Wells Fargo Upgrades LRR Energy, L.P. (LRE) to Outperform
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Price: $3.07 +2.33%
Rating Summary:
2 Buy, 7 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 13
Rating Summary:
2 Buy, 7 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 13
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Wells Fargo upgraded LRR Energy, L.P. (NYSE: LRE) from Market Perform to Outperform with a price target of $17.00. Analyst Praneeth Satish thinks the recent sell-off provides a good entry point.
"We believe recent selling pressure is technical in nature and potentially linked to a large institutional investor. While we continue to believe distribution growth at LRE could prove challenging in the near-term, we view the partnership's attractive 14.5% yield (versus the peer group median of 9.5%) as secure. At the recent NAPTP conference, mgmt indicated that LRE's private equity sponsor is fully committed to the MLP business model and could take action (if necessary) to help the MLP. Additionally, we would note that co-CEO Eric Mullins purchased units of LRE on 5/7/13, further underscoring management's confidence in LRE's business model," said Satish.
For an analyst ratings summary and ratings history on LRR Energy, L.P. (NYSE: LRE) click here. For more ratings news on LRR Energy, L.P. click here.
Shares of LRR Energy, L.P. closed at $13.34 yesterday.
"We believe recent selling pressure is technical in nature and potentially linked to a large institutional investor. While we continue to believe distribution growth at LRE could prove challenging in the near-term, we view the partnership's attractive 14.5% yield (versus the peer group median of 9.5%) as secure. At the recent NAPTP conference, mgmt indicated that LRE's private equity sponsor is fully committed to the MLP business model and could take action (if necessary) to help the MLP. Additionally, we would note that co-CEO Eric Mullins purchased units of LRE on 5/7/13, further underscoring management's confidence in LRE's business model," said Satish.
For an analyst ratings summary and ratings history on LRR Energy, L.P. (NYSE: LRE) click here. For more ratings news on LRR Energy, L.P. click here.
Shares of LRR Energy, L.P. closed at $13.34 yesterday.
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