Western Midstream Partners, LP (NYSE:WES – Get Free Report) shares hit a new 52-week high during trading on Tuesday . The stock traded as high as $49.17 and last traded at $48.61, with a volume of 656029 shares trading hands. The stock had previously closed at $48.92.
Analyst Upgrades and Downgrades
Several research analysts have recently weighed in on the company. Citigroup boosted their price target on Western Midstream Partners from $42.00 to $45.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 11th. Zacks Research upgraded shares of Western Midstream Partners from a “hold” rating to a “strong-buy” rating in a research note on Thursday, August 13th. Stifel Nicolaus set a $46.00 price target on shares of Western Midstream Partners and gave the stock a “buy” rating in a research note on Thursday, May 7th. Wells Fargo & Company lifted their price target on shares of Western Midstream Partners from $43.00 to $46.00 and gave the stock an “equal weight” rating in a research note on Monday, August 10th. Finally, Royal Bank Of Canada reissued a “sector perform” rating on shares of Western Midstream Partners in a report on Tuesday, July 21st. Two equities research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $47.50.
View Our Latest Analysis on WES
Western Midstream Partners Trading Down 1.0%
Western Midstream Partners (NYSE:WES – Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The pipeline company reported $0.99 earnings per share for the quarter, topping the consensus estimate of $0.91 by $0.08. The firm had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.13 billion. Western Midstream Partners had a net margin of 29.44% and a return on equity of 33.13%. The business’s quarterly revenue was up 30.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.87 EPS. On average, equities research analysts forecast that Western Midstream Partners, LP will post 3.58 EPS for the current fiscal year.
Western Midstream Partners Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, July 31st were issued a dividend of $0.93 per share. This represents a $3.72 dividend on an annualized basis and a yield of 7.5%. The ex-dividend date of this dividend was Friday, July 31st. Western Midstream Partners’s dividend payout ratio is currently 116.98%.
Insiders Place Their Bets
In other Western Midstream Partners news, Director Frederick A. Forthuber purchased 5,140 shares of the firm’s stock in a transaction on Wednesday, August 12th. The shares were acquired 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 approximately $249,906.80. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.04% of the company’s stock.
Institutional Trading of Western Midstream Partners
A number of hedge funds and other institutional investors have recently bought and sold shares of WES. Jefferies Financial Group Inc. bought a new stake in shares of Western Midstream Partners during the 4th quarter valued at $5,455,000. Goldman Sachs Group Inc. lifted its holdings in Western Midstream Partners by 10.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 9,562,213 shares of the pipeline company’s stock worth $377,707,000 after purchasing an additional 936,376 shares in the last quarter. Militia Capital Management LLC purchased a new position in Western Midstream Partners in the 1st quarter worth approximately $8,244,000. Vestcor Inc bought a new position in Western Midstream Partners in the 4th quarter worth approximately $2,245,000. Finally, Infrastructure Capital Advisors LLC boosted its stake in Western Midstream Partners by 6.7% in the 1st quarter. Infrastructure Capital Advisors LLC now owns 1,234,879 shares of the pipeline company’s stock worth $50,840,000 after purchasing an additional 77,202 shares during the period. Hedge funds and other institutional investors own 84.82% of the company’s stock.
Western Midstream Partners Company Profile
Western Midstream Partners, LP (NYSE: WES) is a midstream energy infrastructure company that owns, operates and develops an integrated network of crude oil, natural gas and produced water gathering, processing, transportation and storage assets in the United States. The partnership’s primary offerings include pipeline transportation, fractionation services, natural gas liquids (NGL) logistics and produced water handling. Through its fee-based and commodity-based contracts, Western Midstream provides its customers with essential services that support efficient energy production and distribution.
The company’s asset portfolio spans key onshore basins, including the Delaware Basin in West Texas and southeastern New Mexico, the San Juan Basin in New Mexico and Colorado, and the Denver-Julesburg Basin in Colorado.
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