EV Energy Partners, L.P.’s (EVEP) Price Target Raised

Analysts Leo Mariani and TJ Schultz at RBC Capital Markets have raised the price target for EV Energy Partners, L.P. (NASDAQ: EVEP) from $26 to $31. Analysts have raised the price target as they believe that EV Energy Partners commands a slightly larger premium due to its outstanding distribution coverage.

The company is acquiring assets in the Appalachian basin from Range Resource Corp. (NYSE: RRC) for a price of $151.8 million. According to analysts, the company is acquiring assets at a good price.

Analysts have raised the distribution coverage from 1.16x to 1.20x for 2010, and from 1.38x to 1.44x for 2011. Analysts at RBC Capital Markets have maintained an Outperform rating for EV Energy Partners, L.P.