Envestnet Asset Management Inc. Lowers Position in Western Midstream Partners, LP (NYSE:WES)

Envestnet Asset Management Inc. lowered its holdings in Western Midstream Partners, LP (NYSE:WES) by 1.5% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 156,114 shares of the pipeline company’s stock after selling 2,311 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Western Midstream Partners were worth $6,202,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Blackstone Inc. grew its position in shares of 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 during the last quarter. Chickasaw Capital Management LLC grew its position in shares of 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 buying an additional 37,259 shares during the last quarter. Kayne Anderson Capital Advisors LP grew its position in shares of 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 buying an additional 895,715 shares during the last quarter. BROOKFIELD Corp ON grew its position in shares of Western Midstream Partners by 2.7% in the 1st quarter. BROOKFIELD Corp ON now owns 2,953,510 shares of the pipeline company’s stock worth $104,997,000 after buying an additional 77,942 shares during the last quarter. Finally, Jennison Associates LLC grew 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 buying an additional 944,494 shares during the last quarter. 42.94% of the stock is owned by hedge funds and other institutional investors.

Western Midstream Partners Stock Performance

Shares of WES stock opened at $38.22 on Monday. The stock has a market cap of $14.54 billion, a PE ratio of 10.77, a price-to-earnings-growth ratio of 0.74 and a beta of 2.87. The business has a 50-day simple moving average of $38.88 and a 200-day simple moving average of $37.85. The company has a quick ratio of 1.68, a current ratio of 1.68 and a debt-to-equity ratio of 2.08. Western Midstream Partners, LP has a 52-week low of $26.14 and a 52-week high of $42.80.

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 analysts’ consensus estimates of $0.88 by $0.09. The company had revenue of $905.63 million during the quarter, compared to analysts’ expectations of $904.94 million. Western Midstream Partners had a return on equity of 47.19% and a net margin of 44.01%. Western Midstream Partners’s quarterly revenue was up 22.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.64 EPS. On average, equities analysts expect that Western Midstream Partners, LP will post 4.16 EPS for the current year.

Western Midstream Partners Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Shareholders of record on Thursday, August 1st were issued a dividend of $0.875 per share. The ex-dividend date was Thursday, August 1st. This represents a $3.50 dividend on an annualized basis and a dividend yield of 9.16%. Western Midstream Partners’s payout ratio is currently 98.59%.

Analyst Ratings Changes

Several research analysts have recently weighed in on WES shares. UBS Group boosted 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. StockNews.com lowered Western Midstream Partners from a “strong-buy” rating to a “buy” rating in a report on Tuesday, September 17th. Stifel Nicolaus boosted their price target on Western Midstream Partners from $39.00 to $40.00 and gave the company a “hold” rating in a report on Friday, August 9th. Royal Bank of Canada upped their price objective on Western Midstream Partners from $36.00 to $38.00 and gave the stock a “sector perform” rating in a research note on Tuesday, August 27th. Finally, Morgan Stanley lowered Western Midstream Partners from an “overweight” rating to an “equal weight” rating and set a $42.00 price target for the company. in a research note on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $36.75.

Insider Buying and Selling at Western Midstream Partners

In other Western Midstream Partners news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the stock in a transaction that occurred 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 completion of the transaction, the insider now owns 165,681,578 shares of the company’s stock, valued at $5,923,116,413.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.04% of the company’s stock.

About Western Midstream Partners

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.