UPDATE: Oppenheimer Reiterates Outperform Rating, Lowers PT on EV Energy Partners LP on Compelling Investment Opportunity

In a report published Wednesday, Oppenheimer analyst Daniel Katzenberg reiterated an Outperform rating on

, but lowered the price target from $69.00 to $49.00. In the report, Oppenheimer noted, “We are reducing our PT to $49 from $69, but reiterating our Outperform rating, as we believe EVEP offers a compelling investment opportunity following significant underperformance YTD. We anticipate EVEP will divest its wet-gas Utica acreage in the coming months, raising approximately $200M in proceeds, which assumes ~$10K/acre. These funds would likely be used to make an accretive acquisition. Also of note, we believe the market does not properly value EVEP's Utica midstream assets, which should begin to provide meaningful EBITDA in 2014. Our sum-of-the-parts PT includes $37/unit for the base assets, $5/unit for Utica wet-gas, and $7/unit for the midstream assets. Updated estimates reflect updated guidance and commodity prices.” EV Energy Partners LP closed on Tuesday at $33.75.