Western Midstream Partners, LP (NYSE:WES) Receives $34.29 Consensus Target Price from Brokerages

Shares of Western Midstream Partners, LP (NYSE:WES) have received a consensus rating of “Hold” from the nine research firms that are presently covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, seven have given a hold recommendation and one has issued a buy recommendation on the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $34.29.

A number of brokerages recently commented on WES. Wells Fargo & Company increased their price target on Western Midstream Partners from $34.00 to $35.00 and gave the company an “equal weight” rating in a research report on Tuesday, May 21st. Royal Bank of Canada raised their target price on Western Midstream Partners from $36.00 to $38.00 and gave the company a “sector perform” rating in a research report on Tuesday, August 27th. Stifel Nicolaus boosted their price target on shares of Western Midstream Partners from $39.00 to $40.00 and gave the stock a “hold” rating in a report on Friday, August 9th. Finally, StockNews.com upgraded shares of Western Midstream Partners from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, September 3rd.

Insider Activity

In other Western Midstream Partners news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $35.75, for a total transaction of $697,125,000.00. Following the sale, the insider now owns 165,681,578 shares in the company, valued at $5,923,116,413.50. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.04% of the company’s stock.

Institutional Investors Weigh In On Western Midstream Partners

A number of institutional investors and hedge funds have recently modified their holdings of the company. Blackstone Inc. grew its stake in Western Midstream Partners by 2.0% in the 1st quarter. Blackstone Inc. now owns 12,980,724 shares of the pipeline company’s stock worth $461,465,000 after buying an additional 259,928 shares in the last quarter. Chickasaw Capital Management LLC grew its holdings in Western Midstream Partners by 0.6% in the 2nd quarter. Chickasaw Capital Management LLC now owns 6,711,006 shares of the pipeline company’s stock worth $266,628,000 after acquiring an additional 37,259 shares during the last quarter. Kayne Anderson Capital Advisors LP increased its holdings in Western Midstream Partners by 27.4% during the 1st quarter. Kayne Anderson Capital Advisors LP now owns 4,165,829 shares of the pipeline company’s stock valued at $148,095,000 after purchasing an additional 895,715 shares during the period. BROOKFIELD Corp ON raised its holdings in shares of Western Midstream Partners by 2.7% during the first quarter. BROOKFIELD Corp ON now owns 2,953,510 shares of the pipeline company’s stock valued at $104,997,000 after acquiring an additional 77,942 shares in the last quarter. Finally, Jennison Associates LLC lifted its position in shares of Western Midstream Partners by 96.0% in the 1st quarter. Jennison Associates LLC now owns 1,928,179 shares of the pipeline company’s stock worth $68,547,000 after purchasing an additional 944,494 shares during the period. 42.94% of the stock is owned by hedge funds and other institutional investors.

Western Midstream Partners Trading Up 1.8 %

NYSE WES opened at $39.57 on Friday. The company has a current ratio of 1.68, a quick ratio of 1.68 and a debt-to-equity ratio of 2.08. The business has a fifty day simple moving average of $39.37 and a 200 day simple moving average of $37.47. Western Midstream Partners has a 12 month low of $25.71 and a 12 month high of $42.80. The firm has a market capitalization of $15.06 billion, a P/E ratio of 11.15, a PEG ratio of 0.73 and a beta of 2.87.

Western Midstream Partners (NYSE:WES) last released its quarterly earnings results on Wednesday, August 7th. The pipeline company reported $0.97 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.09. The business had revenue of $905.63 million for the quarter, compared to analysts’ expectations of $904.94 million. Western Midstream Partners had a net margin of 44.01% and a return on equity of 47.19%. The firm’s revenue for the quarter was up 22.7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.64 earnings per share. On average, analysts predict that Western Midstream Partners will post 4.16 EPS for the current fiscal year.

Western Midstream Partners Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Shareholders of record on Thursday, August 1st were given a dividend of $0.875 per share. The ex-dividend date of this dividend was Thursday, August 1st. This represents a $3.50 dividend on an annualized basis and a yield of 8.85%. Western Midstream Partners’s dividend payout ratio is presently 98.59%.

Western Midstream Partners Company Profile

Western Midstream Partners, LP, together with its subsidiaries, operates as a midstream energy company primarily in the United States. It is involved in gathering, compressing, treating, processing, and transporting natural gas; gathering, stabilizing, and transporting condensate, natural gas liquids (NGLs), and crude oil; and gathering and disposing produced water.