Western Gas Equity Partners (NYSE:WGP) issued its quarterly earnings data on Thursday. The pipeline company reported $0.45 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.40 by $0.05, Briefing.com reports. The company had revenue of $632.02 million for the quarter, compared to analyst estimates of $573.10 million. Western Gas Equity Partners had a net margin of 16.75% and a return on equity of 9.36%. The company’s revenue was up 23.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.38 earnings per share.
Western Gas Equity Partners (NYSE:WGP) traded down $0.59 during trading hours on Friday, reaching $39.13. 385,100 shares of the company were exchanged, compared to its average volume of 215,810. Western Gas Equity Partners has a 1-year low of $33.92 and a 1-year high of $47.67. The company has a market capitalization of $8,570.00, a price-to-earnings ratio of 22.75 and a beta of 1.46. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.84.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, February 22nd. Investors of record on Thursday, February 1st will be given a dividend of $0.5488 per share. This represents a $2.20 dividend on an annualized basis and a yield of 5.61%. This is a positive change from Western Gas Equity Partners’s previous quarterly dividend of $0.54. The ex-dividend date is Wednesday, January 31st. Western Gas Equity Partners’s dividend payout ratio (DPR) is currently 127.33%.
WGP has been the topic of several research analyst reports. Scotiabank reissued a “buy” rating and issued a $51.00 price objective on shares of Western Gas Equity Partners in a research report on Wednesday, October 25th. Morgan Stanley dropped their price objective on shares of 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. Zacks Investment Research raised shares of Western Gas Equity Partners from a “hold” rating to a “buy” rating and set a $43.00 price objective on the stock in a research report on Thursday, November 9th. UBS Group raised shares of Western Gas Equity Partners from a “neutral” rating to a “buy” rating and set a $44.00 price objective on the stock in a research report on Wednesday, January 3rd. Finally, Credit Suisse Group initiated coverage on shares of Western Gas Equity Partners in a research report on Thursday, January 4th. They issued an “outperform” rating and a $49.00 price objective on the stock. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the stock. Western Gas Equity Partners has an average rating of “Hold” and an average price target of $48.58.
A hedge fund recently raised its stake in Western Gas Equity Partners stock. Northern Trust Corp increased its holdings in shares of Western Gas Equity Partners LP (NYSE:WGP) by 35.5% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 9,537 shares of the pipeline company’s stock after acquiring an additional 2,500 shares during the quarter. Northern Trust Corp’s holdings in Western Gas Equity Partners were worth $410,000 as of its most recent filing with the SEC. 18.40% of the stock is owned by hedge funds and other institutional investors.
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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