UPDATE: UBS Investment Research Raises PT on Western Gas Partners Following Solid 2Q Results

In a report published Friday, UBS Investment Research analyst Jeffrey Birnbaum reiterated a Neutral rating on Western Gas Partners (NYSE: WES), and raised the price target from $59.00 to $64.00.

In the report, UBS Investment Research noted, “WES had a solid 2Q, led by vol growth in-line with UBSe on gathering, treating and transportation vols, but meaningfully higher on processing vols following 1Q well-connects and sequential growth at Chipeta, Hilight and Granger, among others. Processing vols should continue to strengthen with Brasada online for a full quarter in 3Q. As expected, the distribution was raised $0.02 (+17% YOY), with a respectable 1.13x coverage, albeit with lower than expected mtnce capex.”

Western Gas Partners closed on Thursday at $63.11.