Citigroup Inc. Reiterates “Neutral” Rating for Western Gas Equity Partners (WGP)
Western Gas Equity Partners (NYSE:WGP)‘s stock had its “neutral” rating reiterated by equities research analysts at Citigroup Inc. in a research note issued to investors on Friday. They currently have a $66.50 price objective on the stock, up from their previous price objective of $53.50. Citigroup Inc.’s target price would indicate a potential upside of 14.14% from the stock’s previous close.
WGP has been the subject of a number of other recent research reports. Analysts at Zacks upgraded shares of Western Gas Equity Partners from a “neutral” rating to an “outperform” rating in a research note on Wednesday, July 2nd. They now have a $64.10 price target on the stock. Separately, analysts at RBC Capital raised their price target on shares of Western Gas Equity Partners from $50.00 to $57.00 in a research note on Tuesday, May 13th. They now have an “outperform” rating on the stock. Finally, analysts at Oppenheimer raised their price target on shares of Western Gas Equity Partners from $51.00 to $59.00 in a research note on Thursday, May 8th. They now have an “outperform” rating on the stock. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $57.30.
Shares of Western Gas Equity Partners (NYSE:WGP) traded down 0.99% during mid-day trading on Friday, hitting $58.26. The stock had a trading volume of 75,747 shares. Western Gas Equity Partners has a 52-week low of $35.28 and a 52-week high of $62.85. The stock’s 50-day moving average is $58.72 and its 200-day moving average is $49.11. The company has a market cap of $12.753 billion and a price-to-earnings ratio of 71.93. Western Gas Equity Partners also was the target of a significant decrease in short interest in the month of July. As of July 15th, there was short interest totalling 1,241,186 shares, a decrease of 35.3% from the June 30th total of 1,919,601 shares. Approximately 5.1% of the shares of the stock are sold short. Based on an average daily volume of 816,171 shares, the days-to-cover ratio is presently 1.5 days.
Western Gas Equity Partners (NYSE:WGP) last announced its earnings results on Tuesday, May 6th. The company reported $0.54 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.21 by $0.33. The company had revenue of $275.46 million for the quarter, compared to the consensus estimate of $293.96 million. On average, analysts predict that Western Gas Equity Partners will post $1.04 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Friday, August 22nd. Investors of record on Thursday, July 31st will be given a dividend of $0.2713 per share. This represents a $1.09 dividend on an annualized basis and a yield of 1.86%. The ex-dividend date of this dividend is Tuesday, July 29th. This is an increase from Western Gas Equity Partners’s previous quarterly dividend of $0.25.
Western Gas Equity Partners, LP was formed to own three types of partnership interests in Western Gas Partners, LP (NYSE:WGP).
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