Barclays Maintains an 'Overweight' on Western Gas Partners (WES); Solid Q3, Boasting $1 Billion of Liquidity

Barclays maintains an 'Overweight' on Western Gas Partners (NYSE: WES) price target raised $1 to $41.00.

Barclays analyst says, "Solid Q3, FY guidance tightened to mid point of range: WES reported EBITDA of $66 mm, in-line with our estimate, and DCF of $51.3 mm, which was lighter than our $56.7 mm, largely due to higher maintenance capex spending. We note maintenance capex can be lumpy and WES's maintenance capex is on track to come within its guidance range of 8-11%. EBITDA was up 25% YoY and 4% sequentially due to acquisitions and projects. Throughput reached 2 Bcf/d, up 11% YoY and 1% QoQ. The sequential increase was driven by Chipeta, whose capacity expansion project is on time and on budget. The full year EBITDA was adjusted to $250-$255 mm, tightened from $245-$260 mm with no change in capex of $97-$112 mm."
Barclays lowers FY11-12 from $1.79 to $1.67 and from $2.33 to him2.12

For more ratings news on Western Gas Partners click here and for the rating history of Western Gas Partners click here.

Shares of Western Gas Partners closed at $35.83 yesterday.

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