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A number of stock research firms have changed their ratings and price targets for QR Energy (NYSE: QRE) during the last seven days:

  • QR Energy is now covered by analysts at Bank of America. They set a “neutral” rating and a $20.00 price target on the stock.
  • QR Energy had its price target lowered by analysts at Citigroup Inc. from $20.00 to $19.00. They now have a “neutral” rating on the stock.
  • QR Energy was downgraded by analysts at Wunderlich from a “buy” rating to a “hold” rating. They now have a $18.00 price target on the stock, down previously from $20.00. They wrote, “QR Energy, LP (QRE) announced today its plans to pursue organic growth and raised its 2014 capex budget by 80% from $101mm to $182mm. The efforts would most likely pay off as QRE would be developing proven reserves; however, the production impact would be visible only next year. The tight balance sheet and a modest coverage ratio in the interim would keep the stock range-bound, in our view. Because of its high cost of capital, executing a material accretive transaction would also be an uphill task. “Looking at the relative valuation, high leverage, and lack of near-term catalysts, we think at this time other stocks in our coverage universe offer better risk-reward propositions. Accordingly, we are downgrading the stock to Hold with a target of $18.”
  • QR Energy was downgraded by analysts at Robert W. Baird from an “outperform” rating to a “neutral” rating. They now have a $19.00 price target on the stock, down previously from $20.00.
  • QR Energy was downgraded by analysts at TheStreet from a “buy” rating to a “hold” rating. They wrote, “QR Energy (QRE) has been downgraded by TheStreet Ratings from buy to hold. The company’s strengths can be seen in multiple areas, such as its robust revenue growth, expanding profit margins and impressive record of earnings per share growth. However, as a counter to these strengths, we also find weaknesses including generally higher debt management risk, disappointing return on equity and weak operating cash flow.”

Shares of QR Energy LP (NYSE:QRE) opened at 17.38 on Wednesday. QR Energy LP has a 52 week low of $14.76 and a 52 week high of $18.95. The stock’s 50-day moving average is $18.09 and its 200-day moving average is $17.52. The company has a market cap of $1.126 billion and a P/E ratio of 34.64.

QR Energy, LP (NYSE:QRE) is engaged in the acquisition, exploitation, development and production of oil and natural gas properties, and the Company’s business activities are conducted through OLLC, its wholly owned subsidiary.

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