Western Midstream Partners, LP (NYSE:WES) Shares Sold by Tortoise Capital Advisors L.L.C.

Tortoise Capital Advisors L.L.C. lessened its stake in shares of Western Midstream Partners, LP (NYSE:WES) by 0.6% in the second quarter, according to its most recent filing with the SEC. The fund owned 8,537,870 shares of the pipeline company’s stock after selling 49,591 shares during the period. Western Midstream Partners comprises about 4.5% of Tortoise Capital Advisors L.L.C.’s portfolio, making the stock its 8th largest holding. Tortoise Capital Advisors L.L.C.’s holdings in Western Midstream Partners were worth $339,210,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently modified their holdings of the company. Eagle Bay Advisors LLC acquired a new stake in Western Midstream Partners during the 1st quarter valued at $29,000. American National Bank raised its stake in Western Midstream Partners by 34.5% during the 1st quarter. American National Bank now owns 1,190 shares of the pipeline company’s stock valued at $42,000 after purchasing an additional 305 shares during the period. Retirement Group LLC raised its stake in Western Midstream Partners by 40.2% during the 1st quarter. Retirement Group LLC now owns 1,591 shares of the pipeline company’s stock valued at $57,000 after purchasing an additional 456 shares during the period. Triad Wealth Partners LLC acquired a new stake in Western Midstream Partners during the 2nd quarter valued at $78,000. Finally, Mather Group LLC. acquired a new stake in Western Midstream Partners during the 1st quarter valued at $82,000. Institutional investors and hedge funds own 42.94% of the company’s stock.

Western Midstream Partners Stock Performance

NYSE:WES opened at $37.76 on Friday. Western Midstream Partners, LP has a 12-month low of $25.69 and a 12-month high of $42.80. 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 firm has a market capitalization of $14.37 billion, a PE ratio of 10.64, a price-to-earnings-growth ratio of 0.71 and a beta of 2.87. The firm has a 50-day moving average price of $39.62 and a 200 day moving average price of $37.24.

Western Midstream Partners (NYSE:WES) last posted 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. The firm had revenue of $905.63 million during the quarter, compared to analyst estimates of $904.94 million. Western Midstream Partners had a net margin of 44.01% and a return on equity of 47.19%. The company’s quarterly revenue was up 22.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.64 earnings per share. Research analysts anticipate that Western Midstream Partners, LP will post 4.16 earnings per share for the current fiscal year.

Western Midstream Partners Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Thursday, August 1st were issued a dividend of $0.875 per share. This represents a $3.50 annualized dividend and a dividend yield of 9.27%. The ex-dividend date of this dividend was Thursday, August 1st. Western Midstream Partners’s payout ratio is 98.59%.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Royal Bank of Canada boosted their target price on shares of Western Midstream Partners from $36.00 to $38.00 and gave the company a “sector perform” rating in a research note on Tuesday, August 27th. Stifel Nicolaus upped their price target on shares of Western Midstream Partners from $39.00 to $40.00 and gave the stock a “hold” rating in a research note on Friday, August 9th. Wells Fargo & Company upped their price objective on shares of Western Midstream Partners from $34.00 to $35.00 and gave the stock an “equal weight” rating in a report on Tuesday, May 21st. Finally, StockNews.com upgraded shares of Western Midstream Partners from a “buy” rating to a “strong-buy” rating in a report on Tuesday. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Western Midstream Partners has an average rating of “Hold” and an average target price of $34.38.

Insider Transactions at Western Midstream Partners

In other news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $35.75, for a total transaction of $697,125,000.00. Following the completion of the sale, the insider now owns 165,681,578 shares of the company’s stock, valued at $5,923,116,413.50. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 0.04% of the company’s stock.

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.