Zacks Investment Research upgraded shares of PVR Partners, L.P. (PVR) from UNDERPERFORM to NEUTRAL on October 19, 2012, with a target price of $27.00.
We have upgraded our recommendation on PVR Partners, L.P. to Neutral from Underperform owing to strong reserve portfolio at different basins, solid long-term contract pipe line, well managed inorganic as well as organic growth strategy, and increase in quarterly distribution at regular intervals. In addition, we believe the partnership's midstream business is expected to be a strong future growth generator, providing a well diversified asset portfolio. However, we are primarily concerned about stringent regulations, over-reliance on small group of customers for bulk sales, greater dependence on third party service providers for receiving and supplying gas and natural gas liquid, lower commodity prices, a drop in coal production and an increase in use of emission free resources.
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