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Fly News Breaks for February 15, 2019
WGP, WES
Feb 15, 2019 | 19:30 EDT
MUFG analyst Barrett Blaschke raised his price target on Western Gas Partners (WES) to $55 with a Neutral rating and also lowered his price target on Western Gas Equity (WGP) to $42 from $45 with an Overweight rating ahead of the simplification combination of the two entities. The analyst notes that Western Gas experienced weather-related issues and operational challenges in Q4, and that without the accounting change adjustment, its EBITDA would have missed consensus. Blaschke maintains however that the simplification process under which Western Midstream Partners will be an IDR-free MLP and thus able to take advantage of the federal tax break of MLP status is the core focus for investors.
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