Western Gas Equity Partners LP (NYSE:WGP) announced a quarterly dividend on Tuesday, January 23rd, Wall Street Journal reports. Investors of record on Thursday, February 1st will be paid a dividend of 0.5488 per share by the pipeline company on Thursday, February 22nd. This represents a $2.20 annualized dividend and a dividend yield of 5.30%. The ex-dividend date is Wednesday, January 31st. This is a positive change from Western Gas Equity Partners’s previous quarterly dividend of $0.54.
Western Gas Equity Partners has increased its dividend payment by an average of 24.6% per year over the last three years and has increased its dividend annually for the last 4 consecutive years. Western Gas Equity Partners has a dividend payout ratio of 126.5% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Western Gas Equity Partners to earn $2.06 per share next year, which means the company may not be able to cover its $2.15 annual dividend with an expected future payout ratio of 104.4%.
Shares of Western Gas Equity Partners (WGP) opened at $41.40 on Friday. The company has a market capitalization of $9,107.61, a PE ratio of 25.06 and a beta of 1.50. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.84. Western Gas Equity Partners has a twelve month low of $33.92 and a twelve month high of $47.82.
An institutional investor recently raised its position in Western Gas Equity Partners stock. Northern Trust Corp boosted its holdings in shares of Western Gas Equity Partners LP (NYSE:WGP) by 35.5% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 9,537 shares of the pipeline company’s stock after purchasing an additional 2,500 shares during the quarter. Northern Trust Corp’s holdings in Western Gas Equity Partners were worth $410,000 at the end of the most recent quarter. 18.52% of the stock is owned by institutional investors and hedge funds.
WGP has been the topic of several analyst reports. Credit Suisse Group initiated coverage on Western Gas Equity Partners in a report on Thursday, January 4th. They set an “outperform” rating and a $49.00 target price on the stock. Zacks Investment Research downgraded Western Gas Equity Partners from a “buy” rating to a “hold” rating in a report on Saturday, November 11th. Barclays downgraded Western Gas Equity Partners from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $51.00 to $45.00 in a report on Wednesday, January 17th. Morgan Stanley dropped their price objective on Western Gas Equity Partners from $45.00 to $40.00 and set an “equal weight” rating on the stock in a report on Thursday, November 2nd. Finally, Scotiabank restated a “buy” rating and set a $51.00 price objective on shares of Western Gas Equity Partners in a report on Wednesday, October 25th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $48.75.
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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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