Wed, Jan. 28, 7:27 PM
- Even though the energy sector has been under selling pressure for months, up until recently the list of the 35 stocks in the S&P 1500 with more than 25% of their free-floating shares sold short only contained a few stocks from the group.
- This has changed dramatically, Bespoke reports, as 10 of the 35 stocks are now from the energy sector; leading the way lower are Swift Energy (NYSE:SFY), Rex Energy (NASDAQ:REXX) and Comstock Resources (NYSE:CRK).
- Also on the list: PGN, CRR, RIG, PVA, AREX, DO, NOG.
- Another bearish indicator: The average short interest as a percentage of float for energy stocks is now 9.5%, the highest since at least 2008 and 55% above the average reading over that time period.
Wed, Jan. 28, 9:14 AM
Tue, Jan. 27, 5:14 PM
- Rex Energy (NASDAQ:REXX) says its proved oil and natural gas reserves at year-end 2014 totaled 1.337T cfe, a 57% increase (~487B cfe) from total proved reserves reported at year-end 2013.
- Of the 1.3T cfe of total proved reserves, 37% was attributable to oil, condensate and natural gas liquids, with 63% attributable to natural gas.
- REXX says proved developed reserves at year-end 2014 totaled 586.7B cfe, up 65% Y/Y, and its PV-10 rose 80% to $1.2B from a year-earlier PV-10 of $668.7M.
Tue, Jan. 20, 8:59 AM
- Rex Energy (NASDAQ:REXX) +4.9% premarket after providing an update on its core operations, which included a 66% increase in full-year production to 154.4M cfe/day and a 15% increase in Q/Q production to 196M cfe/day.
- Says Q4 average daily production from oil, condensate and natural gas liquids reached a record 12.1M boe/day, up 16% Y/Y.
- Achieved well cost reduction of ~5% in the Butler Operated Area, with an additional 3%-5% expected in mid-year 2015.
- REX says it now has ~80% of its natural gas production and 70% of its oil and condensate production hedged above current market prices.
- Reports cash on hand of ~$18M from its continuing operations with no borrowings outstanding from its $400M credit facility.
Fri, Jan. 16, 5:36 PM
Mon, Jan. 12, 12:46 PM
Wed, Jan. 7, 7:05 PM
- U.S. oil producers will keep pumping, even at sub-$50 crude oil, because they have to pay off debt, but they are having trouble keeping up with debt payments in the wake of raising their borrowing 55% since 2010 to nearly $200B, WSJ reports.
- Energy analysts warn defaults could be coming: “The group is not positioned for this downturn... There are too many ugly balance sheets,” says Baird's Daniel Katzenberg.
- Lenders are already doling out tough love to companies, MLV amalyst Chad Mabry says, with some lenders wanting to see producer plans for handling further price drops while others are urging asset sales.
- The 10 highest ratios of net debt/EBITDA from the last 12 months, according to S&P Capital IQ, belong to KWK, AR, WRES, GDP, REN, HK, XCO, REXX, MPO, EPE.
Sun, Jan. 4, 3:49 PM
- The following stocks were the Russell 2000's worst performers in 2014:
- KWK -93.5%. WLT -91.7%. AMZG -89.5%. PHMD -88.2%. EXXI -88%. RGDO -86.8%. REN -85.4%. HERO -84.7%. EOX -84.3%. MCP -94.3%. CVEO -84.2%. BPZ -84.1%. FWM -82.6%. MILL -82.2%. NADL -81.6%. VRNG -81.4%. CYTX -81%. SALT -80.5%. PRKR -80%. MBII -79.7%. NTLS -79.2%. COVS -78.9%. KEG -78.9%. MM 78 MPO -77%. ANR -76.6%. EXEL -76.5%. SZYM -76.3%. CONN -76.2%. ANV -75.5%. GALT -75.5%. ZQK -74.8%. ARO -74.5%. REXX -74.1%. GDP -74%. FUEL -73.8%. QRHC -73.7%. VTG -73.4%. RLOC -73%. XONE -72.2%.
Dec. 29, 2014, 5:42 PM
Dec. 22, 2014, 5:58 PM
- Rex Energy (NASDAQ:REXX) says it foresees 2015 capital spending of $180M-$220M, 44% lower than the midpoint of its 2014 capex guidance.
- However, REXX expects average 2015 production of 196M-205M cfe/day, which would represent 33% Y/Y growth from the midpoint of 2014 average daily production guidance, as the company focuses on its highest quality assets and locations.
- REXX also says it will continue its pursuit of a joint venture partner for its Moraine East development area in 2015, and has recently begun drilling its first well in the area.
Dec. 22, 2014, 12:50 PM
Dec. 5, 2014, 5:40 PM
Nov. 6, 2014, 12:57 PM
- Rex Energy (REXX -8.6%) is downgraded to Neutral from Outperform with a new $9 price target, lowered from $13, at Baird, which cites reduced development plans and rising leverage-related risks after disappointing Q3 earnings.
- Baird says its thesis has been changed by REXX's now-clear need for simultaneous alignment of successful execution in one or more major financing transactions, stabilized regional pricing trends, and error-free development progress in order to buttress 2015 financial performance.
Nov. 4, 2014, 4:09 PM
Oct. 21, 2014, 3:58 PM
- Global Hunter revisits its commodity price outlook, now moving to $83 long-term oil vs. $85 previously, applying a higher discount rate to future cash flows and modeling more conservative assumptions with regards to future rig activity, which results in downward revisions for several exploration and production stocks price targets and some rating changes (Briefing.com).
- Anadarko Petroleum (NYSE:APC), Gulfport Energy (NASDAQ:GPOR) and Rex Energy (NASDAQ:REXX) are upgraded to Buy; Talisman Energy (NYSE:TLM) is raised to Speculative Buy from Neutral.
- Devon Energy (NYSE:DVN), Hess (NYSE:HES), Occidental Petroleum (NYSE:OXY) and Kosmos Energy (NYSE:KOS) are upgraded to Accumulate from Neutral.
- Cobalt Energy (NYSE:CIE) is downgraded to Speculative Buy from Buy.
Oct. 20, 2014, 10:15 AM
- Rex Energy (REXX -4.4%) provides preliminary Q3 production results it says exceeded company guidance, and increases its FY 2014 production guidance.
- REXX says Q3 average production of 169.7M cfe/day exceeds the high end of its guidance by 3%, up 32% Q/Q and 72% Y/Y.
- Sees Q4 production of 179M-185M cfe/day, with the midpoint of guidance up 7% Q/Q and 65% Y/Y; raises FY 2014 production guidance to 150M-152M cfe/day from its prior guidance of 146M-150M cfe/day.
- Also says it has hedged ~49% of current natural gas production and ~43% of its current oil production for 2015.
REXX vs. ETF Alternatives
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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