Wells Fargo & Company Increases Western Midstream Partners (NYSE:WES) Price Target to $35.00

Western Midstream Partners (NYSE:WES) had its price objective upped by equities researchers at Wells Fargo & Company from $34.00 to $35.00 in a report released on Tuesday, Benzinga reports. The firm currently has an “equal weight” rating on the pipeline company’s stock. Wells Fargo & Company‘s price objective suggests a potential downside of 7.36% from the stock’s current price.

A number of other equities research analysts also recently weighed in on WES. Raymond James reiterated a “market perform” rating on shares of Western Midstream Partners in a report on Tuesday, March 19th. Wolfe Research upgraded shares of Western Midstream Partners from an “underperform” rating to a “peer perform” rating in a research report on Thursday, April 18th. Stifel Nicolaus raised their price target on shares of Western Midstream Partners from $35.00 to $36.00 and gave the stock a “buy” rating in a report on Friday, February 23rd. Citigroup lowered shares of Western Midstream Partners from a “buy” rating to a “neutral” rating and upped their price objective for the company from $30.00 to $34.00 in a report on Thursday, February 29th. Finally, Mizuho increased their price objective on shares of Western Midstream Partners from $34.00 to $39.00 and gave the stock a “buy” rating in a research report on Tuesday, May 7th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $31.55.

Western Midstream Partners Stock Performance

Shares of WES stock opened at $37.78 on Tuesday. The firm has a market capitalization of $14.37 billion, a price-to-earnings ratio of 10.64 and a beta of 2.82. The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 2.15. The business’s 50-day moving average price is $35.66 and its 200-day moving average price is $31.56. Western Midstream Partners has a 12 month low of $25.04 and a 12 month high of $38.79.

Western Midstream Partners (NYSE:WES) last posted its quarterly earnings data on Wednesday, May 8th. The pipeline company reported $1.47 earnings per share for the quarter, beating analysts’ consensus estimates of $0.85 by $0.62. Western Midstream Partners had a return on equity of 44.76% and a net margin of 42.50%. The business had revenue of $887.73 million during the quarter, compared to the consensus estimate of $868.22 million. During the same period in the prior year, the business posted $0.52 earnings per share. Western Midstream Partners’s quarterly revenue was up 20.9% on a year-over-year basis. Equities research analysts forecast that Western Midstream Partners will post 3.64 EPS for the current year.

Insider Transactions at Western Midstream Partners

In related news, Director Lisa A. Stewart acquired 2,500 shares of the firm’s stock in a transaction on Wednesday, March 6th. The stock was acquired at an average cost of $34.87 per share, for a total transaction of $87,175.00. Following the acquisition, the director now owns 30,730 shares of the company’s stock, valued at $1,071,555.10. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Western Midstream Partners news, Director Kenneth F. Owen acquired 7,000 shares of the business’s stock in a transaction on Monday, February 26th. The shares were acquired at an average price of $33.96 per share, for a total transaction of $237,720.00. Following the completion of the acquisition, the director now owns 32,730 shares in the company, valued at $1,111,510.80. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Lisa A. Stewart acquired 2,500 shares of Western Midstream Partners stock in a transaction that occurred on Wednesday, March 6th. The shares were bought at an average cost of $34.87 per share, with a total value of $87,175.00. Following the transaction, the director now owns 30,730 shares in the company, valued at $1,071,555.10. The disclosure for this purchase can be found here. Corporate insiders own 0.04% of the company’s stock.

Hedge Funds Weigh In On Western Midstream Partners

Hedge funds have recently added to or reduced their stakes in the company. Alps Advisors Inc. boosted its holdings in shares of Western Midstream Partners by 13.0% during the 3rd quarter. Alps Advisors Inc. now owns 33,519,544 shares of the pipeline company’s stock valued at $912,737,000 after acquiring an additional 3,855,558 shares during the last quarter. Invesco Ltd. grew its position in Western Midstream Partners by 13.8% in the 3rd quarter. Invesco Ltd. now owns 20,746,835 shares of the pipeline company’s stock worth $564,936,000 after purchasing an additional 2,520,712 shares during the period. Blackstone Inc. raised its stake in Western Midstream Partners by 2.0% during the 1st quarter. Blackstone Inc. now owns 12,980,724 shares of the pipeline company’s stock valued at $461,465,000 after buying an additional 259,928 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Western Midstream Partners by 14.7% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,280,595 shares of the pipeline company’s stock valued at $183,770,000 after buying an additional 802,709 shares during the period. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Western Midstream Partners by 15.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 4,571,428 shares of the pipeline company’s stock valued at $124,480,000 after buying an additional 622,108 shares during the period. 42.94% of the stock is currently owned by hedge funds and other institutional investors.

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.