Western Gas Equity Partners L.P. (WGP) Raised to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Western Gas Equity Partners L.P. (NYSE:WGP) from a hold rating to a buy rating in a research report sent to investors on Tuesday morning. Zacks Investment Research currently has $48.00 price objective on the stock.

According to Zacks, “Western Gas Equity Partners, LP is formed to own, operate, acquire and develop midstream energy assets. Western Gas Equity Partners, LP is based in The Woodlands, Texas. “

A number of other analysts have also recently commented on the company. Royal Bank Of Canada boosted their price objective on Western Gas Equity Partners L.P. from $44.00 to $48.00 and gave the company an outperform rating in a research report on Tuesday, October 11th. Barclays PLC upgraded Western Gas Equity Partners L.P. from an equal weight rating to an overweight rating and boosted their price objective for the company from $48.00 to $52.00 in a research report on Monday, October 10th. Deutsche Bank AG restated a hold rating and issued a $44.00 price objective on shares of Western Gas Equity Partners L.P. in a research report on Thursday, October 6th. Citigroup Inc. boosted their price target on Western Gas Equity Partners L.P. from $36.00 to $37.00 and gave the stock a neutral rating in a research report on Friday, July 29th. Finally, Janney Montgomery Scott initiated coverage on Western Gas Equity Partners L.P. in a research report on Friday, July 29th. They set a buy rating and a $45.00 price target for the company. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and six have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus target price of $41.60.

Analyst Recommendations for Western Gas Equity Partners L.P. (NYSE:WGP)

Shares of Western Gas Equity Partners L.P. (NYSE:WGP) opened at 42.45 on Tuesday. The firm has a 50-day moving average price of $39.45 and a 200-day moving average price of $38.74. The stock has a market cap of $9.29 billion, a price-to-earnings ratio of 42.62 and a beta of 1.66. Western Gas Equity Partners L.P. has a 1-year low of $19.21 and a 1-year high of $46.20.

Western Gas Equity Partners L.P. (NYSE:WGP) last posted its quarterly earnings data on Tuesday, July 26th. The company reported $0.41 EPS for the quarter, beating the Zacks’ consensus estimate of $0.33 by $0.08. The business earned $428.66 million during the quarter, compared to analysts’ expectations of $436.41 million. Western Gas Equity Partners L.P. had a return on equity of 6.03% and a net margin of 14.55%. The business’s revenue was down 8.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.31 earnings per share. Equities analysts forecast that Western Gas Equity Partners L.P. will post $1.43 EPS for the current year.

Several institutional investors have recently made changes to their positions in WGP. UBS Group AG raised its position in shares of Western Gas Equity Partners L.P. by 48.0% in the first quarter. UBS Group AG now owns 27,653 shares of the company’s stock valued at $986,000 after buying an additional 8,974 shares during the period. Lucas Capital Management raised its position in shares of Western Gas Equity Partners L.P. by 15.3% in the second quarter. Lucas Capital Management now owns 94,949 shares of the company’s stock valued at $3,632,000 after buying an additional 12,568 shares during the period. HITE Hedge Asset Management LLC acquired a new position in shares of Western Gas Equity Partners L.P. during the second quarter valued at approximately $1,908,000. ING Groep NV acquired a new position in shares of Western Gas Equity Partners L.P. during the first quarter valued at approximately $8,318,000. Finally, JPMorgan Chase & Co. raised its position in shares of Western Gas Equity Partners L.P. by 47.0% in the first quarter. JPMorgan Chase & Co. now owns 827,229 shares of the company’s stock valued at $29,483,000 after buying an additional 264,553 shares during the period. 17.50% of the stock is currently owned by institutional investors and hedge funds.

About Western Gas Equity Partners L.P.

Western Gas Equity Partners, LP (WGP) is a limited partnership formed in to own approximately three types of partnership interests in Western Gas Partners, LP (WES). WES owns, operates, acquires and develops midstream energy assets. Through its subsidiary WES, the Company is engaged in the business of gathering, processing, compressing, treating and transporting natural gas, condensate, natural gas liquids (NGLs) and crude oil for Anadarko Petroleum Corporation (Anadarko).

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