Oppenheimer Initiates Coverage On EV Energy Partners At Perform
Oppenheimer is initiating coverage of EV Energy Partners (NASDAQ: EVEP) with a Perform rating. EVEP is a natural gas-focused E&P MLP with a supportive sponsor,
EnerVest. EVEP benefits significantly from the relationship with EnerVest, especially in making acquisitions.
While Oppenheimer is confident that EVEP's current distribution is sustainable through 2015, it forecasts little distribution growth at the current natural gas and crude oil forward curves. At the current yield, it believes other E&P MLPs provide a more compelling risk/reward opportunity over the next 12-18 months and therefore rate EVEP Perform.
EVEP is trading higher at $40.50
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