PVR) has been downgraded from Neutral to Underperform. The
change in rating comes as commodity prices have fallen along with a
drop in coal production and an increase in emission free resources.
Penn Virginia Resource Partners is a limited partnership that is in
the business of managing coal properties in the Central Appalachian
region of the United States. They enter into long-term leases with
experienced, third- party mine operators for the right to mine their
coal reserves in exchange for royalty payments.
Penn Virginia Resource Partners announced second quarter 2012 earnings
of $0.11 per unit, down from $0.32 per unit in the year ago period.
That works out to be a decline of 67.0%. This decline was due to a
coal market, decreasing natural gas liquid prices and low fee-based
contracts in the Midcontinent business
wing. Earnings were lower than the Zacks Consensus Estimate of $0.19
per unit or a miss of 42%.
Earnings estimates for 2013 have been falling lately, as analysts trim
their estimates in the face of slower growth. In June, the 2013 Zacks
Consensus Estimate stood at $1.89 and was subsequently trimmed to
$1.61 in July and currently sits at $1.40.
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