REX American Resources (NYSE:REX) to Repurchase 1,500,000 Shares

REX American Resources (NYSE:REX) announced that its Board of Directors has authorized a stock buyback plan on Wednesday, March 26th, RTT News reports. The company plans to buyback 1,500,000 shares. This buyback authorization permits the energy company to reacquire shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

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

REX American Resources Price Performance

REX stock opened at $39.47 on Friday. The company has a market cap of $693.44 million, a P/E ratio of 10.33 and a beta of 0.92. REX American Resources has a 1 year low of $35.40 and a 1 year high of $60.79. The stock’s fifty day moving average price is $39.80 and its 200-day moving average price is $42.60.

REX American Resources (NYSE:REX) last posted its quarterly earnings data on Wednesday, March 26th. The energy company reported $0.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.27 by $0.36. REX American Resources had a net margin of 10.07% and a return on equity of 11.05%. The company had revenue of $158.23 million for the quarter, compared to the consensus estimate of $163.00 million. During the same quarter last year, the firm posted $1.16 earnings per share. As a group, analysts expect that REX American Resources will post 2.93 earnings per share for the current year.

About REX American Resources

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.