Western Gas Equity Partners Stock Rating Reaffirmed by Credit Suisse (WGP)
Western Gas Equity Partners (NYSE:WGP)‘s stock had its “neutral” rating reiterated by equities researchers at Credit Suisse in a research report issued on Thursday. They currently have a $60.00 target price on the stock, up from their previous target price of $54.00. Credit Suisse’s target price would suggest a potential upside of 8.13% from the company’s current price.
Other equities research analysts have also recently issued reports about 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. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $58.16.
Shares of Western Gas Equity Partners (NYSE:WGP) traded up 2.02% on Thursday, hitting $56.61. 45,208 shares of the company’s stock traded hands. Western Gas Equity Partners has a 1-year low of $35.28 and a 1-year high of $62.85. The stock has a 50-day moving average of $59.27 and a 200-day moving average of $50.25. The company has a market cap of $12.392 billion and a P/E ratio of 61.59. Western Gas Equity Partners also was the target of a significant decline in short interest in 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 shares are sold short. Based on an average daily trading volume, of 816,171 shares, the days-to-cover ratio is currently 1.5 days.
Western Gas Equity Partners (NYSE:WGP) last announced its earnings results on Tuesday, August 5th. The company reported $0.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.01. The company had revenue of $329.90 million for the quarter, compared to the consensus estimate of $331.73 million. During the same quarter in the previous year, the company posted $0.16 earnings per share. The company’s revenue for the quarter was up 31.2% on a year-over-year basis. On average, analysts predict that Western Gas Equity Partners will post $1.03 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Friday, August 22nd. Shareholders of record on Thursday, July 31st will be paid a dividend of $0.2713 per share. This represents a $1.09 annualized dividend and a dividend yield of 1.96%. The ex-dividend date is Tuesday, July 29th. This is a positive change 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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