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EV Energy Partners LP Message Board

  • moneyonomics moneyonomics Feb 20, 2013 9:29 AM Flag

    JP Morgan starts EVEP as overweight-

    from lestah access article on mlp investor village board

    PM starts LINE & EVEP at Overweight
    JPM initiates LINE at OW, target 43.

    JPM initiates EVEP at OW, target 69.

    J.P. Morgan noted, “EVEP intends to pursue the sale or monetization of a portion of the Utica position, 150,000 net working interest acres (including 20,000 net acres in a JV). EVEP plans to keep a 2% ORRI on ~ 880,000 gross acres intact following these transactions. We expect EVEP to monetize these assets in 1H2013. EVEP currently trades at a sizeable premium to peers (5.7% vs. 9.3% peer avg.) given the potential for a large distribution increase fueled by this asset swap. However, we note that the Utica swap could drive a distribution increase of 70% (or more), which would imply an EVEP yield of ~9.7%, a discount to peers (highlighting EVEP's attractive valuation).”

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