ValuEngine cut shares of Western Gas Equity (NYSE:WGP) from a sell rating to a strong sell rating in a research note published on Wednesday morning.
A number of other analysts also recently commented on WGP. Barclays dropped their price objective on Western Gas Equity from $43.00 to $35.00 and set an equal weight rating on the stock in a research note on Tuesday, April 17th. Deutsche Bank assumed coverage on Western Gas Equity in a research note on Thursday, April 19th. They issued a buy rating and a $38.00 price objective on the stock. Zacks Investment Research raised Western Gas Equity from a sell rating to a hold rating in a research note on Tuesday, March 6th. Bank of America dropped their price objective on Western Gas Equity from $41.00 to $35.00 and set a neutral rating on the stock in a research note on Tuesday, March 27th. Finally, Scotiabank reissued a buy rating and issued a $49.00 price objective on shares of Western Gas Equity in a research note on Monday, January 29th. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company. Western Gas Equity presently has a consensus rating of Hold and an average target price of $41.80.
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WGP opened at $34.35 on Wednesday. Western Gas Equity has a one year low of $31.63 and a one year high of $45.99. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.60 and a current ratio of 1.45. The firm has a market capitalization of $7,520.35, a PE ratio of 18.77 and a beta of 1.52.
Western Gas Equity (NYSE:WGP) last posted its quarterly earnings data on Tuesday, May 1st. The pipeline company reported $0.46 EPS for the quarter, topping the Zacks’ consensus estimate of $0.42 by $0.04. Western Gas Equity had a return on equity of 10.15% and a net margin of 18.52%. The company had revenue of $437.17 million for the quarter, compared to the consensus estimate of $641.06 million. During the same quarter in the previous year, the business earned $0.35 EPS. The company’s quarterly revenue was down 15.3% compared to the same quarter last year. research analysts forecast that Western Gas Equity will post 1.95 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, May 24th. Stockholders of record on Wednesday, May 2nd will be given a dividend of $0.569 per share. The ex-dividend date of this dividend is Tuesday, May 1st. This is a positive change from Western Gas Equity’s previous quarterly dividend of $0.55. This represents a $2.28 dividend on an annualized basis and a dividend yield of 6.63%. Western Gas Equity’s payout ratio is 132.56%.
Several institutional investors have recently made changes to their positions in WGP. Fort Washington Investment Advisors Inc. OH acquired a new stake in shares of Western Gas Equity during the first quarter worth $11,508,000. Chickasaw Capital Management LLC raised its position in shares of Western Gas Equity by 5.3% during the fourth quarter. Chickasaw Capital Management LLC now owns 5,350,896 shares of the pipeline company’s stock worth $198,839,000 after purchasing an additional 268,815 shares during the period. Goldman Sachs Group Inc. raised its position in shares of Western Gas Equity by 7.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,327,198 shares of the pipeline company’s stock worth $49,319,000 after purchasing an additional 96,558 shares during the period. Brookfield Asset Management Inc. acquired a new stake in shares of Western Gas Equity during the fourth quarter worth $2,294,000. Finally, Cypress Wealth Advisors LLC acquired a new stake in shares of Western Gas Equity during the fourth quarter worth $2,110,000. 18.13% of the stock is currently owned by institutional investors.
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.
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