Daymark Wealth Partners LLC Acquires New Position in Western Midstream Partners, LP (NYSE:WES)

Daymark Wealth Partners LLC bought a new stake in shares of Western Midstream Partners, LP (NYSE:WES) in the second quarter, Holdings Channel reports. The firm bought 31,306 shares of the pipeline company’s stock, valued at approximately $1,244,000.

Other institutional investors also recently modified their holdings of the company. Jennison Associates LLC raised its holdings in shares of Western Midstream Partners by 96.0% during the first quarter. Jennison Associates LLC now owns 1,928,179 shares of the pipeline company’s stock worth $68,547,000 after acquiring an additional 944,494 shares in the last quarter. Kayne Anderson Capital Advisors LP increased its position in Western Midstream Partners by 27.4% in the 1st quarter. Kayne Anderson Capital Advisors LP now owns 4,165,829 shares of the pipeline company’s stock worth $148,095,000 after purchasing an additional 895,715 shares during the last quarter. BNP Paribas Financial Markets increased its position in Western Midstream Partners by 174.3% in the 1st quarter. BNP Paribas Financial Markets now owns 417,302 shares of the pipeline company’s stock worth $14,835,000 after purchasing an additional 265,143 shares during the last quarter. Blackstone Inc. raised its stake in shares of Western Midstream Partners by 2.0% during the 1st quarter. Blackstone Inc. now owns 12,980,724 shares of the pipeline company’s stock worth $461,465,000 after purchasing an additional 259,928 shares in the last quarter. Finally, Allianz Asset Management GmbH lifted its holdings in shares of Western Midstream Partners by 28.6% during the 4th quarter. Allianz Asset Management GmbH now owns 708,256 shares of the pipeline company’s stock valued at $20,724,000 after buying an additional 157,700 shares during the last quarter. Institutional investors and hedge funds own 42.94% of the company’s stock.

Western Midstream Partners Stock Down 2.7 %

WES stock opened at $37.92 on Friday. The stock has a market capitalization of $14.43 billion, a price-to-earnings ratio of 10.68, a price-to-earnings-growth ratio of 0.74 and a beta of 2.87. The company has a 50-day moving average of $38.96 and a two-hundred day moving average of $37.77. Western Midstream Partners, LP has a 52-week low of $26.14 and a 52-week high of $42.80. The company has a debt-to-equity ratio of 2.08, a current ratio of 1.68 and a quick ratio of 1.68.

Western Midstream Partners (NYSE:WES) last announced its earnings results on Wednesday, August 7th. The pipeline company reported $0.97 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.09. The firm had revenue of $905.63 million during the quarter, compared to the consensus estimate of $904.94 million. Western Midstream Partners had a return on equity of 47.19% and a net margin of 44.01%. The firm’s revenue for the quarter was up 22.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.64 EPS. As a group, equities research analysts anticipate that Western Midstream Partners, LP will post 4.16 EPS for the current year.

Western Midstream Partners Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Thursday, August 1st were paid a $0.875 dividend. The ex-dividend date was Thursday, August 1st. This represents a $3.50 annualized dividend and a dividend yield of 9.23%. Western Midstream Partners’s payout ratio is 98.59%.

Insider Buying and Selling

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 shares were sold at an average price of $35.75, for a total value of $697,125,000.00. Following the completion of the sale, the insider now directly owns 165,681,578 shares of the company’s stock, valued at approximately $5,923,116,413.50. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.04% of the stock is currently owned by insiders.

Analyst Ratings Changes

WES has been the topic of several recent research reports. StockNews.com lowered shares of Western Midstream Partners from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, September 17th. Morgan Stanley downgraded shares of Western Midstream Partners from an “overweight” rating to an “equal weight” rating and set a $42.00 price target on the stock. in a report on Monday, September 16th. Stifel Nicolaus upped their price objective 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. Royal Bank of Canada increased their target price on shares of Western Midstream Partners from $36.00 to $38.00 and gave the stock a “sector perform” rating in a research report on Tuesday, August 27th. Finally, UBS Group upped their price target on Western Midstream Partners from $38.00 to $39.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 18th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $36.75.

Western Midstream Partners 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.