Western Gas Equity Partners (WGP) Stock Price Down 6.2%

Western Gas Equity Partners LP (NYSE:WGP) dropped 6.2% during trading on Thursday . The company traded as low as $30.96 and last traded at $30.97. Approximately 657,900 shares changed hands during mid-day trading, an increase of 189% from the average daily volume of 227,800 shares. The stock had previously closed at $33.00.

WGP has been the subject of a number of recent analyst reports. ValuEngine downgraded Western Gas Equity Partners from a “sell” rating to a “strong sell” rating in a report on Tuesday, September 18th. Zacks Investment Research downgraded Western Gas Equity Partners from a “buy” rating to a “hold” rating in a report on Tuesday. Credit Suisse Group initiated coverage on Western Gas Equity Partners in a report on Thursday, October 11th. They issued a “neutral” rating and a $34.00 price objective for the company. Bank of America dropped their price objective on Western Gas Equity Partners from $39.00 to $36.00 and set a “hold” rating for the company in a report on Friday, October 5th. Finally, Morgan Stanley dropped their price objective on Western Gas Equity Partners from $41.00 to $40.00 and set an “equal weight” rating for the company in a report on Friday, August 17th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the company’s stock. Western Gas Equity Partners currently has an average rating of “Hold” and an average price target of $39.23.

The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 1.26. The company has a market cap of $7.22 billion, a PE ratio of 17.62 and a beta of 1.60.

Western Gas Equity Partners (NYSE:WGP) last posted its earnings results on Tuesday, October 30th. The pipeline company reported $0.49 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.28). Western Gas Equity Partners had a net margin of 18.66% and a return on equity of 9.96%. The business had revenue of $507.76 million during the quarter, compared to analyst estimates of $473.40 million. During the same period in the previous year, the firm posted $0.44 earnings per share. The firm’s revenue was down 11.6% on a year-over-year basis. As a group, equities research analysts anticipate that Western Gas Equity Partners LP will post 2.29 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 21st. Shareholders of record on Wednesday, October 31st will be paid a $0.595 dividend. This represents a $2.38 dividend on an annualized basis and a yield of 7.85%. This is a boost from Western Gas Equity Partners’s previous quarterly dividend of $0.58. The ex-dividend date of this dividend is Tuesday, October 30th. Western Gas Equity Partners’s payout ratio is presently 138.37%.

Large investors have recently bought and sold shares of the business. Taylor Wealth Management Partners acquired a new position in shares of Western Gas Equity Partners during the second quarter worth about $111,000. Whittier Trust Co. acquired a new position in shares of Western Gas Equity Partners during the third quarter worth about $138,000. Baldwin Brothers Inc. MA acquired a new position in shares of Western Gas Equity Partners during the second quarter worth about $194,000. Wetherby Asset Management Inc. acquired a new position in shares of Western Gas Equity Partners during the second quarter worth about $215,000. Finally, Stokes Capital Advisors LLC acquired a new position in shares of Western Gas Equity Partners during the second quarter worth about $234,000. 21.34% of the stock is owned by hedge funds and other institutional investors.

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About Western Gas Equity Partners (NYSE:WGP)

Western Gas Equity Partners, LP, together with its subsidiaries, engages in the gathering, processing, compressing, treating, stabilizing, and transporting natural gas, condensate, natural gas liquids, and crude oil primarily in the United States. It is also involved in the gathering and disposing of produced water; and buying and selling of natural gas.

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