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UPDATE: Citigroup Cuts PT to $68.50 on EV Energy Partners Following Q3 Results

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Citigroup reiterated its Buy rating on EV Energy Partners (NASDAQ: EVEP) but reduced its price target from $72.50 to $68.50.

Citigroup said, "The year-over-year rise in adjusted EBITDA (i.e. ~30% increase) primarily reflects the benefit of the Barnett shale acquisitions completed last year, strong operational performance, partially offset by lower average realized prices in 3Q12. In addition, the variance between our estimates and the 3Q12 result can primarily be attributed to lower-than-expected operating expenses and slightly higher-than-expected commodity price realizations, partially offset by lower-thanexpected production volumes."

EV Energy Partners closed at $61.51 on Monday.

Latest Ratings for EVEP

DateFirmActionFromTo
Mar 2016CitigroupDowngradesBuyNeutral
Feb 2016Bank of AmericaDowngradesNeutralUnderperform
Feb 2016Wells FargoDowngradesMarket PerformUnderperform

View More Analyst Ratings for EVEP
View the Latest Analyst Ratings

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

 

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