Western Midstream Partners, LP (NYSE:WES – Get Free Report) shares crossed below its 200-day moving average during trading on Tuesday. The stock has a 200-day moving average of $44.17 and traded as low as $43.69. Western Midstream Partners shares last traded at $43.7460, with a volume of 2,334,266 shares traded.
Wall Street Analyst Weigh In
WES has been the subject of a number of recent research reports. Wells Fargo & Company boosted their target price on shares of Western Midstream Partners from $43.00 to $46.00 and gave the company an “equal weight” rating in a research report on Monday, August 10th. Stifel Nicolaus initiated coverage on shares of Western Midstream Partners in a research report on Thursday, September 10th. They set a “buy” rating and a $55.00 price target on the stock. Morgan Stanley dropped their price objective on shares of Western Midstream Partners from $55.00 to $52.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 21st. Truist Financial started coverage on shares of Western Midstream Partners in a research note on Thursday, September 17th. They issued a “buy” rating and a $55.00 price objective for the company. Finally, UBS Group boosted their price objective on shares of Western Midstream Partners from $45.00 to $48.00 and gave the company a “neutral” rating in a report on Friday, July 10th. Two analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $49.89.
Check Out Our Latest Research Report on Western Midstream Partners
Western Midstream Partners Trading Down 1.1%
The business has a 50-day moving average price of $46.29 and a two-hundred day moving average price of $44.17. The stock has a market capitalization of $18.07 billion, a P/E ratio of 13.76, a P/E/G ratio of 1.19 and a beta of 0.75. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 2.02.
Western Midstream Partners (NYSE:WES – Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The pipeline company reported $0.99 earnings per share for the quarter, topping analysts’ consensus estimates of $0.91 by $0.08. The company had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.13 billion. Western Midstream Partners had a net margin of 29.44% and a return on equity of 33.13%. The firm’s quarterly revenue was up 30.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.87 EPS. On average, analysts expect that Western Midstream Partners, LP will post 3.67 EPS for the current fiscal year.
Western Midstream Partners Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Stockholders of record on Monday, November 2nd will be paid a $0.93 dividend. This represents a $3.72 dividend on an annualized basis and a dividend yield of 8.5%. The ex-dividend date is Monday, November 2nd. Western Midstream Partners’s dividend payout ratio (DPR) is presently 116.98%.
Insider Activity
In other news, Director Frederick Forthuber bought 5,140 shares of the company’s stock in a transaction on Wednesday, August 12th. The stock was purchased at an average cost of $48.62 per share, for a total transaction of $249,906.80. Following the completion of the transaction, the director owned 5,140 shares of the company’s stock, valued at $249,906.80. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 0.04% of the company’s stock.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Alps Advisors Inc. grew its position in shares of Western Midstream Partners by 2.0% during the 3rd quarter. Alps Advisors Inc. now owns 37,364,470 shares of the pipeline company’s stock worth $1,657,862,000 after buying an additional 734,870 shares during the period. Miller Howard Investments Inc. NY increased its stake in Western Midstream Partners by 3.7% in the 3rd quarter. Miller Howard Investments Inc. NY now owns 1,710,098 shares of the pipeline company’s stock valued at $75,877,000 after buying an additional 61,156 shares during the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its position in shares of Western Midstream Partners by 5.6% during the third quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,330,900 shares of the pipeline company’s stock valued at $59,052,000 after acquiring an additional 71,000 shares during the last quarter. Berkley W R Corp increased its position in shares of Western Midstream Partners by 42.8% during the 1st quarter. Berkley W R Corp now owns 1,266,970 shares of the pipeline company’s stock valued at $52,161,000 after purchasing an additional 379,807 shares during the last quarter. Finally, Infrastructure Capital Advisors LLC increased its holdings in Western Midstream Partners by 6.7% during the first quarter. Infrastructure Capital Advisors LLC now owns 1,234,879 shares of the pipeline company’s stock worth $50,840,000 after buying an additional 77,202 shares during the last quarter. 84.82% of the stock is owned by institutional investors and hedge funds.
About Western Midstream Partners
Western Midstream Partners, L.P. (NYSE:WES) is a master limited partnership that owns and operates midstream energy infrastructure in the United States. The company provides gathering, processing, transportation, storage and treating services for natural gas, crude oil, natural gas liquids and produced water.
Western Midstream’s assets include gathering systems, processing plants, pipelines, storage facilities and water-handling infrastructure. These facilities connect oil and gas producers with downstream markets and are generally supported by long-term commercial arrangements.
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