EV Energy Partners
Cooperman must have a thing for undervalued MLPs, which would explain his position in EV Energy Partners LP (EVEP).
Shares of EV Energy have been burned by the Utica shale’s less-than-stellar results on the oil and NGL side. With the Utica producing more gas than oil, many producers have been fleeing in spades. That’s been a huge problem for the firm as EVEP has roughly 100,000 net acres that it has been trying to offload in the region. And underperforming wells have really hurt the company’s ability to complete a sale.
Given its Utica issues, shares of the upstream MLP have dwindled this year.
However, the firm does have plenty of acreage and production in regions like the Barnett, San Juan and Permian Basins. All of which pump out serious production — approximately 162 million cubic feet per day in 2013. That helps produce some serious cash flows and supports the MLP’s 9% dividend.
Cooperman added roughly 950,000 shares during the first quarter based on the Utica overhang.