UPDATE: Barclays Starts Penn Virginia Resource Partners (PVR) at Overweight; Strong Growth Prospects

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(Updated - July 12, 2012 3:23 PM EDT)

Barclays initiates coverage on Penn Virginia Resource Partners (NYSE: PVR) with an Overweight. PT $29.00.

Analyst, Richard Gross, makes several positive points including: 1) Valuation will improve as the company becomes more focused on Natural Gas; 2) Gathering & Processing (G&P) of Natural Gas (segment) should provide rapid growth through 2016; 3) Gross believes there is significant upside in the Marcellus buildout; 4) Midcontinent operations profitability should benefit from 40% capacity growth; and 5) Gross also believes that the company's non-core coal royalty assets do not pose downside risk (~6% total).

For an analyst ratings summary and ratings history on Penn Virginia Resource Partners click here. For more ratings news on Penn Virginia Resource Partners click here.

Shares of Penn Virginia Resource Partners closed at $24.75 yesterday, with a 52 week range of $20.85-$28.05.

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