EV Energy Partners (EVEP) is leading its industry, estimates are on the rise, and the partnership just reported its third earnings surprise in the past year.

Company Description

EV Energy Partners is a Master LP that acquires and operates oil and gas properties. Fields are located in Ohio, West Virginia, and Louisiana.

Another Surprise

On Aug 10 the master partnership announced earnings per share of 70 cents, 11 cents higher than the Zacks Consensus Estimate. Production rose 23% on a year-over-year basis to 5.9Bcfe.

This was the second consecutive surprise and the third in the past 4 quarters.

Analysts Like What They See

Following the report, the Zacks Consensus Estimate for full-year 2009 jumped 20 cents to $2.36. This represents a growth rate of over 500%. Next year’s estimates are averaging $2.21, a 7% decline.

Out in Front

EVEP is the top rated domestic exploration and production company. The partnership boasts an excellent debt to equity ratio of just 0.7 compared the industry average of 37. EVEP also operates with a net profit margin of 229%. Its ROE, 26%, is about 5 times higher than its peers’ average of 5.5%.

The Chart

Shares of EVEP formed a double-top which could have spelled bad news, however units maintained the trend line and should pressure that level once again.

Zacks Investment Research
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