Western Gas Partners, LP (NYSE:WES) announced a quarterly dividend on Tuesday, January 23rd, Wall Street Journal reports. Stockholders of record on Thursday, February 1st will be given a dividend of 0.92 per share by the pipeline company on Tuesday, February 13th. This represents a $3.68 dividend on an annualized basis and a dividend yield of 6.89%. The ex-dividend date of this dividend is Wednesday, January 31st. This is an increase from Western Gas Partners’s previous quarterly dividend of $0.91.
Western Gas Partners has raised its dividend payment by an average of 11.4% per year over the last three years and has increased its dividend annually for the last 10 consecutive years. Western Gas Partners has a dividend payout ratio of 251.4% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Western Gas Partners to earn $2.26 per share next year, which means the company may not be able to cover its $3.62 annual dividend with an expected future payout ratio of 160.2%.
Shares of Western Gas Partners (WES) opened at $53.43 on Friday. The stock has a market capitalization of $8,170.31, a price-to-earnings ratio of 43.53, a PEG ratio of 3.94 and a beta of 1.14. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.83. Western Gas Partners has a 52-week low of $42.68 and a 52-week high of $67.44.
A number of brokerages have recently issued reports on WES. Zacks Investment Research lowered Western Gas Partners from a “hold” rating to a “sell” rating in a research report on Thursday. Barclays lowered Western Gas Partners from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $62.00 to $54.00 in a research report on Wednesday, January 17th. Royal Bank of Canada reaffirmed a “buy” rating and set a $61.00 target price on shares of Western Gas Partners in a research report on Tuesday, January 16th. Credit Suisse Group began coverage on Western Gas Partners in a research report on Thursday, January 4th. They set a “neutral” rating and a $49.00 target price on the stock. Finally, Bank of America began coverage on Western Gas Partners in a research report on Tuesday, January 9th. They set a “neutral” rating on the stock. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $57.33.
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About Western Gas Partners
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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