UPDATE: Stifel Downgrades EV Energy Partners (EVEP) to Hold
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(Updated - October 31, 2016 8:41 AM EDT)
Stifel downgraded EV Energy Partners (NASDAQ: EVEP) from Buy to Hold with a price target of $2.00 (from $4.00).
Analyst Brian J. Brungardt, Jr. said, "We are downgrading units to Hold from Buy as we look for the capital markets to improve for the traditional upstream MLPs. We continue to view the partnership as the best positioned to weather this downturn given the approximate 40% availability under its credit facility entering the fall redetermination. That being said, we see limited growth in the current commodity environment as the focus remains on balance sheet management and, in turn, limited potential value creation for the equity holders in our opinion."
Shares of EV Energy Partners closed at $2.17 yesterday.
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