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Penn Virgina Resource Partners (PVR)

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Penn Virgina Resource Partners (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 weakening 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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