Western Gas Equity Partners (WGP) Announces Earnings Results

Share on StockTwits

Western Gas Equity Partners (NYSE:WGP) released its quarterly earnings data on Tuesday. The pipeline company reported $0.49 EPS for the quarter, missing the Zacks’ consensus estimate of $0.77 by ($0.28), MarketWatch Earnings reports. The business had revenue of $507.76 million during the quarter, compared to analyst estimates of $473.40 million. Western Gas Equity Partners had a net margin of 17.52% and a return on equity of 9.42%. The firm’s revenue was down 11.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.44 EPS.

Shares of NYSE WGP traded down $0.29 during midday trading on Wednesday, reaching $28.60. 5,181 shares of the stock were exchanged, compared to its average volume of 250,507. The company has a market capitalization of $6.53 billion, a P/E ratio of 16.78 and a beta of 1.75. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.48 and a quick ratio of 0.48. Western Gas Equity Partners has a twelve month low of $28.28 and a twelve month high of $42.92.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 21st. Stockholders of record on Wednesday, October 31st will be issued a dividend of $0.595 per share. The ex-dividend date is Tuesday, October 30th. This represents a $2.38 dividend on an annualized basis and a dividend yield of 8.32%. This is an increase from Western Gas Equity Partners’s previous quarterly dividend of $0.58. Western Gas Equity Partners’s dividend payout ratio (DPR) is currently 135.47%.

A hedge fund recently bought a new stake in Western Gas Equity Partners stock. Bank of New York Mellon Corp purchased a new position in shares of Western Gas Equity Partners LP (NYSE:WGP) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 25,082 shares of the pipeline company’s stock, valued at approximately $897,000. Hedge funds and other institutional investors own 21.36% of the company’s stock.

A number of analysts have commented on WGP shares. ValuEngine downgraded shares of Western Gas Equity Partners from a “sell” rating to a “strong sell” rating in a report on Tuesday, September 18th. Zacks Investment Research downgraded shares of Western Gas Equity Partners from a “hold” rating to a “strong sell” rating in a report on Tuesday, July 17th. Morgan Stanley cut their price objective on shares of Western Gas Equity Partners from $41.00 to $40.00 and set an “equal weight” rating for the company in a report on Friday, August 17th. Bank of America cut their price objective on shares of Western Gas Equity Partners from $39.00 to $36.00 and set a “hold” rating for the company in a report on Friday, October 5th. Finally, Credit Suisse Group initiated coverage on shares of Western Gas Equity Partners in a report on Thursday, October 11th. They set a “neutral” rating and a $34.00 price target for the company. One analyst has rated the stock with a sell rating, six have given a hold rating and seven have assigned a buy rating to the stock. Western Gas Equity Partners currently has a consensus rating of “Hold” and an average target price of $39.23.

About Western Gas Equity Partners

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.

Further Reading: Why do companies engage in swaps?

Earnings History for Western Gas Equity Partners (NYSE:WGP)

Receive News & Ratings for Western Gas Equity Partners Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Western Gas Equity Partners and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply