UPDATE: Stifel Nicolaus Initiates BreitBurn Energy Partners at Buy Following Solid 2Q13 Results

In a report published Monday, Stifel Nicolaus analyst Daniel Guffey initiated coverage on BreitBurn Energy Partners (NASDAQ: BBEP) with a Buy rating and $21.00 price target.

In the report, Stifel Nicolaus noted, “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.”

BreitBurn Energy Partners closed on Friday at $17.79.