Zacks Investment Research upgraded shares of Western Midstream Partners (NYSE:WES) from a strong sell rating to a hold rating in a report released on Saturday morning, Zacks.com reports. They currently have $27.00 price objective on the pipeline company’s stock.
According to Zacks, “Western Gas Equity Partners, LP is formed to own, operate, acquire and develop midstream energy assets. Western Gas Equity Partners, LP is based in The Woodlands, Texas. “
A number of other equities research analysts also recently commented on WES. Mitsubishi UFJ Financial Group reaffirmed a neutral rating and issued a $37.00 price objective (down previously from $42.00) on shares of Western Midstream Partners in a research report on Thursday, August 1st. Citigroup lowered their price objective on Western Midstream Partners from $35.00 to $26.00 and set a buy rating for the company in a research report on Tuesday, October 1st. Credit Suisse Group reduced their target price on Western Midstream Partners from $31.00 to $28.00 and set a neutral rating on the stock in a report on Tuesday, August 6th. ValuEngine upgraded Western Midstream Partners from a strong sell rating to a sell rating in a report on Wednesday, October 2nd. Finally, Barclays set a $26.00 target price on Western Midstream Partners and gave the company a hold rating in a report on Tuesday, October 15th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and three have issued a buy rating to the stock. The stock currently has an average rating of Hold and a consensus price target of $32.08.
Western Midstream Partners (NYSE:WES) last announced its quarterly earnings data on Tuesday, July 30th. The pipeline company reported $0.37 EPS for the quarter, missing the Zacks’ consensus estimate of $0.64 by ($0.27). The business had revenue of $685.10 million during the quarter, compared to analysts’ expectations of $709.39 million. Western Midstream Partners had a net margin of 18.98% and a return on equity of 14.63%. Western Midstream Partners’s revenue for the quarter was up 32.2% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.32) EPS. Sell-side analysts expect that Western Midstream Partners will post 1.69 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 13th. Investors of record on Friday, November 1st will be issued a $0.62 dividend. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $2.48 dividend on an annualized basis and a yield of 10.90%. This is a boost from Western Midstream Partners’s previous quarterly dividend of $0.62. Western Midstream Partners’s dividend payout ratio (DPR) is presently 98.41%.
In related news, Director David J. Tudor sold 5,000 shares of Western Midstream Partners stock in a transaction on Friday, September 20th. The stock was sold at an average price of $27.00, for a total value of $135,000.00.
Institutional investors and hedge funds have recently modified their holdings of the business. Westside Investment Management Inc. acquired a new position in shares of Western Midstream Partners during the second quarter worth about $27,000. HM Payson & Co. acquired a new position in shares of Western Midstream Partners during the second quarter worth about $34,000. Lenox Wealth Advisors LLC acquired a new position in shares of Western Midstream Partners during the third quarter worth about $33,000. Doyle Wealth Management acquired a new position in shares of Western Midstream Partners during the second quarter worth about $47,000. Finally, Manchester Capital Management LLC acquired a new position in shares of Western Midstream Partners in the second quarter worth about $62,000. Institutional investors own 40.96% of the company’s stock.
Western Midstream Partners Company Profile
Western Midstream Partners, LP, together with its subsidiaries, engages in gathering, processing, compressing, treating, stabilizing, and transporting natural gas, condensate, natural gas liquids, and crude oil primarily in the United States. It is also involved in the gathering and disposing of produced water; and buying and selling of natural gas.
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