New Source Energy Partners Stock Rating Reaffirmed by Wunderlich (NSLP)
New Source Energy Partners (NASDAQ:NSLP)‘s stock had its “buy” rating restated by analysts at Wunderlich in a research report issued to clients and investors on Wednesday. They currently have a $30.00 target price on the stock, up from their previous target price of $28.00. Wunderlich’s target price suggests a potential upside of 14.33% from the stock’s previous close.
The analysts wrote, “New Source Energy Partners L.P. (NSLP) reported 2QAdj. EBITDA of $11.4mm, missing our estimate of $13.7mm and consensus of $13.5mm, hit by lower NGL realizations. Production at 4,835 Boe/d was 2% above our estimates and distributions increased 1% sequentially to $0.58/unit. Although coverage was 0.71x, we expect full impact of EFS and RPS acquisitions in next quarter results boosting the coverage to 1.5x for 2H. NSLP is trading at a 20% discount to peers based on EV/EBITDA multiple. With a low leverage and strong coverage, the company is favorably placed on all financial metrics and in our opinion should trade in line with peers on EBITDA basis. We are raising our price target from $28 to $30 maintaining our Buy rating on the stock.”
Separately, analysts at Robert W. Baird raised their price target on shares of New Source Energy Partners from $27.00 to $31.00 in a research note on Wednesday, July 30th. They now have an “outperform” rating on the stock.
New Source Energy Partners (NASDAQ:NSLP) traded down 0.88% on Wednesday, hitting $26.01. The stock had a trading volume of 85,915 shares. New Source Energy Partners has a one year low of $19.65 and a one year high of $28.13. The stock has a 50-day moving average of $25.31 and a 200-day moving average of $23.93. The company has a market cap of $458.6 million and a P/E ratio of 32.28.
New Source Energy Partners (NASDAQ:NSLP) last issued its quarterly earnings data on Wednesday, August 13th. The company reported $0.39 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.27 by $0.12. On average, analysts predict that New Source Energy Partners will post $0.99 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Friday, August 15th. Shareholders of record on Friday, August 1st will be paid a dividend of $0.585 per share. This represents a $2.34 annualized dividend and a dividend yield of 8.92%. The ex-dividend date is Wednesday, July 30th. This is a positive change from New Source Energy Partners’s previous quarterly dividend of $0.58.
New Source Energy Partners L.P. is engaged in the acquiring oil and natural gas properties in the United States.
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