UPDATE: Citi Raises Memorial Production Partners' PT

According to a research report published this morning, Citi has increased Memorial Production Partners' MEMP PT from $22.50 to $23. In the report, Citi said, "On May 14, 2012, MEMP announced a third acquisition from its sponsor, Memorial Resource Development. MEMP disclosed that it has acquired oil and gas properties located in the East Texas region for a total consideration of $27 million. The acquisition is expected to add production of about 4.2 MMcfe per day (i.e. 81% natural gas), proved reserves of ~28.1 Bcfe (45% proved developed), and 18 gross (17 net) wells. Importantly, given that the sponsor has retained roughly 3x the reserves of MEMP, we believe that the partnership will be able to continue making accretive acquisitions internally." Citi maintains its Buy rating on Memorial Production Partners, which closed yesterday at $17.97.