Cadence Capital Management LLC acquired a new position in shares of Western Gas Equity Partners, LP (NYSE:WGP) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 28,848 shares of the pipeline company’s stock, valued at approximately $1,188,000.
Several other hedge funds and other institutional investors have also recently bought and sold shares of WGP. Neuberger Berman Group LLC increased its holdings in shares of Western Gas Equity Partners by 4.3% during the second quarter. Neuberger Berman Group LLC now owns 11,193,080 shares of the pipeline company’s stock worth $481,526,000 after buying an additional 458,259 shares in the last quarter. ING Groep NV increased its holdings in shares of Western Gas Equity Partners by 360.0% during the third quarter. ING Groep NV now owns 230,000 shares of the pipeline company’s stock worth $9,471,000 after buying an additional 180,000 shares in the last quarter. Marshall Wace North America L.P. acquired a new stake in shares of Western Gas Equity Partners during the second quarter worth approximately $4,738,000. First Trust Advisors LP acquired a new stake in shares of Western Gas Equity Partners in the third quarter valued at approximately $3,957,000. Finally, State of New Jersey Common Pension Fund D acquired a new stake in shares of Western Gas Equity Partners in the third quarter valued at approximately $2,878,000. 18.39% of the stock is owned by institutional investors.
Western Gas Equity Partners, LP (NYSE:WGP) traded up $0.80 on Monday, reaching $36.50. 139,300 shares of the company’s stock were exchanged, compared to its average volume of 158,647. 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, LP has a 12-month low of $33.92 and a 12-month high of $47.82. The firm has a market cap of $7,991.06, a price-to-earnings ratio of 21.99 and a beta of 1.50.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 22nd. Shareholders of record on Thursday, November 2nd were issued a dividend of $0.5375 per share. This represents a $2.15 dividend on an annualized basis and a yield of 5.89%. The ex-dividend date of this dividend was Wednesday, November 1st. This is a positive change from Western Gas Equity Partners’s previous quarterly dividend of $0.53. Western Gas Equity Partners’s payout ratio is currently 130.30%.
A number of brokerages recently weighed in on WGP. TheStreet lowered shares of Western Gas Equity Partners from a “b” rating to a “c+” rating in a report on Monday, October 16th. Zacks Investment Research lowered shares of Western Gas Equity Partners from a “buy” rating to a “hold” rating in a report on Friday, August 18th. Seaport Global Securities began coverage on shares of Western Gas Equity Partners in a report on Tuesday, October 10th. They issued a “buy” rating and a $49.00 price target for the company. Royal Bank Of Canada reissued a “buy” rating and issued a $53.00 price target on shares of Western Gas Equity Partners in a report on Monday, August 21st. Finally, BidaskClub raised shares of Western Gas Equity Partners from a “strong sell” rating to a “sell” rating in a report on Friday, August 25th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $49.67.
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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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