Western Gas Equity Partners, LP (WGP) Stake Reduced by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. decreased its position in Western Gas Equity Partners, LP (NYSE:WGP) by 0.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 84,641 shares of the pipeline company’s stock after selling 419 shares during the period. PNC Financial Services Group Inc.’s holdings in Western Gas Equity Partners, were worth $3,903,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions 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 valued at $494,875,000 after buying an additional 1,269,942 shares during the last quarter. Center Coast Capital Advisors LP raised its position in shares of 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 valued at $39,338,000 after buying an additional 54,164 shares during the last quarter. ING Groep NV purchased a new position in shares of Western Gas Equity Partners, during the first quarter valued at $23,207,000. HITE Hedge Asset Management LLC raised its position in shares of Western Gas Equity Partners, by 462.1% in the fourth quarter. HITE Hedge Asset Management LLC now owns 201,633 shares of the pipeline company’s stock valued at $8,539,000 after buying an additional 165,762 shares during the last quarter. Finally, Spirit of America Management Corp NY raised its position in shares of Western Gas Equity Partners, by 31.8% in the first quarter. Spirit of America Management Corp NY now owns 148,373 shares of the pipeline company’s stock valued at $6,840,000 after buying an additional 35,800 shares during the last quarter. Institutional investors and hedge funds own 18.71% of the company’s stock.

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

Western Gas Equity Partners, LP (NYSE WGP) traded up 1.50% on Friday, hitting $41.24. The stock had a trading volume of 46,165 shares. The company has a market capitalization of $9.03 billion, a PE ratio of 26.56 and a beta of 1.57. The company has a 50 day moving average of $43.55 and a 200 day moving average of $44.51. Western Gas Equity Partners, LP has a 12-month low of $35.52 and a 12-month high of $47.82.

Western Gas Equity Partners, (NYSE:WGP) last posted its quarterly earnings results on Tuesday, May 2nd. The pipeline company reported $0.35 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.39 by $0.04. Western Gas Equity Partners, had a return on equity of 8.34% and a net margin of 17.55%. The company had revenue of $516.19 million during the quarter, compared to the consensus estimate of $501.83 million. On average, equities analysts expect that Western Gas Equity Partners, LP will post $1.59 earnings per share for the current year.

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Several analysts have recently issued reports on the company. BidaskClub downgraded Western Gas Equity Partners, from a “sell” rating to a “strong sell” rating in a research note on Friday, June 9th. Macquarie assumed coverage on Western Gas Equity Partners, in a research note on Friday, April 21st. They set an “outperform” rating and a $51.00 target price for the company. Guggenheim assumed coverage on Western Gas Equity Partners, in a research report on Monday, April 17th. They issued a “buy” rating and a $60.00 price objective for the company. Royal Bank Of Canada reiterated a “buy” rating and issued a $53.00 price objective on shares of Western Gas Equity Partners, in a research report on Friday, April 7th. Finally, Zacks Investment Research cut Western Gas Equity Partners, from a “hold” rating to a “strong sell” rating in a report on Wednesday, March 15th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $47.90.

Western Gas Equity Partners, Company Profile

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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