Penn Virginia Resource Partners L.P. (PVR) posted adjusted net income of 30 cents per unit, marginally above the Zacks Consensus Estimate of 29 cents and well above 19 cents posted a year ago. The increase in net income was primarily due to improved operating income from PVR Midstream and lower interest and other expenses, offset by lower operating income from PVR Coal & Natural Resource Management and an increase in cash paid to settle interest rate derivatives. Distributable cash flow (DCF) increased 33% to $37.2 million from $28.0 million last year.   Total revenues in the quarter declined 45% year over year to $155.6 million, driven by lower revenue across the company’s business segments due to lower commodity prices.   Coal and Natural Resource Management segment’s revenues, net of coal royalties expense, decreased 15% to $33.6 million, primarily due to lower coal royalties revenue, oil and gas royalties ...

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Growth & income expertBryan Perry sees weakness in energy as an chance to buy long-term positions. In The 25% Cash Machine, he looks at coal partnership, Penn Virginia:

Track his pick at:

http://trackthepros.com/categories.php?category_id=1562

“Crude oil is down 20% from the $147 per barrel peak set last month. But if the U.S. economy is bottoming out and expected to rebound later this year (and into 2009), then it is only prudent to dollar cost average into energy assets. “Penn Virginia Resource Partners, L.P. recently lit up the earnings board with yet another record quarter for the coal-producing partnership and reported record financial and operating results for the second quarter of 2008. Here are the highlights of Q2 2008 compared to Q2 2007: * * Quarterly record distributable cash flow of $40.2 million compared to $30.3 million.

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We are maintaining our Buy recommendation on Penn Virginia Resource Partners L.P. (PVR) but decreasing our target price from $31.25 per unit to $28 per unit. The partnership's recent acquisitions in the midstream space have positioned it to grow throughput volumes but also diversify its operations into several of the most active basins in the U.S.

Backed by strong coal fundamentals, both of PVR's operating segments should see stellar results through '09 as throughput volumes look to ramp up significantly and coal doesn't seem to be slowing anytime soon. We estimate that PVR will increase its annualized distribution 9% to $2 per unit from its current annualized rate of $1.84 per unit over the next twelve months.

Our positive investment sentiment on PVR is based on the near-term cash flow growth from both favorable coal pricing and leverage to Central Appalachian (CAPP), the accretive acquisitions made in its midstream segment

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