Equity Research Maintains Buy And PT Of $20 On Energy Partners (EPL)

Equity Research maintained its Buy rating and price target of $20 on Energy Partners EPL in a research report published today, in spite of Energy Partners' weaker than expected Q1 results. In the report, Equity states, "EPL reported 1Q11 production below expectations due to weakness in its natural gas producing assets. However, strong oil pricing and good performance from its newly acquired assets, keeps valuation attractive in our opinion. EPL trades below our proved reserve value and continues to generate significant FCF." Energy Partners lost 4.76% in yesterday's trading to close the day at $16.40.