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Institutional Activity in Major MLPs in 2Q17

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Part 9
Institutional Activity in Major MLPs in 2Q17 PART 9 OF 10

First Reserve Added Major Position in Western Gas Partners in Q2

Recent institutional activity in WES and WGP

In this part of the series, we’ll look at the recent institutional activity for Western Gas Partners (WES) and its GP (general partner) Western Gas Equity Partners (WGP). WES saw net buying of 6.9 million shares. On the other hand, WGP saw net selling of 0.17 million shares. Among the top institutional holder in WES and WGP, 15.9 million and 0.92 million positions were added, respectively. First Reserve added a major position of 6.6 million shares in WES during 2Q17. It has now become the largest institutional holder in WES with a 9.2% stake. First Reserve also holds a major position in Crestwood Equity Partners (CEQP).

First Reserve Added Major Position in Western Gas Partners in Q2

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Why are institutional investors bullish on Western Gas?

Institutional investors’ bullishness toward WES could be attributed to the following factors:

  • significant expansion opportunities in the DJ (Denver-Julesburg) and Delaware basins
  • impressive distribution coverage despite strong distribution growth
  • strong balance sheet position

Analyst recommendations

About 53.6% of analysts rate WES a “buy,” 42.1% rate it a “hold,” and 5.3% rate it a “sell” as of August 28, 2017. At the same time, 58.8% of analysts rate WGP a “hold,” while the remaining 41.2% rate it a “buy.” WES’s and WGP’s average target prices of $63.40 and $49.30, respectively, implies a ~29.0% and ~23.0% return, respectively, from their current price levels.

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