UBS Maintains a 'Buy' on Penn Virginia Resource Partners (PVR); Positive ’12 Outlook; Distribution Increased

UBS maintains a 'Buy' on Penn Virginia Resource Partners (NYSE: PVR) price target raised $1 to $31.

UBS analyst says, "As a result of excess volumes being bypassed in the Panhandle, the company revised guidance to the downside, now expecting 2011 EBITDA in a range of $240-$250mm vs. the prior range of $240mm-$260mm. Despite the downward revision, management expressed confidence going forward with several expansion projects underway and a strong liquidity position. Accordingly, the BOD approved a $0.01 distribution increase to $0.50. For 2012 we estimate a distribution coverage ratio of roughly 1.36x...As a result of the guidance revision, we are shading our 2011 EPU estimates lower to $1.39 from $1.42. We maintain our 2012 and 2013 estimates."

For more ratings news on Penn Virginia Resource Partners click here and for the rating history of Penn Virginia Resource Partners click here.

Shares of Penn Virginia Resource Partners closed at $26.49 yesterday.

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