UPDATE: Dahlman Rose Lowers PT to $71 on Alliance Resource Partners on Mixed Q3 Results
Dahlman Rose reiterated its Buy rating on Alliance Resource Partners (NASDAQ: ARLP) but lowered its price target from $74 to $72.
Dahlman Rose noted, "While the company raised its quarterly distribution by 2% sequentially and 13% y/y, operating results were mixed versus our estimates. Sales of 8.9MM were a quarterly record, but below our total estimate of 9.35MM. This is primarily due to lower-than-expected sales from the Illinois Basin and Northern Appalachia. Average per unit revenue of $56/t missed our estimate of $57.2/t, while average unit costs were better at $38.48/t vs our estimate of $39.48/t."
Alliance Resource Partners closed at $64.94 on Friday.
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