Market Overview

UPDATE: Citigroup Raises PT to $23 on Memorial Production Partners on Distribution Increase

Related MEMP
PVH Corp Jumps On Upbeat Earnings; Ciena Corporation Shares Slip
Markets Open Higher; VeriFone Profit Tops Street View

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

DateFirmActionFromTo
May 2014OppenheimerMaintainsOutperform
May 2014Wells FargoDowngradesOutperformMarket Perform
May 2014Raymond JamesMaintainsStrong Buy

View More Analyst Ratings for MEMP
View the Latest Analyst Ratings

Posted-In: CitigroupAnalyst Color Price Target Intraday Update Analyst Ratings

 

Related Articles (MEMP)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters