Market Overview

UPDATE: Stifel Downgrades QR Energy LP On Pending Acquisition By Breitburn

Share:

In a report published Monday, Stifel analyst Brian Brungardt Jr. downgraded the rating on QR Energy LP (NYSE: QRE) from Buy to Hold, and removed the $21.00 price target.

In the report, Stifel noted, “We are transferring coverage from our colleague Dan Guffey. With the pending acquisition by Breitburn Energy Partners L.P. (BBEP), we are downgrading QRE to Hold from Buy as units are currently trading at a 2.7% discount to the implied buyout valuation. We would be more constructive should the units trade at a wider discount to the implied takeout valuation. We remind current QRE unitholders that they are expected to receive an increased yield post the merger as BBEP is expected to declare an annual DPU of $2.08 (or approximately $2.05 giving effect of the merger ratio).”

QR Energy LP closed on Friday at $19.71.

Latest Ratings for QRE

DateFirmActionFromTo
Nov 2014CitigroupMaintainsNeutral
Sep 2014Stifel NicolausDowngradesBuyHold
Jul 2014CitigroupMaintainsNeutral

View More Analyst Ratings for QRE
View the Latest Analyst Ratings

 

Related Articles (QRE)

View Comments and Join the Discussion!

Posted-In: Brian Brungardt Jr. StifelAnalyst Color Downgrades Analyst Ratings

Latest Ratings

StockFirmActionPT
ELFDA DavidsonMaintains24.0
NVDAB of A SecuritiesMaintains460.0
CBB of A SecuritiesMaintains114.0
BHCB of A SecuritiesMaintains14.0
AEEB of A SecuritiesMaintains79.0
View the Latest Analytics Ratings
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com