Western Gas Partners (WES) PT Raised to $31 at Mizuho Securities

Mizuho Securities analyst Gabriel Moreen raised the price target on Western Gas Partners (NYSE: WES) to $31.00 (from $28.00) while maintaining a Buy rating.

The analyst commented, "As outlined last week, the major development of WES' 4Q update was its newfound variable distribution policy. Starting with a $2/unit base distribution, unitholders will receive an annual special distribution provided WES (i) meets an outlined leverage threshold for the prior year and (ii) has excess free cash flow available for distribution after base distributions, debt repayment and unit buybacks. The 4Q call clarified the logic behind the policy, and provided incremental data points on (i) a sluggish permitting process in the DJ basin, (ii) volume expectations, and (iii) stepped-up '22 capex designed to enable '23 volume growth. Reiterate Buy and revise estimates to reflect WES' distribution policy/strategic outlook. PT to $31"

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