Citi Has Buy Rating On Western Gas Partners, L.P. (WES)

Citi Investment Research has a Buy rating and a $36.50 price target on shares of Western Gas Partners, L.P. WES after it reported earnings. In a note to investors, Citi writes, "Adjusted EBITDA of $57.8 mill was ~15% ahead of our est. of $50.1 mil and ~13% ahead of consensus and also above the top end of guidance. Results were positively impacted by higher volumes from Granger and Chipeta facilities in Rockies. DCF of $50.0 mil was ~18% ahead of our est. and provided a rich 1.69x coverage. WES increased quarterly cash distribution by $0.01 to $0.38/unit ($1.52 annualized) up more than 15% y-o-y." Shares of WES lost 1 cent yesterday to close at $34.60.