UPDATE: Stifel Initiates Coverage On Atlas Resource Partners, L.P. On Positive Outlook

Courtesy of Benzinga.

In a report published Monday, Stifel analyst Brian Brungardt Jr. initiated coverage on Atlas Resource Partners, L.P. (NYSE: ARP) with a Buy rating and $22.00 price target.

In the report, Stifel noted, “We are initiating coverage of Atlas Resource Partners LP (ARP) with a Buy rating and a $22 target price. With the recent acquisition of Eagle Ford assets and secured financing, we believe unitholders stand to benefit from a growing organic project backlog and diversified geographic footprint. By funding the acquisition through a mix of newly issued Class D preferreds and use of its credit revolver, we believe unitholders stand to benefit from an improving DPU coverage ratio in 4Q14 and into FY15.”

Atlas Resource Partners, L.P. closed on Friday at $19.08.

Posted-In: Brian Brungardt Jr. StifelAnalyst Color Initiation Analyst Ratings