UPDATE: Citigroup Reduces PT to $18 on QR Energy Following Quarterly Results

Citigroup reiterated QR Energy QRE at Neutral and reduced its price target from $19 to $18. Citigroup noted, "QRE reported 3Q12 adjusted EBITDA of $51.8 million, compared to $22.0 million in 3Q11 and our estimate of $54.9 million for 3Q12. The year over year increase (i.e. 35% increase) reflects the benefit of acquisitions completed throughout the past year. In addition, the variance between our forecast and 3Q12 results can primarily be attributed to lower than expected price realizations." QR Energy closed at $17.69 on Monday.