Bank of New York Mellon Corp trimmed its position in Western Gas Partners, LP (NYSE:WES) by 69.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 26,711 shares of the pipeline company’s stock after selling 59,925 shares during the period. Bank of New York Mellon Corp’s holdings in Western Gas Partners were worth $1,371,000 at the end of the most recent quarter.
Several other large investors have also recently made changes to their positions in the stock. Pathstone Family Office LLC bought a new position in shares of Western Gas Partners during the 2nd quarter worth approximately $136,000. Penserra Capital Management LLC bought a new position in shares of Western Gas Partners in the third quarter valued at $142,000. Biondo Investment Advisors LLC bought a new position in shares of Western Gas Partners in the second quarter valued at $232,000. The Manufacturers Life Insurance Company grew its stake in shares of Western Gas Partners by 7.2% in the second quarter. The Manufacturers Life Insurance Company now owns 3,954 shares of the pipeline company’s stock valued at $221,000 after buying an additional 265 shares in the last quarter. Finally, Suntrust Banks Inc. grew its stake in shares of Western Gas Partners by 67.5% in the second quarter. Suntrust Banks Inc. now owns 5,570 shares of the pipeline company’s stock valued at $311,000 after buying an additional 2,244 shares in the last quarter. Institutional investors and hedge funds own 61.87% of the company’s stock.
A number of equities analysts have commented on the stock. Royal Bank of Canada reaffirmed a “buy” rating and set a $61.00 price objective on shares of Western Gas Partners in a research report on Tuesday. Barclays downgraded Western Gas Partners from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $62.00 to $54.00 in a report on Wednesday. Bank of America started coverage on Western Gas Partners in a report on Tuesday, January 9th. They set a “neutral” rating for the company. Credit Suisse Group began coverage on Western Gas Partners in a report on Thursday, January 4th. They set a “neutral” rating and a $49.00 target price for the company. Finally, ValuEngine downgraded Western Gas Partners from a “hold” rating to a “sell” rating in a research note on Sunday, December 31st. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $57.33.
Western Gas Partners (NYSE:WES) last issued its earnings results on Tuesday, October 31st. The pipeline company reported $0.38 earnings per share for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.16). The firm had revenue of $574.70 million for the quarter, compared to analyst estimates of $536.01 million. Western Gas Partners had a return on equity of 14.68% and a net margin of 26.41%. Western Gas Partners’s revenue for the quarter was up 19.3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.54 earnings per share. equities analysts predict that Western Gas Partners, LP will post 1.44 EPS for the current fiscal year.
Western Gas Partners Profile
Western Gas Partners, LP is a master limited partnership (MLP) that acquires, owns, develops and operates midstream energy assets. The Company is engaged in the business of gathering, processing, compressing, treating and transporting natural gas, condensate, natural gas liquids (NGLs) and crude oil in the United States.
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