- EV Energy (EVEP-OLD -15.2%) plunges after Stifel downgrades shares to Hold from Buy with a $2 price target, chopped in half from $4, even as the firm looks for the capital markets to improve for traditional upstream MLPs.
- Stifel says it continues to view EVEP as the best positioned to weather the crude oil downturn given the ~40% availability under its credit facility entering the fall re-determination.
- However, the firm sees limited growth in the current commodity environment, as the company's focus remains on balance sheet management and, in turn, limited potential value creation for equityholders.