Loading...
Loading...
In a report published Friday, Wunderlich Securities analyst Abhishek Sinha reiterated a Buy rating on
BreitBurn Energy Partners LPBBEP, and raised the price target from $24.00 to $25.00.
In the report, Wunderlich Securities noted, “BreitBurn Energy Partners (BBEP) and QR Energy, LP (QRE-$20.59, Hold) today announced the signing of a definitive merger agreement pursuant to which BreitBurn will acquire QR Energy in a unit-for-unit exchange implying a transaction value of approximately $3.0 billion. Upon closing of the transaction, BBEP is expected to increase distribution by 3% to $2.08/unit. We believe the QRE acquisition complements and diversifies BBEP's existing asset base and should propel long term growth. We maintain our Buy rating on the stock and assuming that the transaction would close, we are raising our price target to $25 after incorporating the changes to our model due to the acquisition.”
BreitBurn Energy Partners LP closed on Thursday at $22.23.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in