UPDATE: Global Hunter Securities Starts BreitBurn Energy Partners (BBEP) at Accumulate

(Updated - June 20, 2014 9:33 AM EDT)

Global Hunter Securities initiated coverage on BreitBurn Energy Partners (NASDAQ: BBEP) with an Accumulate rating and a price target of $23.00.

Analyst Sunil Sibal said, "We are initiating coverage with an Accumulate rating and price target of $23, which offers a total return of ~14% from yesterday's level. Our positive stance on the partnership stems from (1) increasing leverage of the partnership to liquids production growth driven by its recent acquisitions in the Permian and Oklahoma; (2) BBEP's advantaged cost of capital, which positions it well for additional acquisitions from E&P C-corps; and (3) growing inventory of organic development opportunities on which the partnership can earn attractive returns."

For an analyst ratings summary and ratings history on BreitBurn Energy Partners click here. For more ratings news on BreitBurn Energy Partners click here.

Shares of BreitBurn Energy Partners closed at $22.02 yesterday.

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