Allworth Financial LP Decreases Stock Position in Western Midstream Partners, LP (NYSE:WES)

Allworth Financial LP reduced its position in Western Midstream Partners, LP (NYSE:WES) by 40.0% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,500 shares of the pipeline company’s stock after selling 1,000 shares during the quarter. Allworth Financial LP’s holdings in Western Midstream Partners were worth $57,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of WES. Blackstone Inc. boosted its holdings in shares of Western Midstream Partners by 2.0% in the first quarter. Blackstone Inc. now owns 12,980,724 shares of the pipeline company’s stock worth $461,465,000 after acquiring an additional 259,928 shares during the period. Chickasaw Capital Management LLC boosted its holdings in shares of Western Midstream Partners by 0.6% in the second 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 period. Kayne Anderson Capital Advisors LP boosted its holdings in shares of Western Midstream Partners by 27.4% in the first quarter. Kayne Anderson Capital Advisors LP now owns 4,165,829 shares of the pipeline company’s stock worth $148,095,000 after acquiring an additional 895,715 shares during the period. BROOKFIELD Corp ON boosted its holdings in shares of Western Midstream Partners by 2.7% in the first quarter. BROOKFIELD Corp ON now owns 2,953,510 shares of the pipeline company’s stock worth $104,997,000 after acquiring an additional 77,942 shares during the period. Finally, Jennison Associates LLC boosted its holdings in shares of Western Midstream Partners by 96.0% in 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 during the period. 42.94% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

WES has been the subject of a number of analyst reports. Bank of America initiated coverage on Western Midstream Partners in a report on Thursday, October 17th. They issued an “underperform” rating and a $37.00 price target for the company. UBS Group raised their price target on Western Midstream Partners from $38.00 to $39.00 and gave the stock a “neutral” rating in a report on Wednesday, September 18th. Stifel Nicolaus lifted their price objective on Western Midstream Partners from $39.00 to $40.00 and gave the company a “hold” rating in a research note on Friday, August 9th. Royal Bank of Canada lifted their price objective on Western Midstream Partners from $38.00 to $41.00 and gave the company a “sector perform” rating in a research note on Wednesday, October 16th. Finally, StockNews.com lowered Western Midstream Partners from a “strong-buy” rating to a “buy” rating in a research note on Monday, October 28th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, Western Midstream Partners currently has an average rating of “Hold” and a consensus price target of $38.13.

Western Midstream Partners Trading Down 2.7 %

Shares of WES stock opened at $36.70 on Friday. The company has a quick ratio of 1.68, a current ratio of 1.68 and a debt-to-equity ratio of 2.08. The business has a 50-day moving average price of $38.59 and a two-hundred day moving average price of $38.40. Western Midstream Partners, LP has a 12-month low of $26.81 and a 12-month high of $42.80. The firm has a market cap of $13.96 billion, a P/E ratio of 9.46, a price-to-earnings-growth ratio of 0.71 and a beta of 2.87.

Western Midstream Partners (NYSE:WES) last issued its quarterly earnings results on Wednesday, August 7th. The pipeline company reported $0.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.09. Western Midstream Partners had a return on equity of 47.19% and a net margin of 44.01%. The firm had revenue of $905.63 million during the quarter, compared to analyst estimates of $904.94 million. During the same quarter in the previous year, the company posted $0.64 earnings per share. The company’s revenue was up 22.7% compared to the same quarter last year. Equities analysts anticipate that Western Midstream Partners, LP will post 4.14 EPS for the current fiscal year.

Western Midstream Partners Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Friday, November 1st will be issued a $0.875 dividend. The ex-dividend date is Friday, November 1st. This represents a $3.50 annualized dividend and a dividend yield of 9.54%. Western Midstream Partners’s dividend payout ratio is currently 90.21%.

Insider Transactions at Western Midstream Partners

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 value 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 trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.04% of the company’s stock.

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.