Western Gas Equity Partners (WGP) Cut to “Strong Sell” at Zacks Investment Research

Western Gas Equity Partners (NYSE:WGP) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research report issued on Saturday.

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 equities analysts also recently issued reports on the company. ValuEngine upgraded Western Gas Equity Partners from a “strong sell” rating to a “sell” rating in a research report on Wednesday, November 7th. Credit Suisse Group assumed coverage on Western Gas Equity Partners in a research report on Thursday, October 11th. They set a “neutral” rating and a $34.00 price objective for the company. Bank of America reduced their price objective on Western Gas Equity Partners from $39.00 to $36.00 and set a “hold” rating for the company in a research report on Friday, October 5th. Royal Bank of Canada reduced their price objective on Western Gas Equity Partners to $42.00 and set an “outperform” rating for the company in a research report on Thursday, October 4th. Finally, Wells Fargo & Co reduced their price objective on Western Gas Equity Partners from $43.00 to $39.00 and set a “market perform” rating for the company in a research report on Monday, September 24th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $38.83.

WGP stock traded up $0.58 during midday trading on Friday, reaching $31.30. The company had a trading volume of 355,305 shares, compared to its average volume of 794,232. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 1.26. The company has a market cap of $6.73 billion, a P/E ratio of 18.20 and a beta of 1.40. Western Gas Equity Partners has a fifty-two week low of $25.89 and a fifty-two week high of $42.81.

Western Gas Equity Partners (NYSE:WGP) last issued its quarterly earnings data on Tuesday, October 30th. The pipeline company reported $0.49 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.77 by ($0.28). The business had revenue of $507.76 million for the quarter, compared to analyst estimates of $473.40 million. Western Gas Equity Partners had a return on equity of 9.96% and a net margin of 18.66%. The business’s quarterly revenue was down 11.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.44 earnings per share. Analysts expect that Western Gas Equity Partners will post 1.95 EPS for the current fiscal year.

A number of large investors have recently made changes to their positions in WGP. Bank of New York Mellon Corp bought a new stake in Western Gas Equity Partners during the second quarter worth approximately $897,000. FMR LLC raised its holdings in Western Gas Equity Partners by 42.8% during the second quarter. FMR LLC now owns 51,700 shares of the pipeline company’s stock worth $1,848,000 after purchasing an additional 15,500 shares in the last quarter. Raymond James & Associates raised its holdings in Western Gas Equity Partners by 36.7% during the second quarter. Raymond James & Associates now owns 10,167 shares of the pipeline company’s stock worth $363,000 after purchasing an additional 2,732 shares in the last quarter. Bank of America Corp DE raised its holdings in Western Gas Equity Partners by 1.8% during the second quarter. Bank of America Corp DE now owns 1,307,577 shares of the pipeline company’s stock worth $46,746,000 after purchasing an additional 23,299 shares in the last quarter. Finally, California Public Employees Retirement System raised its holdings in Western Gas Equity Partners by 94.5% during the second quarter. California Public Employees Retirement System now owns 39,534 shares of the pipeline company’s stock worth $1,413,000 after purchasing an additional 19,204 shares in the last quarter. 21.48% of the stock is currently owned by hedge funds and other institutional investors.

Western Gas Equity Partners 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.

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