Western Gas Equity Partners Price Target Increased to $61.00 by Analysts at RBC Capital (WGP)
Stock analysts at RBC Capital raised their price objective on shares of Western Gas Equity Partners (NYSE:WGP) from $57.00 to $61.00 in a report issued on Friday. The firm currently has an “outperform” rating on the stock. RBC Capital’s target price would indicate a potential upside of 11.05% from the company’s current price.
Several other analysts have also recently commented on the stock. Analysts at Credit Suisse reiterated a “neutral” rating on shares of Western Gas Equity Partners in a research note on Thursday. They now have a $60.00 price target on the stock, up previously from $54.00. 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. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $60.20.
Western Gas Equity Partners (NYSE:WGP) opened at 54.93 on Friday. 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 $59.19 and its 200-day moving average is $50.2. The company has a market cap of $12.024 billion and a P/E ratio of 61.59. Western Gas Equity Partners also was the recipient of a large decrease in short interest during 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. Based on an average daily trading volume, of 816,171 shares, the short-interest ratio is presently 1.5 days. Currently, 5.1% of the shares of the stock are short sold.
Western Gas Equity Partners (NYSE:WGP) last issued its quarterly earnings data on Tuesday, August 5th. The company reported $0.25 EPS for the quarter, beating the Thomson Reuters 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 prior year, the company posted $0.16 earnings per share. The company’s quarterly revenue 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 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 1.98%. 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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