Western Gas Equity Partners, LP (NYSE:WGP) issued its quarterly earnings data on Tuesday, July 25th. The pipeline company reported $0.48 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.41 by $0.07, Briefing.com reports. The business had revenue of $525.50 million for the quarter, compared to the consensus estimate of $505.77 million. Western Gas Equity Partners, had a net margin of 17.50% and a return on equity of 8.78%. The company’s quarterly revenue was up 22.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.41 EPS.
Shares of Western Gas Equity Partners, (NYSE WGP) opened at 40.69 on Friday. The stock has a market capitalization of $8.91 billion, a P/E ratio of 25.02 and a beta of 1.56. Western Gas Equity Partners, has a 52-week low of $35.52 and a 52-week high of $47.82. The stock has a 50 day moving average of $42.15 and a 200-day moving average of $44.35.
The firm also recently announced a quarterly dividend, which will be paid on Monday, August 21st. Stockholders of record on Monday, July 31st will be given a $0.5275 dividend. The ex-dividend date is Thursday, July 27th. This is an increase from Western Gas Equity Partners,’s previous quarterly dividend of $0.45. This represents a $2.11 dividend on an annualized basis and a dividend yield of 5.19%. Western Gas Equity Partners,’s dividend payout ratio is currently 129.45%.
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Several institutional investors have recently made changes to their positions in WGP. BNP Paribas Arbitrage SA raised its position in Western Gas Equity Partners, by 78.6% in the first quarter. BNP Paribas Arbitrage SA now owns 3,420 shares of the pipeline company’s stock valued at $158,000 after buying an additional 1,505 shares during the period. Taylor Wealth Management Partners raised its stake in shares of Western Gas Equity Partners, by 1,050.0% in the first quarter. Taylor Wealth Management Partners now owns 4,600 shares of the pipeline company’s stock worth $212,000 after buying an additional 4,200 shares during the last quarter. Proficio Capital Partners LLC increased its stake in Western Gas Equity Partners, by 10.8% in the second quarter. Proficio Capital Partners LLC now owns 5,342 shares of the pipeline company’s stock worth $226,000 after buying an additional 519 shares during the period. Wetherby Asset Management Inc. increased its stake in Western Gas Equity Partners, by 11.1% in the second quarter. Wetherby Asset Management Inc. now owns 6,000 shares of the pipeline company’s stock worth $258,000 after buying an additional 600 shares during the period. Finally, Level Four Advisory Services LLC increased its stake in Western Gas Equity Partners, by 9.8% in the first quarter. Level Four Advisory Services LLC now owns 6,986 shares of the pipeline company’s stock worth $325,000 after buying an additional 622 shares during the period. Hedge funds and other institutional investors own 18.50% of the company’s stock.
A number of brokerages have issued reports on WGP. BidaskClub downgraded shares of Western Gas Equity Partners, from a “sell” rating to a “strong sell” rating in a research report on Thursday, July 27th. Zacks Investment Research raised shares of Western Gas Equity Partners, from a “hold” rating to a “buy” rating and set a $48.00 price objective on the stock in a research report on Thursday, July 20th. Deutsche Bank AG raised shares of Western Gas Equity Partners, from a “hold” rating to a “buy” rating and boosted their price objective for the company from $50.00 to $54.00 in a research report on Thursday, July 13th. Scotiabank set a $51.00 price objective on shares of Western Gas Equity Partners, and gave the company a “buy” rating in a research report on Tuesday, July 11th. Finally, Macquarie began coverage on shares of Western Gas Equity Partners, in a research report on Friday, April 21st. They set an “outperform” rating and a $51.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and seven have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $50.89.
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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