:58 PM
- Crude oil at $30/bbl is blowing a hole in the insurance that U.S. shale drillers bought to protect themselves against a crash, Bloomberg reports.
- Companies including Callon Petroleum (CPE -5.6%), Noble Energy (NBL -3.5%), Pioneer Natural Resources (PXD -3.6%), Marathon Oil (MRO -8%), Rex Energy (REXX -1.8%) and Bonanza Creek Energy (BCEI -11.4%) used a three-way hedge strategy that does not guarantee a minimum price if oil falls below a certain level; while three-ways can be cheaper than other hedges, they leave drillers exposed to sharp declines and risk worsening a cash shortfall for companies trying to survive the worst oil crash in 30 years.
- For example, CPE CFO Joseph Gatto told investors in December that the company had hedged ~4K bbl/day in 2016, or 40% of its projected output, at $56/bbl; roughly half of those contracts are worth significantly less at $30/bbl because CPE employed three-ways.
Thu, Jan. 21, 6:53 PM
- Rex Energy (NASDAQ:REXX) -13.3% AH after suspending payment of the quarterly dividend on shares of its 6% Series A convertible perpetual preferred stock.
- REXX says the dividend suspension creates an additional $2.4M of liquidity per quarter and does not constitute an event of default.
- REXX shares have shed 28.5% YTD and 72% in the past year.
Dec. 1, 2015, 1:10 PM
Dec. 1, 2015, 10:51 AM
- Rex Energy (REXX -12.4%) is routed after Stifel downgrades shares to Sell from Hold with a $0.75 target price, even though the stock has been decimated over the past 12 months, as the firm says the financial risk does not warrant a Hold rating.
- Although REXX exited the latest quarter with enough liquidity to fund a projected $74M outspend in 2016, Stifel believes the company will have "very little cushion" to cover interest expenses next year; based on updated estimates, the firm currently projects 2016 interest coverage of 1.2x.
Dec. 1, 2015, 9:22 AM
Nov. 23, 2015, 3:34 PM
- Rex Energy (REXX -16%) plunges to lows of the day after Imperial Capital downgrades shares to In-line from Outperform with a $2 price target, cut in half from $4.
- Although Rex maintains a strong hedge book going into 2016, Imperial believes Appalachian producers will be more challenged than some non-Appalachian peers in the core Eagle Ford, Permian, STACK or Haynesville.
- The firm's believes that with a predicted warmer than normal winter, record high storage, and ~1,500 drilled but uncompleted gas wells, it prefers to sit on the sideline until it sees visibility on an improving landscape for gas in Appalachia.
Nov. 9, 2015, 4:11 PM
- Rex Energy (NASDAQ:REXX): Q3 EPS of -$0.26 beats by $0.09.
- Revenue of $37.57M (-48.9% Y/Y) misses by $11.47M.
Nov. 8, 2015, 5:35 PM
- AEGR, AMBC, APEI, APPS, APU, ASEI, ATW, BDE, BEAT, CALL, CARA, CHMI, CKEC, CZR, DEPO, DTSI, EGY, ENV, FF, GALE, HALO, HMIN, IFF, IPAR, JAZZ, JIVE, JMBA, KEYW, LEAF, LF, LGF, LGND, MDR, MODN, NOR, NSPH, OMER, OPK, PDM, PFIE, PINC, PSIX, PTCT, PTLA, PVA, QNST, RARE, RAX, RBCN, REN, REXX, RLD, RMTI, SB, SBRA, SCLN, SUNE, TERP, TPC, TTEC, TTGT, TUBE, TXTR, UGI, VSAT, WWD, XON, XONE, ZGNX
Sep. 16, 2015, 12:45 PM
Sep. 11, 2015, 5:37 PM
Aug. 21, 2015, 5:36 PM
Aug. 4, 2015, 4:28 PM
- Rex Energy (NASDAQ:REXX): Q2 EPS of -$0.22 beats by $0.01.
- Revenue of $45.8M (-37.2% Y/Y) misses by $12.21M.
Jul. 22, 2015, 2:37 PM
- A reduction in non-OPEC production eventually will provide an opportunity for U.S. producers to get back in the game, Credit Suisse analyst Mark Lear says as he upgrades the oil and gas E&P sector to Overweight and changes ratings for several individual stocks.
- Lear sees a handful of names with limited downside at WTI prices of ~$60/bbl and “decent” upside with prices in the $70’s, and expects a better year for natural gas in 2016 as dropoffs in production and higher demand could lead to higher winter prices.
- "We may be early,” but Credit Suisse assumes coverage at Outperform on some E&P stocks: EOG, EPE, PXD, DNR, APC, DVN.
- Upgraded to Outperform from Neutral: HES, CXO, CRZO, NBL
- Upgraded to Neutral from Underperform: MUR.
- Assumed coverage at Neutral: APA, DNR
- Assumed at Underperform: SD, SWN
- Downgraded to Underperform from Neutral: REXX, CRK
Jul. 22, 2015, 12:45 PM
Jul. 8, 2015, 5:41 PM
- Rex Energy (NASDAQ:REXX) says it is planning its first test of the potential of the deep Utica Shale dry gas play on its holdings in western Pennsylvania, potentially opening up an entirely new play under its existing Marcellus Shale development.
- REXX plans to drill the dry gas well in the Western Lawrence Utica region to a lateral length of ~7K ft., and expects the well to be drilled and completed in Q3 and placed into sales in Q4.
- The company also reports strong test results for its remaining two wells on the four-well Renick pad in Moraine East and its Harvey two-well pad that was placed into sales in its legacy Butler operated area.
- Investors apparently were expecting better results, as shares fell 11.2% in today's trade.
Jun. 18, 2015, 6:41 PM
- Rex Energy (NASDAQ:REXX) +2.2% AH after it agrees to sell its Keystone Clearwater Solutions water management unit in the Appalachian basin to American Water Works (NYSE:AWK) for $130M in cash and debt.
- REXX says the sale will help provide flexibility for the development of its core assets in the Appalachian Basin; AWK says the acquisition will enhance its ability to provide additional water services solutions to shale development companies.
- REXX expects to clear ~$66M on the deal after taxes and adjustments.
Rex Energy Corp is an independent energy company. The Company is engaged in acquisition, production, exploration and development of oil and gas with properties concentrated in the Appalachian and Illinois regions.
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