UPDATE: Citigroup Raises PT to $23 on Memorial Production Partners on Distribution Increase
Citigroup reiterated its Buy rating on Memorial Production Partners (NASDAQ: MEMP) and raised its price target from $20 to $23.
Citigroup noted, "On 10/01/12, MEMP announced that its general partner approved a quarterly distribution of $0.495 for the third quarter. The third quarter distribution represents an annualized amount of $1.98 per unit, which is an increase of $0.06 per unit compared to annualized distribution of $1.92 per unit paid for 2Q12. Notably, year to date, the partnership has increased the distribution by 4.2% compared to minimum quarterly distribution of $1.90 per unit announced at the time of the IPO. In addition, incorporated into our financial model is an additional 3% increase to the distribution per unit in 2013 and 2014."
Memorial Production Partners closed at $19.85 on Friday.
Latest Ratings for MEMP
|Feb 2016||Bank of America||Downgrades||Neutral||Underperform|
|Feb 2016||Wells Fargo||Downgrades||Market Perform||Underperform|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.