Western Gas Equity Partners (NYSE:WGP) Downgraded to Hold at Zacks Investment Research

Zacks Investment Research cut shares of Western Gas Equity Partners (NYSE:WGP) from a buy rating to a hold rating in a report issued on Saturday, November 11th.

According to Zacks, “Western Gas Equity Partners, LP is formed to own, operate, acquire and develop midstream energy assets. Western Gas Equity Partners, LP is based in The Woodlands, Texas. “

Several other analysts have also recently weighed in on WGP. BidaskClub cut Western Gas Equity Partners from a sell rating to a strong sell rating in a report on Thursday, July 27th. Scotiabank set a $51.00 price target on Western Gas Equity Partners and gave the company a buy rating in a research note on Wednesday, August 16th. Royal Bank Of Canada reissued a buy rating and set a $53.00 target price on shares of Western Gas Equity Partners in a research note on Monday, August 21st. Seaport Global Securities initiated coverage on Western Gas Equity Partners in a research report on Tuesday, October 10th. They set a buy rating and a $49.00 price target for the company. Finally, TheStreet downgraded Western Gas Equity Partners from a b rating to a c+ rating in a report on Monday, October 16th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the stock. The stock presently has a consensus rating of Buy and an average price target of $49.67.

Western Gas Equity Partners (NYSE:WGP) traded up $1.08 during trading hours on Friday, hitting $35.70. 170,558 shares of the stock were exchanged, compared to its average volume of 158,732. Western Gas Equity Partners has a 12 month low of $33.92 and a 12 month high of $47.82. The company has a market capitalization of $7,638.58, a price-to-earnings ratio of 21.02 and a beta of 1.55. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.91 and a current ratio of 0.91.

Western Gas Equity Partners (NYSE:WGP) last posted its quarterly earnings results on Tuesday, October 31st. The pipeline company reported $0.44 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.41 by $0.03. The firm had revenue of $574.70 million for the quarter, compared to the consensus estimate of $530.80 million. Western Gas Equity Partners had a net margin of 16.96% and a return on equity of 8.99%. The business’s revenue was up 19.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.54 earnings per share. research analysts expect that Western Gas Equity Partners will post 1.7 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 22nd. Investors of record on Thursday, November 2nd were paid a $0.5375 dividend. This is a positive change from Western Gas Equity Partners’s previous quarterly dividend of $0.53. This represents a $2.15 dividend on an annualized basis and a dividend yield of 6.02%. The ex-dividend date was Wednesday, November 1st. Western Gas Equity Partners’s payout ratio is currently 130.30%.

Institutional investors have recently bought and sold shares of the stock. Saratoga Research & Investment Management bought a new stake in Western Gas Equity Partners in the third quarter worth approximately $146,000. BNP Paribas Arbitrage SA increased its holdings in Western Gas Equity Partners by 14.7% in the second quarter. BNP Paribas Arbitrage SA now owns 3,923 shares of the pipeline company’s stock worth $169,000 after purchasing an additional 503 shares in the last quarter. Clinton Group Inc. bought a new stake in shares of Western Gas Equity Partners during the second quarter valued at approximately $201,000. Proficio Capital Partners LLC increased its holdings in shares of Western Gas Equity Partners by 10.8% during the second quarter. Proficio Capital Partners LLC now owns 5,342 shares of the pipeline company’s stock valued at $226,000 after acquiring an additional 519 shares in the last quarter. Finally, Doliver Capital Advisors LP bought a new stake in shares of Western Gas Equity Partners during the second quarter valued at approximately $241,000. 18.38% of the stock is currently owned by institutional investors.

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Western Gas Equity Partners Company Profile

Western Gas Equity Partners, LP is a limited partnership. The Company is formed to own approximately three types of partnership interests in Western Gas Partners, LP (WES). WES is an master limited partnership (MLP) engaged in the business of gathering, compressing, treating, processing and transporting natural gas, and gathering, stabilizing and transporting condensate, natural gas liquids (NGLs) and crude oil.

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