UPDATE: Oppenheimer Initiates Lehigh Gas Partners LP at Perform on Gasoline Consumption Outlook

Oppenheimer initiated coverage on Lehigh Gas Partners LP LGP with a Perform rating. Oppenheimer noted, "We are initiating coverage of Lehigh Gas Partners LP (LGP) with a Perform rating, driven primarily by a more bearish outlook on US gasoline consumption growth. However, we believe the company's distributions are secure and could experience upside with success from its acquisition strategy. LGP is a wholesale distributor of motor fuels, with primary exposure to the Northeast region. The company's growth strategy is derived from additional retail site acquisitions as well as increasing its fuel sales volumes." Lehigh Gas Partners LP closed at $20.43 on Thursday.