Analysts at Stifel Nicolaus initiated coverage on shares of Breitburn Energy (NASDAQ:BBEP) in a research report issued to clients and investors on Monday, TheFlyOnTheWall.com reports. The firm set a “buy” rating and a $21.00 price target on the stock. Stifel Nicolaus’ target price suggests a potential upside of 18.04% from the company’s current price.
The analysts wrote, “On August 6th, BBEP reported solid 2Q13 results. BBEP’s 2Q EBITDA totaled $84.3 million, up 32% Q/Q and 28% Y/Y as the company beat consensus production and realized price estimates by 2% and 8% respectively. The realized price increase was primarily due to improved differentials in Wyoming, Texas and Michigan. The company had a 2Q distribution coverage ratio of 1.0x.”
A number of other analysts have also recently weighed in on BBEP. Analysts at Citigroup Inc. upgraded shares of Breitburn Energy from a “neutral” rating to a “buy” rating in a research note to investors on Friday. They now have a $20.50 price target on the stock, down previously from $21.00. Separately, analysts at Credit Suisse raised their price target on shares of Breitburn Energy from $18.00 to $19.00 in a research note to investors on Wednesday, August 7th. Finally, analysts at Raymond James upgraded shares of Breitburn Energy from a “market perform” rating to an “outperform” rating in a research note to investors on Friday, July 19th.
Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Breitburn Energy has a consensus rating of “Buy” and an average target price of $21.56.
Breitburn Energy (NASDAQ:BBEP) traded up 0.96% on Monday, hitting $17.961. Breitburn Energy has a 1-year low of $14.01 and a 1-year high of $21.75. The stock’s 50-day moving average is currently $17.73. The company’s market cap is $1.790 billion.
Breitburn Energy (NASDAQ:BBEP) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.75 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.14 by $0.61. The company had revenue of $216.95 million for the quarter, compared to the consensus estimate of $203.20 million. During the same quarter last year, the company posted $1.29 earnings per share. Breitburn Energy’s revenue was up 6.8% compared to the same quarter last year. Analysts expect that Breitburn Energy will post $0.48 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Wednesday, August 14th. Shareholders of record on Monday, August 12th will be paid a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a dividend yield of 10.79%. The ex-dividend date is Thursday, August 8th. This is a positive change from Breitburn Energy’s previous quarterly dividend of $0.48.
BreitBurn Energy Partners L.P. is an independent oil and gas partnership focused on the acquisition, exploitation and development of oil and gas properties in the United States.