Western Midstream Partners (NYSE:WES) Lifted to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Western Midstream Partners (NYSE:WES) from a hold rating to a buy rating in a report released on Thursday morning, Zacks.com reports. Zacks Investment Research currently has $22.00 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. “

WES has been the subject of a number of other reports. Wells Fargo & Company raised their target price on shares of Western Midstream Partners from $25.00 to $26.00 and gave the stock an overweight rating in a report on Thursday, June 24th. Morgan Stanley upgraded shares of Western Midstream Partners from an equal weight rating to an overweight rating and set a $24.00 price target for the company in a research report on Tuesday, July 20th. Finally, Bank of America upgraded shares of Western Midstream Partners from a neutral rating to a buy rating and upped their price target for the company from $22.00 to $25.00 in a research report on Tuesday, July 20th. Two equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of Buy and a consensus target price of $22.80.

Western Midstream Partners stock opened at $20.68 on Thursday. The firm has a 50 day simple moving average of $19.71 and a 200-day simple moving average of $20.08. The company has a debt-to-equity ratio of 2.24, a current ratio of 0.79 and a quick ratio of 0.79. The stock has a market capitalization of $8.54 billion, a PE ratio of 9.57 and a beta of 3.93. Western Midstream Partners has a 12-month low of $6.99 and a 12-month high of $23.69.

Western Midstream Partners (NYSE:WES) last issued its earnings results on Monday, August 9th. The pipeline company reported $0.55 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.58 by ($0.03). The business had revenue of $719.10 million for the quarter, compared to the consensus estimate of $657.98 million. Western Midstream Partners had a return on equity of 31.96% and a net margin of 33.76%. The company’s quarterly revenue was up 7.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.60 earnings per share. On average, analysts forecast that Western Midstream Partners will post 2.27 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Friday, August 13th. Shareholders of record on Friday, July 30th were given a $0.319 dividend. The ex-dividend date was Thursday, July 29th. This represents a $1.28 dividend on an annualized basis and a yield of 6.17%. Western Midstream Partners’s payout ratio is 50.20%.

A number of hedge funds have recently added to or reduced their stakes in the business. Icon Wealth Partners LLC lifted its position in Western Midstream Partners by 4.6% in the 2nd quarter. Icon Wealth Partners LLC now owns 12,426 shares of the pipeline company’s stock worth $266,000 after buying an additional 546 shares in the last quarter. Newbridge Financial Services Group Inc. increased its stake in shares of Western Midstream Partners by 8.1% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 9,309 shares of the pipeline company’s stock worth $199,000 after purchasing an additional 701 shares during the last quarter. Rockefeller Capital Management L.P. increased its stake in shares of Western Midstream Partners by 3.0% during the 2nd quarter. Rockefeller Capital Management L.P. now owns 24,115 shares of the pipeline company’s stock worth $516,000 after purchasing an additional 707 shares during the last quarter. Oppenheimer Asset Management Inc. increased its stake in shares of Western Midstream Partners by 3.0% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 32,317 shares of the pipeline company’s stock worth $601,000 after purchasing an additional 932 shares during the last quarter. Finally, Catalyst Capital Advisors LLC increased its stake in shares of Western Midstream Partners by 6.4% during the 2nd quarter. Catalyst Capital Advisors LLC now owns 17,318 shares of the pipeline company’s stock worth $371,000 after purchasing an additional 1,040 shares during the last quarter. Institutional investors own 41.29% of the company’s stock.

About Western Midstream Partners

Western Midstream Partners LP owns, operates, acquires and develops midstream energy assets. It engages in the business of gathering, processing, compressing, treating, and transporting natural gas, condensate, natural gas liquids, and crude oil for Anadarko, as well as third-party producers and customers.

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