EV Energy Upgraded by Wunderlich to “Buy” (EVEP)
EV Energy (NASDAQ:EVEP) was upgraded by research analysts at Wunderlich from a “hold” rating to a “buy” rating in a report released on Friday, TheFlyOnTheWall.com reports. The firm currently has a $40.00 target price on the stock, up from their previous target price of $39.00. Wunderlich’s target price would suggest a potential upside of 18.20% from the stock’s previous close.
The analysts wrote, “We are upgrading EV Energy Partners, L.P. (EVEP) to Buy with a price target of $40 from our previous Hold rating and $39 price target. Our upgrade is anchored on alleviating infrastructure constraints in the Utica, providing greater visibility towards production ramp-up in the Basin and potentially benefitting EVEP’s monetization plans of its Utica’s assets. The start-up of the UEO processing plant, the de-ethanizer and the ATEX pipeline should create a positive ripple effect on EVEP’s cash flow, its Utica valuation, and its revenue from ORRI. The improved infrastructure and commodity backdrop should help EVEP meet its goals. We believe EVEP is now at an inflection point, presenting an attractive risk/reward opportunity.”
EV Energy (NASDAQ:EVEP) traded up 3.81% on Friday, hitting $35.13. 537,150 shares of the company’s stock traded hands. EV Energy has a 52-week low of $30.53 and a 52-week high of $57.77. The stock’s 50-day moving average is $34.6 and its 200-day moving average is $35.58. The company’s market cap is $1.699 billion.
Several other analysts have also recently commented on the stock. Analysts at Zacks upgraded shares of EV Energy from an “underperform” rating to a “neutral” rating in a research note on Tuesday, February 4th. They now have a $36.60 price target on the stock. Separately, analysts at JPMorgan Chase & Co. downgraded shares of EV Energy from an “overweight” rating to a “neutral” rating in a research note on Monday, January 6th. They now have a $38.00 price target on the stock, down previously from $42.00. One analyst has rated the stock with a sell rating, five have given a hold rating and eight have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $43.80.
EV Energy Partners, L.P. is engaged in the acquisition, development and production of oil and natural gas properties.
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