Zacks Investment Research Downgrades Western Gas Equity (WGP) to Sell

Western Gas Equity (NYSE:WGP) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Friday.

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 research firms have also recently issued reports on WGP. Credit Suisse Group started coverage on shares of Western Gas Equity in a research report on Thursday, January 4th. They issued an “outperform” rating and a $49.00 price objective on the stock. Seaport Global Securities cut shares of Western Gas Equity from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $49.00 to $32.00 in a research report on Monday, April 9th. Deutsche Bank started coverage on shares of Western Gas Equity in a research report on Thursday, April 19th. They issued a “buy” rating and a $38.00 price objective on the stock. Barclays decreased their price objective on shares of Western Gas Equity from $43.00 to $35.00 and set an “equal weight” rating on the stock in a research report on Tuesday, April 17th. Finally, Bank of America decreased their price objective on shares of Western Gas Equity from $41.00 to $35.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 27th. Three investment analysts have rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $41.80.

Shares of WGP stock traded down $0.21 during mid-day trading on Friday, reaching $34.16. The stock had a trading volume of 33,600 shares, compared to its average volume of 221,255. Western Gas Equity has a 52-week low of $31.63 and a 52-week high of $45.99. The stock has a market capitalization of $7,542.24, a price-to-earnings ratio of 19.83 and a beta of 1.52. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 0.89.

Western Gas Equity (NYSE:WGP) last released its quarterly earnings data on Tuesday, May 1st. The pipeline company reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.42 by $0.04. Western Gas Equity had a net margin of 18.52% and a return on equity of 10.06%. The firm had revenue of $437.17 million for the quarter, compared to analysts’ expectations of $641.06 million. During the same quarter in the previous year, the company earned $0.35 earnings per share. The company’s revenue for the quarter was down 15.3% compared to the same quarter last year. equities analysts predict that Western Gas Equity will post 1.91 EPS for the current year.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Icon Wealth Partners LLC purchased a new position in shares of Western Gas Equity during the fourth quarter valued at about $119,000. Captrust Financial Advisors purchased a new position in shares of Western Gas Equity during the fourth quarter valued at about $120,000. Stuart Chaussee & Associates Inc. purchased a new position in shares of Western Gas Equity during the fourth quarter valued at about $132,000. Oxbow Advisors LLC purchased a new position in shares of Western Gas Equity during the first quarter valued at about $202,000. Finally, Chilton Capital Management LLC purchased a new position in shares of Western Gas Equity during the fourth quarter valued at about $259,000. Institutional investors own 18.13% of the company’s stock.

Western Gas Equity Company Profile

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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