Wells Fargo Downgrades Natural Resource Partners LP (NRP) to Market Perform; Changes Reflect More Cautious View
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Price: $23.26 -0.89%
Rating Summary:
4 Buy, 3 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 28 | New: 14
Rating Summary:
4 Buy, 3 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 28 | New: 14
Trade NRP Now!
Wells Fargo downgraded Natural Resource Partners LP (NYSE: NRP) from Outperform to Market Perform with a price target range of $26-$28 from $33-35.
Wells analyst says, "We have a cautious outlook for NRP given weaker global demand for met coal, coal companies recently announcing production decreases and negative weather conditions. This, in our opinion offsets NRP's recent acquisitions, strong liquidity position and current yield. Therefore, we rate the units of NRP Market Perform. Approximately 25% of NRP's distribution is tax deferred with a substantial portion of the allocated income taxed as a long-term capital gain."
"We are lowering our 2012 and 2013 DCF per unit estimates to $2.02 and $2.07 from $2.51 and $2.64 based mainly on our more-conservative assumptions regarding average coal royalty per ton going forward."
For an analyst ratings summary and ratings history on Natural Resource Partners LP click here. For more ratings news on Natural Resource Partners LP click here.
Shares of Natural Resource Partners LP closed at $26.46 yesterday, with a 52 week range of $23.36-$37.80.
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Wells analyst says, "We have a cautious outlook for NRP given weaker global demand for met coal, coal companies recently announcing production decreases and negative weather conditions. This, in our opinion offsets NRP's recent acquisitions, strong liquidity position and current yield. Therefore, we rate the units of NRP Market Perform. Approximately 25% of NRP's distribution is tax deferred with a substantial portion of the allocated income taxed as a long-term capital gain."
"We are lowering our 2012 and 2013 DCF per unit estimates to $2.02 and $2.07 from $2.51 and $2.64 based mainly on our more-conservative assumptions regarding average coal royalty per ton going forward."
For an analyst ratings summary and ratings history on Natural Resource Partners LP click here. For more ratings news on Natural Resource Partners LP click here.
Shares of Natural Resource Partners LP closed at $26.46 yesterday, with a 52 week range of $23.36-$37.80.
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