The Western Gas Equity Partners L.P. (WGP) Sees Unusually-High Trading Volume After Analyst Upgrade

The Western Gas Equity Partners L.P. (WGP) Sees Unusually-High Trading Volume After Analyst Upgrade

Shares of Western Gas Equity Partners L.P. (NYSE:WGP) saw unusually-high trading volume on Tuesday after Zacks Investment Research upgraded the stock from a hold rating to a buy rating. Zacks Investment Research now has a $48.00 price target on the stock. Approximately 468,149 shares traded hands during trading, an increase of 97% from the previous session’s volume of 238,098 shares.The stock last traded at $42.52 and had previously closed at $43.27.

According to Zacks, “Western Gas Equity Partners, LP is formed to own, operate, acquire and develop midstream energy assets. Western Gas Equity Partners, LP is based in The Woodlands, Texas. “

A number of other research analysts have also recently issued reports on WGP. Mitsubishi UFJ Financial Group initiated coverage on Western Gas Equity Partners L.P. in a report on Friday, June 17th. They issued a “neutral” rating and a $45.00 price target for the company. Janney Montgomery Scott initiated coverage on Western Gas Equity Partners L.P. in a report on Friday, July 29th. They issued a “buy” rating and a $45.00 price target for the company. Citigroup Inc. lifted their price target on Western Gas Equity Partners L.P. from $36.00 to $37.00 and gave the company a “neutral” rating in a report on Friday, July 29th. Deutsche Bank AG reaffirmed a “hold” rating and issued a $44.00 price target on shares of Western Gas Equity Partners L.P. in a report on Thursday, October 6th. Finally, Barclays PLC raised Western Gas Equity Partners L.P. from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $48.00 to $52.00 in a report on Monday. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and six have given a buy rating to the company’s stock. Western Gas Equity Partners L.P. has an average rating of “Hold” and a consensus target price of $41.60.

Several institutional investors have recently modified their holdings of the stock. Acrospire Investment Management LLC raised its position in shares of Western Gas Equity Partners L.P. by 52.6% in the second quarter. Acrospire Investment Management LLC now owns 2,900 shares of the company’s stock valued at $111,000 after buying an additional 1,000 shares in the last quarter. US Bancorp DE raised its position in shares of Western Gas Equity Partners L.P. by 5.6% in the second quarter. US Bancorp DE now owns 3,167 shares of the company’s stock valued at $121,000 after buying an additional 167 shares in the last quarter. Proficio Capital Partners LLC acquired a new position in shares of Western Gas Equity Partners L.P. during the second quarter valued at about $161,000. Sterling Capital Management LLC acquired a new position in shares of Western Gas Equity Partners L.P. during the second quarter valued at about $229,000. Finally, Jane Street Group LLC acquired a new position in shares of Western Gas Equity Partners L.P. during the second quarter valued at about $245,000. Institutional investors and hedge funds own 17.50% of the company’s stock.

The stock’s 50-day moving average is $39.11 and its 200 day moving average is $38.64. The firm has a market capitalization of $9.25 billion, a price-to-earnings ratio of 42.41 and a beta of 1.66.

Western Gas Equity Partners L.P. (NYSE:WGP) last released its quarterly earnings data on Tuesday, July 26th. The company reported $0.41 earnings per share for the quarter, beating the consensus estimate of $0.33 by $0.08. The business had revenue of $428.66 million for the quarter, compared to analyst estimates of $436.41 million. Western Gas Equity Partners L.P. had a return on equity of 6.03% and a net margin of 14.55%. Western Gas Equity Partners L.P.’s revenue was down 8.0% compared to the same quarter last year. During the same period last year, the firm posted $0.31 earnings per share. Equities research analysts anticipate that Western Gas Equity Partners L.P. will post $1.43 earnings per share for the current fiscal year.

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