Wachovia Downgrades Kayne Anderson Energy Development (KED) to Market Perform
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Wachovia downgrades Kayne Anderson Energy Development (NYSE: KED) from Outperform to Market Perform.
Wachovia analyst says, "Our downgrade is based primarily on recent events surrounding certain portfolio companies that we believe will pressure book value and earnings. Specifically, we are concerned with KED’s investment in ProPetro Services, recent trading losses associated with SemGroup and negative developments at Quest Midstream...In our view, KED shares present an attractive opportunity to gain access to the energy sector in a tax-advantaged vehicle. However, considering recent weakness in certain investments, the shares seem fairly valued."
Kayne Anderson Energy Development Company is a non-diversified, closed-end management investment company.
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