Memorial Production Partners LP Now Covered by Wunderlich (MEMP)
Equities research analysts at Wunderlich began coverage on shares of Memorial Production Partners LP (NASDAQ:MEMP) in a research note issued to investors on Wednesday, TheFlyOnTheWall.com reports. The firm set a “buy” rating and a $24.00 price target on the stock. Wunderlich’s target price points to a potential upside of 15.22% from the stock’s previous close.
The analysts wrote, “We are initiating coverage of Memorial Production Partners LP (MEMP) with a Buy rating and a $24 price target. MEMP is an oil & gas upstream MLP headquartered in Houston, TX, that became public in December 2011. MEMP has a diverse portfolio of long-lived producing properties in the East TX/North LA, South TX, and Southern California regions. MEMP is currently trading at a discount to the sector. However, with its strong acquisition track record, affiliation with a drop-down sponsor, and a solid coverage ratio providing headroom to improve future distributions, we believe the trading multiple should move in line with the sector, resulting in attractive returns from near-term potential upside.”
MEMP has been the subject of a number of other recent research reports. Analysts at Zacks downgraded shares of Memorial Production Partners LP from an “outperform” rating to a “neutral” rating in a research note to investors on Monday, September 23rd. They now have a $22.20 price target on the stock. Separately, analysts at Oppenheimer initiated coverage on shares of Memorial Production Partners LP in a research note to investors on Tuesday, September 3rd. They set an “outperform” rating and a $24.00 price target on the stock. Finally, analysts at Citigroup Inc. raised their price target on shares of Memorial Production Partners LP from $21.50 to $23.00 in a research note to investors on Tuesday, August 13th. They now have a “buy” rating on the stock. Three research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $23.03.
Memorial Production Partners LP (NASDAQ:MEMP) traded up 0.10% on Wednesday, hitting $20.85. 199,633 shares of the company’s stock traded hands. Memorial Production Partners LP has a 1-year low of $16.50 and a 1-year high of $21.36. The stock has a 50-day moving average of $20.59 and a 200-day moving average of $19.72. The company has a market cap of $929.0 million and a price-to-earnings ratio of 31.95.
Memorial Production Partners LP is a limited partnership formed by Memorial Resource to own and acquire oil and natural gas properties in North America.
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