QR Energy LP Now Covered by Wunderlich (QRE)
Wunderlich assumed coverage on shares of QR Energy LP (NYSE:QRE) in a research note issued on Wednesday, TheFlyOnTheWall.com reports. The firm set a “buy” rating and a $20.00 price target on the stock. Wunderlich’s price objective indicates a potential upside of 12.80% from the stock’s previous close.
The analysts wrote, “We are initiating coverage of QR Energy, LP (QRE) with a Buy rating and $20 price target. QRE is an oil & gas upstream MLP headquartered in Houston, TX, having properties in the liquids-rich Permian Basin, Ark-La-Tex, Mid-Continent, and the US Gulf Coast. The company has a higher liquids proportion of 69% versus a peer average of 51%. With a liquids-rich portfolio, strong acquisition track record, and a solid coverage ratio backed by an affiliation with a drop-down sponsor, we believe QRE stands out with a compelling valuation that is materially mispriced versus its peers, offering a great entry point.”
QR Energy LP (NYSE:QRE) traded up 0.85% on Wednesday, hitting $17.88. The stock had a trading volume of 154,105 shares. QR Energy LP has a 1-year low of $14.76 and a 1-year high of $20.99. The stock’s 50-day moving average is $16.75 and its 200-day moving average is $17.1. The company’s market cap is $1.157 billion.
QR Energy LP (NYSE:QRE) last announced its earnings results on Wednesday, August 7th. The company reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.30 by $0.61. The company had revenue of $105.40 million for the quarter, compared to the consensus estimate of $109.13 million. Analysts expect that QR Energy LP will post $1.18 EPS for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at Zacks upgraded shares of QR Energy LP from a “neutral” rating to an “outperform” rating in a research note to investors on Tuesday, October 15th. They now have a $17.90 price target on the stock. Separately, analysts at UBS AG initiated coverage on shares of QR Energy LP in a research note to investors on Tuesday, October 15th. They set a “buy” rating on the stock. Finally, analysts at Oppenheimer downgraded shares of QR Energy LP from an “outperform” rating to a “market perform” rating in a research note to investors on Thursday, August 8th. They now have a $23.00 price target on the stock. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. QR Energy LP currently has a consensus rating of “Buy” and an average target price of $20.39.
QR Energy, LP (NYSE:QRE) owns and acquires producing oil and natural gas properties in North America.
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