Western Midstream Partners (NYSE:WES) Shares Gap Down to $19.56

Western Midstream Partners, LP (NYSE:WES)’s stock price gapped down before the market opened on Thursday . The stock had previously closed at $19.56, but opened at $19.11. Western Midstream Partners shares last traded at $19.11, with a volume of 2,863 shares traded.

Several equities research analysts have recently issued reports on WES shares. Scotiabank started coverage on shares of Western Midstream Partners in a research report on Monday, February 1st. They issued a “sector perform” rating for the company. Barclays increased their price objective on shares of Western Midstream Partners from $19.00 to $22.00 in a research report on Friday, March 5th. Zacks Investment Research lowered shares of Western Midstream Partners from a “buy” rating to a “hold” rating in a research report on Wednesday, February 3rd. Bank of America raised shares of Western Midstream Partners from an “underperform” rating to a “neutral” rating and set a $16.00 price objective for the company in a research report on Tuesday, January 26th. Finally, Mizuho raised their price target on shares of Western Midstream Partners from $15.00 to $22.00 and gave the company a “buy” rating in a report on Wednesday, January 20th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $17.40.

The stock’s 50-day moving average price is $18.29 and its 200-day moving average price is $13.97. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 2.57. The company has a market capitalization of $7.93 billion, a P/E ratio of 21.26 and a beta of 3.77.

Western Midstream Partners (NYSE:WES) last released its earnings results on Tuesday, February 23rd. The pipeline company reported $0.62 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.59 by $0.03. The firm had revenue of $647.50 million for the quarter, compared to analysts’ expectations of $655.07 million. Western Midstream Partners had a net margin of 14.99% and a return on equity of 32.94%. Western Midstream Partners’s quarterly revenue was down 10.5% on a year-over-year basis. During the same quarter last year, the company earned $0.62 EPS. Sell-side analysts expect that Western Midstream Partners, LP will post 2.31 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Friday, February 12th. Shareholders of record on Monday, February 1st were paid a dividend of $0.311 per share. The ex-dividend date of this dividend was Friday, January 29th. This represents a $1.24 annualized dividend and a yield of 6.48%. Western Midstream Partners’s payout ratio is 77.99%.

In other Western Midstream Partners news, major shareholder Petroleum Corp /De/ Occidental sold 11,500,000 shares of the firm’s stock in a transaction dated Thursday, March 25th. The shares were sold at an average price of $17.25, for a total transaction of $198,375,000.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.01% of the stock is currently owned by company insiders.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Chickasaw Capital Management LLC grew its stake in shares of Western Midstream Partners by 146.0% in the 1st quarter. Chickasaw Capital Management LLC now owns 9,717,934 shares of the pipeline company’s stock worth $180,656,000 after purchasing an additional 5,767,582 shares during the last quarter. Hsbc Holdings PLC increased its position in shares of Western Midstream Partners by 14.3% in the fourth quarter. Hsbc Holdings PLC now owns 22,457 shares of the pipeline company’s stock worth $311,000 after acquiring an additional 2,803 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Western Midstream Partners by 54.1% in the fourth quarter. JPMorgan Chase & Co. now owns 6,335,178 shares of the pipeline company’s stock worth $87,553,000 after acquiring an additional 2,223,210 shares in the last quarter. Castleark Management LLC increased its position in shares of Western Midstream Partners by 103.5% in the fourth quarter. Castleark Management LLC now owns 139,697 shares of the pipeline company’s stock worth $1,931,000 after acquiring an additional 71,060 shares in the last quarter. Finally, Cetera Investment Advisers increased its position in shares of Western Midstream Partners by 8.9% in the fourth quarter. Cetera Investment Advisers now owns 13,404 shares of the pipeline company’s stock worth $185,000 after acquiring an additional 1,096 shares in the last quarter. 34.87% of the stock is currently owned by institutional investors.

About Western Midstream Partners (NYSE:WES)

Western Midstream Partners, LP, together with its subsidiaries, acquire, own, develop, and operate midstream assets primarily in the United States. It is involved in gathering, compressing, treating, processing, and transporting of natural gas; gathering, stabilizing, and transporting of condensate, natural gas liquids, and crude oil; and gathering and disposing of produced water.

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