Brean Capital Downgrades WGL Holdings (WGL) to Hold

February 8, 2013 7:29 AM EST
Get Alerts WGL Hot Sheet
Price: $78.33 -0.89%

Rating Summary:
    1 Buy, 6 Hold, 2 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 1 | Down: 2 | New: 3
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Brean Capital downgraded WGL Holdings (NYSE: WGL) from Buy to Hold following Q1 results, which met expectations with EPS of $1.14 forecasts their forecast of $0.96 and the consensus of $1.04. The company also reaffirmed FY2013 guidance, and announced a dividend hike of 5%.

The firm comments, "The only disappointment was company commentary that demand for Commonwealth Pipeline capacity has not been as strong as previously expected, and it appears that important future project in terms of EPS growth has been either pushed out or put on hold (for now). The shares have responded favorably to yesterday's announcements and are now trading at 17x our forward P/ E estimates, a level we feel represents fair value. We downgrade our rating from Buy to Hold and suspend our $43 target price. We will continue to look opportunistically to once again recommend accumulation."

For an analyst ratings summary and ratings history on WGL Holdings click here. For more ratings news on WGL Holdings click here.

Shares of WGL Holdings closed at $42.68 yesterday.

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