Barclays Downgrades Western Gas Equity Partners (WGP) to Equal Weight

Western Gas Equity Partners (NYSE:WGP) was downgraded by research analysts at Barclays from an “overweight” rating to an “equal weight” rating in a report released on Wednesday. They currently have a $45.00 price target on the pipeline company’s stock, down from their prior price target of $51.00. Barclays’ target price would indicate a potential upside of 12.73% from the company’s previous close.

A number of other equities analysts have also recently issued reports on the stock. Zacks Investment Research cut shares of Western Gas Equity Partners from a “hold” rating to a “sell” rating in a research report on Saturday, January 13th. Bank of America assumed coverage on shares of Western Gas Equity Partners in a research report on Tuesday, January 9th. They set a “neutral” rating for the company. Credit Suisse Group assumed coverage on shares of Western Gas Equity Partners in a research report on Thursday, January 4th. They set an “outperform” rating and a $49.00 price objective for the company. UBS Group upgraded shares of Western Gas Equity Partners from a “neutral” rating to a “buy” rating and set a $44.00 price objective for the company in a research report on Wednesday, January 3rd. Finally, Morgan Stanley lowered their price objective on shares of Western Gas Equity Partners from $45.00 to $40.00 and set an “equal weight” rating for the company in a research report on Thursday, November 2nd. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the company. Western Gas Equity Partners has an average rating of “Hold” and a consensus price target of $48.75.

Shares of Western Gas Equity Partners (NYSE WGP) traded down $0.71 during trading hours on Wednesday, hitting $39.92. 142,400 shares of the stock traded hands, compared to its average volume of 233,642. The firm has a market cap of $8,895.25, a PE ratio of 24.19 and a beta of 1.50. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.84. Western Gas Equity Partners has a one year low of $33.92 and a one year high of $47.82.

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

A number of institutional investors and hedge funds have recently bought and sold shares of WGP. Bank of New York Mellon Corp grew its holdings in Western Gas Equity Partners by 1.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 72,002 shares of the pipeline company’s stock worth $3,098,000 after acquiring an additional 683 shares during the last quarter. BNP Paribas Arbitrage SA grew its holdings in Western Gas Equity Partners by 14.7% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 3,923 shares of the pipeline company’s stock worth $169,000 after acquiring an additional 503 shares during the last quarter. Wells Fargo & Company MN grew its holdings in Western Gas Equity Partners by 55.4% during the 2nd quarter. Wells Fargo & Company MN now owns 75,637 shares of the pipeline company’s stock worth $3,255,000 after acquiring an additional 26,980 shares during the last quarter. Alliancebernstein L.P. grew its holdings in Western Gas Equity Partners by 5.9% during the 2nd quarter. Alliancebernstein L.P. now owns 9,844 shares of the pipeline company’s stock worth $423,000 after acquiring an additional 551 shares during the last quarter. Finally, GSA Capital Partners LLP bought a new stake in Western Gas Equity Partners during the 2nd quarter worth approximately $656,000. 18.51% of the stock is currently owned by hedge funds and other institutional investors.

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About Western Gas Equity Partners

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.

Analyst Recommendations for Western Gas Equity Partners (NYSE:WGP)

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