UPDATE: Credit Suisse Lowers PT on EV Energy Partners Following Wet Acreage Sale Announcement

In a report published Tuesday, Credit Suisse analyst J. Edwards reiterated an Outperform rating on EV Energy Partners EVEP, but lowered the price target from $57.00 to $53.00.

In the report, Credit Suisse noted, “Following management's decision last quarter to market their Utica acreage separately (wet window vs. oil window), EVEP yesterday announced sale of its 4,345 wet acreage for $56mm at an average price of $12,900/acre (vs. CS est. of ~$15,900/acre). While we like the fact that management has finally begun generating cash flows from its Utica acreage, the size and value of the transaction was below our forecast. We are lowering our estimates using our low case price assumptions for Utica's acreage valuation. While it is possible that management can still sell the acreage at higher prices, we are taking a conservative approach to factor in additional delays or lack of sales of certain acreage.”

EV Energy Partners closed on Monday at $36.88.