Market Overview

UPDATE: Citi Raises Memorial Production Partners' PT

Share:
Related MEMP
Benzinga's Top Downgrades
Memorial Production Partners Still Attractive Despite Downgrade
Basic Materials Garner 22.69% Edge For 5 Highest Yield, Lowest Priced May Issues (Seeking Alpha)

According to a research report published this morning, Citi has increased Memorial Production Partners' (NASDAQ: MEMP) PT from $22.50 to $23.

In the report, Citi said, "On May 14, 2012, MEMP announced a third acquisition from its sponsor, Memorial Resource Development. MEMP disclosed that it has acquired oil and gas properties located in the East Texas region for a total consideration of $27 million. The acquisition is expected to add production of about 4.2 MMcfe per day (i.e. 81% natural gas), proved reserves of ~28.1 Bcfe (45% proved developed), and 18 gross (17 net) wells. Importantly, given that the sponsor has retained roughly 3x the reserves of MEMP, we believe that the partnership will be able to continue making accretive acquisitions internally."

Citi maintains its Buy rating on Memorial Production Partners, which closed yesterday at $17.97.

Latest Ratings for MEMP

DateFirmActionFromTo
Jun 2015Morgan StanleyInitiates Coverage onOverweight
May 2015Raymond JamesDowngradesStrong BuyOutperform
Feb 2015OppenheimerDowngradesMarket PerformUnderperform

View More Analyst Ratings for MEMP
View the Latest Analyst Ratings

Posted-In: CitiAnalyst Color Price Target Analyst Ratings

 

Related Articles (MEMP)

Around the Web, We're Loving...

Get Benzinga's Newsletters