Key Points
- Director Frederick Forthuber purchased 5,140 WES shares at an average price of $48.62, investing approximately $249,907 and becoming a new shareholder.
- Western Midstream Partners reported quarterly EPS of $0.99, exceeding estimates of $0.91, while revenue rose 30% year over year to $1.22 billion.
- The partnership declared a quarterly dividend of $0.93 per share, equivalent to an annualized $3.72 payout and a 7.7% yield; analysts maintain a consensus “Hold” rating with a $47 price target.
Western Midstream Partners, LP (NYSE:WES - Get Free Report) Director Frederick Forthuber purchased 5,140 shares of the company's stock in a transaction dated Wednesday, August 12th. The shares were acquired at an average price of $48.62 per share, for a total transaction of $249,906.80. Following the purchase, the director owned 5,140 shares in the company, valued at $249,906.80. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
Western Midstream Partners Stock Up 0.3%
Western Midstream Partners stock opened at $48.28 on Thursday. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 2.34. Western Midstream Partners, LP has a 1-year low of $36.90 and a 1-year high of $48.84. The firm's fifty day simple moving average is $45.21 and its 200-day simple moving average is $43.25. The company has a market capitalization of $19.95 billion, a P/E ratio of 15.18, a P/E/G ratio of 1.98 and a beta of 0.68.
Western Midstream Partners (NYSE:WES - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The pipeline company reported $0.99 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.91 by $0.08. The firm had revenue of $1.22 billion during the quarter, compared to analysts' expectations of $1.13 billion. Western Midstream Partners had a net margin of 29.44% and a return on equity of 34.79%. Western Midstream Partners's revenue for the quarter was up 30.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.87 earnings per share. Sell-side analysts forecast that Western Midstream Partners, LP will post 3.52 earnings per share for the current fiscal year.
Western Midstream Partners Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Friday, July 31st will be issued a dividend of $0.93 per share. The ex-dividend date of this dividend is Friday, July 31st. This represents a $3.72 dividend on an annualized basis and a dividend yield of 7.7%. Western Midstream Partners's dividend payout ratio is currently 116.98%.
Wall Street Analysts Forecast Growth
A number of equities research analysts have issued reports on WES shares. UBS Group upped their target price on Western Midstream Partners from $45.00 to $48.00 and gave the stock a "neutral" rating in a research report on Friday, July 10th. US Capital Advisors upgraded shares of Western Midstream Partners from a "moderate buy" rating to a "strong-buy" rating in a research note on Friday, May 29th. Wall Street Zen downgraded shares of Western Midstream Partners from a "buy" rating to a "hold" rating in a report on Saturday, August 8th. Royal Bank Of Canada restated a "sector perform" rating on shares of Western Midstream Partners in a report on Tuesday, July 21st. Finally, Morgan Stanley raised Western Midstream Partners from an "underweight" rating to an "equal weight" rating and set a $51.00 price objective for the company in a research report on Wednesday, June 10th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $47.00.
View Our Latest Stock Analysis on WES
Institutional Investors Weigh In On Western Midstream Partners
Several hedge funds have recently made changes to their positions in WES. Jefferies Financial Group Inc. bought a new position in Western Midstream Partners during the fourth quarter worth about $5,455,000. Goldman Sachs Group Inc. grew its stake in shares of Western Midstream Partners by 10.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 9,562,213 shares of the pipeline company's stock valued at $377,707,000 after purchasing an additional 936,376 shares during the period. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its stake in shares of Western Midstream Partners by 21.2% in the 4th quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,540,900 shares of the pipeline company's stock valued at $60,866,000 after purchasing an additional 270,000 shares during the period. SageGuard Financial Group LLC acquired a new position in shares of Western Midstream Partners in the 4th quarter worth approximately $1,777,000. Finally, GraniteShares Advisors LLC acquired a new position in shares of Western Midstream Partners in the 4th quarter worth approximately $2,695,000. Institutional investors own 84.82% of the company's stock.
About Western Midstream Partners
(
Get Free Report)
Western Midstream Partners, LP (NYSE: WES) is a midstream energy infrastructure company that owns, operates and develops an integrated network of crude oil, natural gas and produced water gathering, processing, transportation and storage assets in the United States. The partnership's primary offerings include pipeline transportation, fractionation services, natural gas liquids (NGL) logistics and produced water handling. Through its fee-based and commodity-based contracts, Western Midstream provides its customers with essential services that support efficient energy production and distribution.
The company's asset portfolio spans key onshore basins, including the Delaware Basin in West Texas and southeastern New Mexico, the San Juan Basin in New Mexico and Colorado, and the Denver-Julesburg Basin in Colorado.
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