Global Hunter Securities Starts QR Energy (QRE) at Buy; Valuation Attractive; Distribution Sustainable
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Price: $17.05 -1.9%
Rating Summary:
10 Buy, 3 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 28 | New: 14
Rating Summary:
10 Buy, 3 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 28 | New: 14
Trade QRE Now!
Global Hunter Securities initiates coverage on QR Energy (NYSE: QRE) with a Buy. PT $21.00.
Analyst, Bernard Colson, said, "QR Energy, LP looks relatively defensive vs. its E&P MLP peers, generating estimated coverage of more than 1.5x in 2013 despite the recent sharp decline in crude oil prices and the assumption that QRE continues to grow its distribution. The MLP is highly hedged, further increasing our confidence in our cash flow projections. At an 11.1% current yield, we believe there is skepticism about QRE's ability to maintain its distribution, which we view as sustainable. We also see no need for additional equity issuance through 2013 (unless another sizable acquisition is announced) as financial leverage appears manageable. We are adding QRE as one of our top picks (EV Energy Partners (Nasdaq: EVEP) is the other) in the E&P MLP sub-segment."
For an analyst ratings summary and ratings history on QR Energy click here. For more ratings news on QR Energy click here.
Shares of QR Energy closed at $17.33 yesterday, with a 52 week range of $15.25-$23.88.
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Analyst, Bernard Colson, said, "QR Energy, LP looks relatively defensive vs. its E&P MLP peers, generating estimated coverage of more than 1.5x in 2013 despite the recent sharp decline in crude oil prices and the assumption that QRE continues to grow its distribution. The MLP is highly hedged, further increasing our confidence in our cash flow projections. At an 11.1% current yield, we believe there is skepticism about QRE's ability to maintain its distribution, which we view as sustainable. We also see no need for additional equity issuance through 2013 (unless another sizable acquisition is announced) as financial leverage appears manageable. We are adding QRE as one of our top picks (EV Energy Partners (Nasdaq: EVEP) is the other) in the E&P MLP sub-segment."
For an analyst ratings summary and ratings history on QR Energy click here. For more ratings news on QR Energy click here.
Shares of QR Energy closed at $17.33 yesterday, with a 52 week range of $15.25-$23.88.
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