Western Gas Equity Partners (WGP) Coverage Initiated by Analysts at Bank of America

Bank of America assumed coverage on shares of Western Gas Equity Partners (NYSE:WGP) in a research report report published on Tuesday, The Fly reports. The brokerage issued a neutral rating on the pipeline company’s stock.

A number of other equities analysts have also recently issued reports on WGP. Zacks Investment Research cut Western Gas Equity Partners from a buy rating to a hold rating in a report on Thursday, September 14th. Seaport Global Securities started coverage on Western Gas Equity Partners in a report on Tuesday, October 10th. They issued a buy rating and a $49.00 target price for the company. TheStreet lowered Western Gas Equity Partners from a b rating to a c+ rating in a research report on Monday, October 16th. Scotiabank restated a buy rating and set a $51.00 price target on shares of Western Gas Equity Partners in a research report on Wednesday, October 25th. Finally, Morgan Stanley decreased their price target on Western Gas Equity Partners from $45.00 to $40.00 and set an equal weight rating on the stock in a research report on Thursday, November 2nd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the stock. The company has a consensus rating of Buy and an average target price of $49.09.

Shares of Western Gas Equity Partners (NYSE:WGP) traded down $0.06 on Tuesday, hitting $41.12. The stock had a trading volume of 107,600 shares, compared to its average volume of 214,133. Western Gas Equity Partners has a fifty-two week low of $33.92 and a fifty-two week high of $47.82. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.91 and a current ratio of 0.91. The firm has a market cap of $9,000.00, a PE ratio of 24.92 and a beta of 1.51.

Western Gas Equity Partners (NYSE:WGP) last issued its earnings results 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. Western Gas Equity Partners had a return on equity of 8.99% and a net margin of 16.96%. The business had revenue of $574.70 million during the quarter, compared to analysts’ expectations of $530.80 million. During the same period in the prior year, the firm posted $0.54 EPS. Western Gas Equity Partners’s quarterly revenue was up 19.3% compared to the same quarter last year. analysts anticipate that Western Gas Equity Partners will post 1.7 earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Saratoga Research & Investment Management bought a new position in Western Gas Equity Partners in the 3rd quarter valued at $146,000. BNP Paribas Arbitrage SA boosted its position in Western Gas Equity Partners by 14.7% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 3,923 shares of the pipeline company’s stock valued at $169,000 after buying an additional 503 shares during the last quarter. Clinton Group Inc. bought a new position in Western Gas Equity Partners in the 2nd quarter valued at $201,000. Doliver Capital Advisors LP bought a new position in Western Gas Equity Partners in the 2nd quarter valued at $241,000. Finally, The Manufacturers Life Insurance Company boosted its position in Western Gas Equity Partners by 7.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 6,598 shares of the pipeline company’s stock valued at $284,000 after buying an additional 452 shares during the last quarter. Institutional investors and hedge funds own 18.38% of the company’s stock.

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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.

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