Western Gas Equity Partners (NYSE:WGP) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Thursday.
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. “
WGP has been the topic of a number of other research reports. Bank of America began coverage on Western Gas Equity Partners in a research report on Tuesday, January 9th. They set a “neutral” rating on the stock. Scotiabank restated a “buy” rating and issued a $49.00 target price on shares of Western Gas Equity Partners in a research report on Monday, January 29th. Morgan Stanley decreased their target price on Western Gas Equity Partners from $45.00 to $40.00 and set an “equal weight” rating on the stock in a research report on Thursday, November 2nd. Barclays downgraded Western Gas Equity Partners from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $51.00 to $45.00 in a research report on Wednesday, January 17th. Finally, Credit Suisse Group started coverage on Western Gas Equity Partners in a research report on Thursday, January 4th. They issued an “outperform” rating and a $49.00 target price on the stock. Two analysts have rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $48.58.
Shares of Western Gas Equity Partners (NYSE:WGP) traded down $0.25 during mid-day trading on Thursday, reaching $39.78. The company’s stock had a trading volume of 162,380 shares, compared to its average volume of 211,130. The stock has a market capitalization of $8,735.43, a P/E ratio of 24.11 and a beta of 1.46. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.84. Western Gas Equity Partners has a 52 week low of $33.92 and a 52 week high of $47.82.
Institutional investors have recently made changes to their positions in the stock. Icon Wealth Partners LLC purchased a new position in Western Gas Equity Partners during the fourth quarter worth approximately $119,000. Captrust Financial Advisors purchased a new position in Western Gas Equity Partners during the fourth quarter worth approximately $120,000. Saratoga Research & Investment Management purchased a new position in Western Gas Equity Partners during the third quarter worth approximately $146,000. Stuart Chaussee & Associates Inc. purchased a new position in Western Gas Equity Partners during the fourth quarter worth approximately $132,000. Finally, The Manufacturers Life Insurance Company lifted its position in Western Gas Equity Partners by 7.4% during the second quarter. The Manufacturers Life Insurance Company now owns 6,598 shares of the pipeline company’s stock worth $284,000 after buying an additional 452 shares in the last quarter. Hedge funds and other institutional investors own 18.40% of the company’s stock.
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About Western Gas Equity Partners
Western Gas Equity Partners, LP is a limited partnership. The Company is formed to own approximately three types of partnership interests in Western Gas Partners, LP (WES). WES is an master limited partnership (MLP) engaged in the business of gathering, compressing, treating, processing and transporting natural gas, and gathering, stabilizing and transporting condensate, natural gas liquids (NGLs) and crude oil.
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