Western Gas Equity (NYSE:WGP) Lowered to “Neutral” at Seaport Global Securities

Seaport Global Securities cut shares of Western Gas Equity (NYSE:WGP) from a buy rating to a neutral rating in a research report released on Monday, April 9th, Marketbeat reports. They currently have $32.00 price target on the pipeline company’s stock, down from their prior price target of $49.00.

Other equities analysts also recently issued reports about the stock. UBS upgraded shares of Western Gas Equity from a neutral rating to a buy rating and set a $44.00 price objective for the company in a research note on Wednesday, January 3rd. Citigroup raised shares of Western Gas Equity from a neutral rating to a buy rating in a report on Tuesday, March 27th. Scotiabank restated a buy rating and set a $49.00 target price on shares of Western Gas Equity in a research report on Monday, January 29th. Barclays lowered shares of Western Gas Equity from an overweight rating to an equal weight rating and decreased their target price for the stock from $51.00 to $45.00 in a research report on Wednesday, January 17th. Finally, Zacks Investment Research upgraded shares of Western Gas Equity from a sell rating to a hold rating in a research report on Tuesday, March 6th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the stock. Western Gas Equity has an average rating of Hold and an average price target of $44.09.

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NYSE:WGP opened at $34.23 on Monday. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.60 and a quick ratio of 0.60. Western Gas Equity has a 1 year low of $31.63 and a 1 year high of $46.47. The company has a market capitalization of $7,456.86, a PE ratio of 19.90 and a beta of 1.53.

Western Gas Equity (NYSE:WGP) last posted its quarterly earnings data on Thursday, February 15th. The pipeline company reported $0.45 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.05. Western Gas Equity had a net margin of 16.75% and a return on equity of 9.40%. The firm had revenue of $632.02 million during the quarter, compared to analysts’ expectations of $573.10 million. During the same quarter in the previous year, the company posted $0.38 EPS. Western Gas Equity’s revenue was up 23.7% on a year-over-year basis. sell-side analysts anticipate that Western Gas Equity will post 1.92 EPS for the current year.

A number of hedge funds and other institutional investors have recently made changes to their positions in WGP. Northern Trust Corp raised its stake in Western Gas Equity by 35.5% during the second quarter. Northern Trust Corp now owns 9,537 shares of the pipeline company’s stock worth $410,000 after buying an additional 2,500 shares during the last quarter. JPMorgan Chase & Co. raised its stake in Western Gas Equity by 152.6% during the third quarter. JPMorgan Chase & Co. now owns 71,778 shares of the pipeline company’s stock worth $2,960,000 after buying an additional 43,364 shares during the last quarter. Cohen & Steers Inc. increased its stake in Western Gas Equity by 4.8% in the third quarter. Cohen & Steers Inc. now owns 148,844 shares of the pipeline company’s stock valued at $6,129,000 after purchasing an additional 6,792 shares in the last quarter. Neuberger Berman Group LLC increased its stake in Western Gas Equity by 3.1% in the third quarter. Neuberger Berman Group LLC now owns 11,536,740 shares of the pipeline company’s stock valued at $475,083,000 after purchasing an additional 343,660 shares in the last quarter. Finally, Institutional & Family Asset Management LLC bought a new stake in Western Gas Equity in the third quarter valued at $1,539,000. 17.88% of the stock is owned by institutional investors and hedge funds.

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Western Gas Equity Company Profile

Western Gas Equity Partners, LP, together with its subsidiaries, engages in the gathering, processing, compressing, treating, stabilizing, and transporting natural gas, condensate, natural gas liquids, and crude oil primarily in the United States. It is also involved in the gathering and disposing of produced water; and buying and selling of natural gas.

Analyst Recommendations for Western Gas Equity (NYSE:WGP)

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