Wells Fargo Starts Enduro Royalty Trust (NDRO) at Market Perform; Straight-Forward, Lower Risk Structure

Wells Fargo initiates coverage on Enduro Royalty Trust (NYSE: NDRO) with a Market Perform. PT range $19-$22.

Wells analyst says, "NDRO is a perpetual trust that provides investors with balanced commodity exposure across a high quality and diverse asset base in the Permian and East Texas/North Louisiana regions. Near-term commodity price protection, and upside from application of secondary and tertiary recovery in the Permian and downspacing and exploitation of additional zones in East Texas/North Louisiana provide upside potential; however, at current levels, units are fairly valued according to our discounted cash flow model...Our EPU estimate for 2011 is $0.72 and our 2012 EPU estimate is $1.74."

For an analyst ratings summary and ratings history on Enduro Royalty Trust click here. For more ratings news on Enduro Royalty Trust click here.

Shares of Enduro Royalty Trust closed at $18.95 yesterday.

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