BreitBurn Energy Partners L.P. Upgraded to Buy at Zacks (BBEP)
Posted on October 30, 2015 by Robert Jamerson in Investing, Secondary Articles
BreitBurn Energy Partners L.P. logoZacks upgraded shares of BreitBurn Energy Partners L.P. (NASDAQ:BBEP) from a hold rating to a buy rating in a report released on Monday, MarketBeat.Com reports. The firm currently has $2.75 target price on the stock.
According to Zacks, “BreitBurn Energy Partners L.P. is an independent oil and gas master limited partnership focused on the acquisition, exploitation, developmentand production of oil and gas properties in the United States. The Company’s producing and non-producing crude oil and natural gas reserves are located primarily in Michigan, Oklahoma, Texas, Wyoming, California, Florida, Indiana and Kentucky. BreitBurn Energy Partners L.P. is headquartered in Los Angeles, California. “
BreitBurn Energy Partners L.P. (NASDAQ:BBEP) traded up 2.489% during midday trading on Monday, reaching $2.265. 549,215 shares of the company traded hands. The firm has a market capitalization of $479.55 million and a price-to-earnings ratio of 2.713. BreitBurn Energy Partners L.P. has a 12 month low of $1.92 and a 12 month high of $17.56. The firm’s 50 day moving average price is $2.43 and its 200 day moving average price is $4.02.
BreitBurn Energy Partners L.P. (NASDAQ:BBEP) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($1.46) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by $1.45. The business had revenue of $102.70 million for the quarter, compared to the consensus estimate of $289.76 million. BreitBurn Energy Partners L.P.’s revenue was down 66.5% on a year-over-year basis. During the same quarter last year, the company earned ($0.89) EPS. On average, analysts expect that BreitBurn Energy Partners L.P. will post ($0.26) earnings per share for the current year.
The company also recently declared a dividend, which will be paid on Friday, November 13th. Shareholders of record on Monday, November 9th will be given a dividend of $0.0417 per share. The ex-dividend date of this dividend is Thursday, November 5th.
Several other analysts have also issued reports on BBEP. Wunderlich decreased their target price on shares of BreitBurn Energy Partners L.P. from $5.00 to $4.00 and set a hold rating on the stock in a research report on Friday, August 7th. RBC Capital restated a sector perform rating and issued a $4.00 price target (down from $8.00) on shares of BreitBurn Energy Partners L.P. in a research report on Friday, August 7th. Credit Suisse reaffirmed an underperform rating and issued a $3.00 target price on shares of BreitBurn Energy Partners L.P. in a research note on Wednesday, August 12th. Barclays dropped their price target on shares of BreitBurn Energy Partners L.P. from $5.00 to $2.00 and set an equal weight rating for the company in a research note on Wednesday, September 30th. Finally, Citigroup Inc. decreased their price objective on shares of BreitBurn Energy Partners L.P. from $6.00 to $2.50 and set a neutral rating for the company in a report on Monday, September 14th. Four research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and one has issued a buy rating to the company. The stock has an average rating of Hold and an average target price of $5.25.
BreitBurn Energy Partners L.P. is an independent oil and gas partnership focused on the acquisition, exploitation and development of oil, NGL and natural gas properties in the United States. Its assets consist mainly of producing and non-producing oil, NGL and natural gas reserves found in seven making regions, which include Ark La Tex (NASDAQ:BBEP); Michigan, Indiana and Kentucky (MI/IN/KY); Permian Basin in Texas and New Mexico; Mid-Continent (Oklahoma, Kansas and the Texas Panhandle);Rockies (Wyoming); Florida (and Alabama) and California. Its midstream assets include gas processing plants, gathering and transmission pipelines, NGL recovery plants, a controlling interest in a salt water disposal company, a 51-mile oil pipeline in Oklahoma as well as the 120-mile Transpetco Pipeline. The Business ‘s total estimated proved reserves were about 315.3 MMBoe, of which approximately 55% was oil, over 8% was NGLs and approximately 37% was natural gas.
