UPDATE: Wunderlich Securities Upgrades EV Energy Partners on Greater Visibility
In a report published Friday, Wunderlich Securities analyst Abhishek Sinha upgraded the rating on EV Energy Partners (NASDAQ: EVEP) from Hold to Buy, and raised the price target from $39.00 to $40.00.
In the report, Wunderlich Securities noted, “We are upgrading EV Energy Partners, L.P. (EVEP) to Buy with a price target of $40 from our previous Hold rating and $39 price target. Our upgrade is anchored on alleviating infrastructure constraints in the Utica, providing greater visibility towards production ramp-up in the Basin and potentially benefitting EVEP's monetization plans of its Utica's assets. The start-up of the UEO processing plant, the de-ethanizer and the ATEX pipeline should create a positive ripple effect on EVEP's cash flow, its Utica valuation, and its revenue from ORRI. The improved infrastructure and commodity backdrop should help EVEP meet its goals. We believe EVEP is now at an inflection point, presenting an attractive risk/reward opportunity.”
EV Energy Partners closed on Thursday at $33.84.
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