Western Gas Equity Partners, LPNYSE
Mon, Oct. 10, 4:55 PM
- Western Gas Equity Partners (NYSE:WGP) rose 2.7% today after Barclays upgraded units to Outperform from Neutral at Barclays, which says the company "offers the best way to play the Delaware Basin midstream opportunity."
- The firm says WGP, which is the general partner of Western Gas Partners LP (NYSE:WES), is a levered play on the largest processor in core part of Delaware Basin, where well economics support sub-$40 crude oil prices.
- Barclays believes an investment in WGP/WES takes limited risk in playing crude price recovery, as it can raise capital at favorable cost given superior balance sheet quality.
- The firm raises its price target for WGP to $52 from $48, and WES to $63 from $60.
Tue, Jul. 26, 4:46 PM
Mon, Jul. 25, 5:35 PM
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Tue, Jun. 14, 2:02 PM
Tue, Jun. 14, 9:19 AM
Tue, Jun. 14, 8:40 AM
- Western Gas Equity Partners (NYSE:WGP) -9.3% premarket after announcing that limited partner and Anadarko Petroleum subsidiary Western Gas Resources priced a public offering of 12.5M common units, with an underwriters option to purchase up to an additional 1.875M units.
- Western Gas Resources expects to receive ~$481M in gross proceeds from the offering; WGP is not selling any units in the offering.
Tue, May 3, 5:33 PM
- Western Gas Equity Partners (NYSE:WGP): Q1 EPS of $0.32 beats by $0.05.
- Revenue of $383.1M (-12.4% Y/Y) misses by $28.6M.
Mon, May 2, 5:35 PM
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Thu, Mar. 17, 3:27 PM
- Credit Suisse analyst John Edwards issues a dozen downgrades - and one upgrade - among MLPs following the group's recent rally, believing the severity of the oil downturn has called into question the entire MLP model.
- "The prolonged downturn has challenged the robustness assumption on account of counterparty risks and contract renegotiation risks," Edwards writes.
- Downgraded to Underperform from Neutral: Columbia Pipeline (CPGX +2.4%), Magellan Midstream Partners (MMP -0.6%), ONEOK Partners (OKS +0.8%).
- Downgraded to Neutral from Outperform: Antero Midstream Partners (AM +0.8%), Enterprise Products Partners (EPD +2.7%), Enbridge Energy Partners (EEP +3.8%), EnLink Midstream Partners (ENLC +1.7%), Kinder Morgan (KMI +0.3%), Spectra Energy LP (SEP -0.1%), VTTI Energy Partners (VTTI +1.9%), Western Gas Equity Partners (WGP -0.1%), Western Gas Partners (WES +5%).
- Upgraded to Outperform from Neutral: Enable Midstream Partners (ENBL +14.6%).
Fri, Mar. 11, 7:02 PM
- NGL Energy Partners (NYSE:NGL) fell more than 10% in today's trade after Goldman Sachs downgraded units to Sell from Neutral with a $6 price target, slashed from $12, but three other energy MLPs downgraded by the firm fared better.
- Goldman sees material risk to NGL’s distributions given weak historical and projected cash flow conversion, high GAAP leverage of 7.2x vs. a peer average of 4.4x, and poor current coverage of ~0.6x.
- The firm expects volume pressure and limited organic growth opportunities to adversely impact NGL’s ability to conserve liquidity and maintain distributions.
- Cheniere Energy Partners (NYSEMKT:CQP), Summit Midstream Partners (NYSE:SMLP) and Western Gas Equity Partners (NYSE:WGP) posted gains or finished flat despite being downgraded to Neutral from Buy.
- Goldman notes that while CQP offers a total return opportunity of 18%, it is less attractive than that offered by Cheniere Energy (NYSEMKT:LNG) and Cheniere Energy Partners Holdings (NYSEMKT:CQH), which offer respective total return opportunities of 30% and 28%.
Thu, Feb. 25, 7:25 PM
- Morgan Stanley analyst Tom Abrams sees improvement in the MLP multiple compression that has weighed on the group throughout the oil downturn, and the firm expands its MLP coverage by initiating ratings on several midstream names.
- While MLP prices could yet fall to new lows, Abrams believes progress has been made in approaching a bottom; however, he says investors should continue to avoid MLPs with overly-levered balance sheets, funding issues, weak cash flows and high distribution risk.
- Initiated with an Overweight rating: BPL, PSXP, VLP, DM, CPPL.
- Initiated at Equal Weight: MMP, CPGX, EQGP, EQM, WGP, WES, NS, NSH.
- Initiated at Underweight: EEP, ENBL, EEQ, MEP.
Wed, Feb. 24, 4:32 PM
- Western Gas Equity Partners (NYSE:WGP): Q4 EPS of -$0.14 may not be comparable to consensus of $0.26.
- Revenue of $371.3M (+1.3% Y/Y) misses by $10.07M.
Tue, Feb. 23, 5:35 PM
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Wed, Jan. 20, 12:45 PM
Wed, Jan. 20, 12:15 PM
- The slide in MLPs accelerates as crude oil prices still show no signs of bottoming; the Alerian MLP ETF (AMLP -8%) has plunged as much as 10% today and is down nearly 30% YTD.
- While acknowledging the obviously difficult upcoming Q4 earnings season, Wunderlich's Jeff Birnbaum sees Enterprise Products Partners (EPD -7.6%) and Magellan Midstream Partners (MMP -7.9%) having the best visibility into cash flows and limited counterparty risk; while the analyst lowers estimates for the two, he says each team has a strong balance sheet with which it can attempt to take advantage of market stresses and advance its footprint along the Gulf Coast.
- Birnbaum downgrades Western Gas Equity Partners (WGP -20.8%), citing a reduced distribution growth outlook and ongoing premium valuation, and American Midstream Partners (AMID -12%), believing a distribution cut is more likely with the latest move lower in the WTI futures curve.
- ETFs: AMLP, AMJ, KYN, MLPL, YMLP, TYG, SRV, KYE, CEM, MLPI, NML, FEN, NTG, MLPA, KMF, EMLP, FMO, MLPN, SRF, FEI, JMF, CBA, MLPG, MLPX, GMZ, EMO, MLPS, MLPY, TTP, CTR, YMLI, AMU, CEN, MLPJ, ZMLP, GER, AMZA, SMM, MIE, DSE, ENFR, FPL, ATMP, JMLP, MLPC, MLPW, IMLP
Tue, Jan. 19, 5:39 PM