REX American Resources (NYSE:REX) Shares Gap Up on Better-Than-Expected Earnings

Shares of REX American Resources Co. (NYSE:REX) gapped up prior to trading on Wednesday following a stronger than expected earnings report. The stock had previously closed at $36.61, but opened at $39.99. REX American Resources shares last traded at $38.81, with a volume of 39,578 shares changing hands.

The energy company reported $0.63 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.36. The company had revenue of $158.23 million for the quarter, compared to analyst estimates of $163.00 million. REX American Resources had a net margin of 10.07% and a return on equity of 11.05%. During the same period in the previous year, the business posted $1.16 EPS.

REX American Resources announced that its board has authorized a stock buyback plan on Wednesday, March 26th that authorizes the company to repurchase 1,500,000 shares. This repurchase authorization authorizes the energy company to buy shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its shares are undervalued.

Analyst Upgrades and Downgrades

Separately, Truist Financial restated a “buy” rating and set a $50.00 price target (down from $55.00) on shares of REX American Resources in a research report on Thursday.

Institutional Trading of REX American Resources

Several hedge funds have recently made changes to their positions in REX. Barclays PLC increased its stake in REX American Resources by 87.3% during the 3rd quarter. Barclays PLC now owns 42,855 shares of the energy company’s stock worth $1,983,000 after buying an additional 19,977 shares during the period. Principal Financial Group Inc. grew its stake in shares of REX American Resources by 0.6% in the third quarter. Principal Financial Group Inc. now owns 78,632 shares of the energy company’s stock worth $3,640,000 after acquiring an additional 432 shares in the last quarter. Proficio Capital Partners LLC purchased a new stake in shares of REX American Resources during the fourth quarter worth $890,000. HighTower Advisors LLC acquired a new stake in shares of REX American Resources in the third quarter valued at $246,000. Finally, FMR LLC boosted its holdings in REX American Resources by 34.8% in the third quarter. FMR LLC now owns 2,345 shares of the energy company’s stock valued at $109,000 after purchasing an additional 605 shares during the period. Institutional investors and hedge funds own 88.12% of the company’s stock.

REX American Resources Stock Performance

The company has a 50 day moving average of $39.80 and a 200 day moving average of $42.60. The stock has a market capitalization of $693.44 million, a price-to-earnings ratio of 10.33 and a beta of 0.92.

REX American Resources Company Profile

REX American Resources Corporation, together with its subsidiaries, produces and sells ethanol in the United States. The company also offers corn, distillers grains, ethanol, distillers corn oil, gasoline, and natural gas. In addition, it provides dry distillers grains with solubles, which is used as a protein in animal feed.