Western Gas Equity Partners Given Average Recommendation of “Buy” by Brokerages (NYSE:WGP)
Western Gas Equity Partners (NYSE:WGP) has received an average rating of “Buy” from the nine analysts that are currently covering the stock, Stock Ratings News reports. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $57.30.
Several analysts have recently commented on the stock. Analysts at Citigroup Inc. reiterated a “neutral” rating on shares of Western Gas Equity Partners in a research note on Friday, July 25th. They now have a $66.50 price target on the stock, up previously from $53.50. Separately, 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. Finally, 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.
Western Gas Equity Partners (NYSE:WGP) opened at 56.40 on Monday. Western Gas Equity Partners has a one year low of $35.28 and a one year high of $62.85. The stock has a 50-day moving average of $59.24 and a 200-day moving average of $49.67. The company has a market cap of $12.346 billion and a price-to-earnings ratio of 71.30. Western Gas Equity Partners also was the target of a significant decline in short interest during the month of July. As of July 15th, there was short interest totalling 1,241,186 shares, a decline of 35.3% from the June 30th total of 1,919,601 shares. Currently, 5.1% of the company’s stock are short sold. Based on an average daily trading volume, of 816,171 shares, the days-to-cover ratio is presently 1.5 days.
The company also recently declared a quarterly dividend, which is scheduled for Friday, August 22nd. Stockholders 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 1.92%. The ex-dividend date of this dividend is Tuesday, July 29th. This is a boost 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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