Bank of Montreal Can cut its position in Western Gas Equity Partners, LP (NYSE:WGP) by 4.7% during the second quarter, Holdings Channel reports. The firm owned 75,555 shares of the pipeline company’s stock after selling 3,692 shares during the period. Bank of Montreal Can’s holdings in Western Gas Equity Partners, were worth $3,250,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Neuberger Berman Group LLC raised its position in Western Gas Equity Partners, by 13.4% in the first quarter. Neuberger Berman Group LLC now owns 10,734,821 shares of the pipeline company’s stock worth $494,875,000 after buying an additional 1,269,942 shares during the period. ING Groep NV acquired a new position in Western Gas Equity Partners, during the first quarter worth $23,207,000. Goldman Sachs Group Inc. raised its position in Western Gas Equity Partners, by 19.6% in the first quarter. Goldman Sachs Group Inc. now owns 1,546,062 shares of the pipeline company’s stock worth $71,274,000 after buying an additional 253,205 shares during the period. HighTower Advisors LLC acquired a new position in Western Gas Equity Partners, during the first quarter worth $3,019,000. Finally, Center Coast Capital Advisors LP raised its position in Western Gas Equity Partners, by 6.8% in the first quarter. Center Coast Capital Advisors LP now owns 853,563 shares of the pipeline company’s stock worth $39,338,000 after buying an additional 54,164 shares during the period. 18.49% of the stock is currently owned by institutional investors and hedge funds.

Shares of Western Gas Equity Partners, LP (WGP) traded up 0.02% during midday trading on Monday, reaching $40.70. 3,179 shares of the company were exchanged. The company has a market capitalization of $8.91 billion, a PE ratio of 25.03 and a beta of 1.56. Western Gas Equity Partners, LP has a 52-week low of $35.52 and a 52-week high of $47.82. The stock’s 50-day moving average price is $42.15 and its 200-day moving average price is $44.35.

Western Gas Equity Partners, (NYSE:WGP) last posted its quarterly earnings results on Tuesday, July 25th. The pipeline company reported $0.48 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.41 by $0.07. Western Gas Equity Partners, had a net margin of 17.50% and a return on equity of 8.78%. The business had revenue of $525.50 million during the quarter, compared to analyst estimates of $505.77 million. During the same period in the previous year, the business posted $0.41 EPS. The company’s quarterly revenue was up 22.6% on a year-over-year basis. Analysts anticipate that Western Gas Equity Partners, LP will post $1.63 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 21st. Investors of record on Monday, July 31st will be issued a $0.5275 dividend. This is an increase from Western Gas Equity Partners,’s previous quarterly dividend of $0.45. This represents a $2.11 dividend on an annualized basis and a dividend yield of 5.19%. The ex-dividend date is Thursday, July 27th. Western Gas Equity Partners,’s payout ratio is presently 129.45%.

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WGP has been the topic of a number of research reports. Guggenheim initiated coverage on shares of Western Gas Equity Partners, in a research note on Monday, April 17th. They issued a “buy” rating and a $60.00 target price on the stock. Scotiabank set a $51.00 price target on shares of Western Gas Equity Partners, and gave the company a “buy” rating in a research report on Tuesday, July 11th. Macquarie began coverage on shares of Western Gas Equity Partners, in a research report on Friday, April 21st. They set an “outperform” rating and a $51.00 price target on the stock. Deutsche Bank AG raised shares of Western Gas Equity Partners, from a “hold” rating to a “buy” rating and lifted their price target for the company from $50.00 to $54.00 in a research report on Thursday, July 13th. Finally, BidaskClub lowered shares of Western Gas Equity Partners, from a “sell” rating to a “strong sell” rating in a research report on Friday, June 9th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and seven have issued a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $50.89.

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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Institutional Ownership by Quarter for Western Gas Equity Partners, (NYSE:WGP)

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