Concurrent Investment Advisors LLC Takes Position in Western Midstream Partners, LP (NYSE:WES)

Concurrent Investment Advisors LLC purchased a new position in shares of Western Midstream Partners, LP (NYSE:WES) during the 2nd quarter, HoldingsChannel reports. The institutional investor purchased 5,701 shares of the pipeline company’s stock, valued at approximately $227,000.

A number of other hedge funds have also recently added to or reduced their stakes in WES. Eagle Bay Advisors LLC bought a new position in shares of Western Midstream Partners in the first quarter worth about $29,000. American National Bank raised its position in Western Midstream Partners by 34.5% in the 1st quarter. American National Bank now owns 1,190 shares of the pipeline company’s stock worth $42,000 after purchasing an additional 305 shares during the last quarter. Retirement Group LLC boosted its position in Western Midstream Partners by 40.2% in the 1st quarter. Retirement Group LLC now owns 1,591 shares of the pipeline company’s stock valued at $57,000 after buying an additional 456 shares during the last quarter. Triad Wealth Partners LLC acquired a new stake in shares of Western Midstream Partners in the 2nd quarter valued at $78,000. Finally, Mather Group LLC. bought a new stake in shares of Western Midstream Partners during the first quarter worth $82,000. Institutional investors own 42.94% of the company’s stock.

Insiders Place Their Bets

In other news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of Western Midstream Partners stock in a transaction dated 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 transaction, the insider now owns 165,681,578 shares in the company, valued at approximately $5,923,116,413.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.04% of the company’s stock.

Western Midstream Partners Stock Performance

Shares of NYSE:WES opened at $37.64 on Thursday. The firm’s 50 day simple moving average is $39.69 and its 200 day simple moving average is $37.18. Western Midstream Partners, LP has a fifty-two week low of $25.69 and a fifty-two week high of $42.80. The company has a market capitalization of $14.32 billion, a price-to-earnings ratio of 10.60, a P/E/G ratio of 0.73 and a beta of 2.90. 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 posted its 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. Western Midstream Partners had a net margin of 44.01% and a return on equity of 47.19%. The company had revenue of $905.63 million for the quarter, compared to analyst estimates of $904.94 million. During the same period last year, the business posted $0.64 earnings per share. The business’s revenue for the quarter was up 22.7% compared to the same quarter last year. As a group, sell-side analysts forecast that Western Midstream Partners, LP will post 4.16 earnings per share for the current 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 paid a $0.875 dividend. 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 9.30%. Western Midstream Partners’s payout ratio is 98.59%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on WES. Wells Fargo & Company raised their price target on Western Midstream Partners from $34.00 to $35.00 and gave the company an “equal weight” rating in a report on Tuesday, May 21st. StockNews.com raised shares of Western Midstream Partners from a “buy” rating to a “strong-buy” rating in a research note on Tuesday. 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 research note on Friday, August 9th. Finally, Royal Bank of Canada raised their price objective on shares of Western Midstream Partners from $36.00 to $38.00 and gave the company a “sector perform” rating in a research note on Tuesday, August 27th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $34.38.

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.