Oppenheimer Upgrades EV Energy Partners To Outperform

According to Oppenheimer, EV Energy Partners EVEP is upgraded to Outperform. Oppenheimer said that CHK reported that the Utica is a "major new liquids-rich discovery", and estimated that its acreage is worth $12,000 to $16,000/acre. “Our price target may be conservative should EVEP monetize its acreage in line with CHK's range. However, we must also consider the source. CHK talked about monetizing its Utica position in the near future, which provides it an incentive to exaggerate estimated value.” EV Energy Partners closed yesterday at $63.87.