Market Overview

UPDATE: Citigroup Reiterates Buy Rating, Lowers PT on Memorial Production Partners

Related MEMP
Benzinga's Top #PreMarket Losers
PVH Corp Jumps On Upbeat Earnings; Ciena Corporation Shares Slip

In a report published Monday, Citigroup reiterated its Buy rating on Memorial Production Partners LP (NASDAQ: MEMP), but lowered its price target from $20.50 to $18.50.

Citigroup noted, “MEMP reported second quarter adjusted EBITDA of $18.7 million. Notably, the reported adjusted EBITDA figure for 2Q12 includes net operating cash flow from acquisitions and divestures from the effective date through the closing date of the transactions. Excluding this adjustment, the reported adjusted EBITDA for 2Q12 is $16.8 million, which compares to our estimate of $17.2 million for 2Q12. The modest variance between our estimate and the 2Q12 result can primarily be attributed to lower than forecast price realizations.”

Memorial Production Partners LP closed on Friday at $17.59.

Latest Ratings for MEMP

DateFirmActionFromTo
Dec 2014JP MorganDowngradesOverweightNeutral
Dec 2014OppenheimerDowngradesOutperformMarket Perform
Nov 2014WunderlichMaintainsBuy

View More Analyst Ratings for MEMP
View the Latest Analyst Ratings

Posted-In: CitigroupAnalyst Color Price Target Analyst Ratings

 

Related Articles (MEMP)

Around the Web, We're Loving...

Get Benzinga's Newsletters

Benzinga Professional