Western Gas Equity Partners L.P. (WGP) Sees Strong Trading Volume
Shares of Western Gas Equity Partners L.P. (NYSE:WGP) saw strong trading volume on Thursday . 412,686 shares were traded during mid-day trading, an increase of 53% from the previous session’s volume of 269,711 shares.The stock last traded at $36.83 and had previously closed at $36.63.
A number of analysts have recently commented on the stock. Zacks Investment Research lowered shares of Western Gas Equity Partners L.P. from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 3rd. Citigroup Inc. lifted their price target on shares of Western Gas Equity Partners L.P. from $36.00 to $37.00 and gave the stock a “neutral” rating in a research note on Friday, July 29th. Janney Montgomery Scott assumed coverage on shares of Western Gas Equity Partners L.P. in a research note on Friday, July 29th. They issued a “buy” rating and a $45.00 price target for the company. Finally, Mitsubishi UFJ Financial Group assumed coverage on shares of Western Gas Equity Partners L.P. in a research note on Friday, June 17th. They issued a “neutral” rating and a $45.00 price target for the company. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and two have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $38.85.
The firm’s 50-day moving average is $37.43 and its 200 day moving average is $35.62. The stock has a market cap of $8.10 billion and a price-to-earnings ratio of 37.14.
Western Gas Equity Partners L.P. (NYSE:WGP) last posted its quarterly earnings data on Tuesday, July 26th. The company reported $0.41 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.33 by $0.08. During the same quarter last year, the company earned $0.31 EPS. The company had revenue of $428.66 million for the quarter, compared to analyst estimates of $436.41 million. The business’s revenue was down 8.0% compared to the same quarter last year. On average, analysts forecast that Western Gas Equity Partners L.P. will post $1.37 EPS for the current fiscal year.
The business also recently disclosed a dividend, which will be paid on Monday, August 22nd. Stockholders of record on Monday, August 1st will be issued a dividend of $0.434 per share. The ex-dividend date is Thursday, July 28th. This is an increase from Western Gas Equity Partners L.P.’s previous dividend of $0.42.
In related news, CEO Donald R. Sinclair sold 28,913 shares of the stock in a transaction that occurred on Tuesday, May 31st. The shares were sold at an average price of $42.88, for a total value of $1,239,789.44. Following the transaction, the chief executive officer now owns 246,754 shares in the company, valued at approximately $10,580,811.52. The sale was disclosed in a filing with the SEC, which is available through this link. Also, major shareholder Petroleum Corp Anadarko sold 12,500,000 shares of the stock in a transaction that occurred on Friday, June 17th. The stock was sold at an average price of $38.09, for a total transaction of $476,125,000.00. The disclosure for this sale can be found here.
An institutional investor recently raised its position in Western Gas Equity Partners L.P. stock. Jennison Associates LLC raised its stake in Western Gas Equity Partners L.P. (NYSE:WGP) by 53.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 38,781 shares of the company’s stock after buying an additional 13,427 shares during the period. Jennison Associates LLC’s holdings in Western Gas Equity Partners L.P. were worth $1,407,000 as of its most recent filing with the SEC.
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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