REX American Resources (NYSE:REX) Shares Gap Up on Strong Earnings

REX American Resources Co. (NYSE:REX - Get Free Report)'s stock price gapped up prior to trading on Wednesday following a stronger than expected earnings report. The stock had previously closed at $42.65, but opened at $43.62. REX American Resources shares last traded at $41.68, with a volume of 16,868 shares changing hands.

The energy company reported $0.51 EPS for the quarter, beating analysts' consensus estimates of $0.34 by $0.17. REX American Resources had a return on equity of 11.05% and a net margin of 10.07%. The firm had revenue of $158.34 million for the quarter, compared to analysts' expectations of $161.00 million.

REX American Resources announced that its Board of Directors has approved a stock repurchase plan on Wednesday, March 26th that allows the company to repurchase 1,500,000 outstanding shares. This repurchase authorization allows the energy company to repurchase shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company's management believes its shares are undervalued.

Analyst Upgrades and Downgrades

Separately, Truist Financial reiterated a "buy" rating and set a $50.00 target price (down previously from $55.00) on shares of REX American Resources in a research report on Thursday, March 27th.

Hedge Funds Weigh In On REX American Resources

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Illinois Municipal Retirement Fund increased its stake in shares of REX American Resources by 2.9% during the fourth quarter. Illinois Municipal Retirement Fund now owns 8,720 shares of the energy company's stock worth $364,000 after purchasing an additional 245 shares in the last quarter. Alps Advisors Inc. increased its stake in REX American Resources by 1.2% during the 1st quarter. Alps Advisors Inc. now owns 24,272 shares of the energy company's stock worth $912,000 after buying an additional 292 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in REX American Resources by 3.8% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,771 shares of the energy company's stock worth $366,000 after buying an additional 323 shares in the last quarter. SummerHaven Investment Management LLC raised its holdings in shares of REX American Resources by 2.0% during the first quarter. SummerHaven Investment Management LLC now owns 17,792 shares of the energy company's stock valued at $668,000 after acquiring an additional 345 shares during the last quarter. Finally, Ieq Capital LLC raised its holdings in shares of REX American Resources by 6.9% during the first quarter. Ieq Capital LLC now owns 6,586 shares of the energy company's stock valued at $247,000 after acquiring an additional 424 shares during the last quarter. 88.12% of the stock is owned by hedge funds and other institutional investors.

REX American Resources Stock Up 2.5%

The firm has a market cap of $700.36 million, a PE ratio of 11.03 and a beta of 0.51. The firm has a 50-day moving average price of $39.90 and a two-hundred day moving average price of $40.76.

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.