CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Buys 120,202 Shares of Western Midstream Partners, LP (NYSE:WES)

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its position in shares of Western Midstream Partners, LP (NYSE:WES) by 10.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,315,472 shares of the pipeline company’s stock after acquiring an additional 120,202 shares during the period. Western Midstream Partners makes up about 3.7% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings, making the stock its 13th biggest position. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings in Western Midstream Partners were worth $50,330,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. F&V Capital Management LLC bought a new stake in Western Midstream Partners during the first quarter valued at $284,000. CFM Wealth Partners LLC grew its stake in Western Midstream Partners by 106.1% in the 1st quarter. CFM Wealth Partners LLC now owns 20,360 shares of the pipeline company’s stock worth $724,000 after buying an additional 10,482 shares in the last quarter. Norden Group LLC purchased a new stake in shares of Western Midstream Partners during the 1st quarter valued at $338,000. Maryland State Retirement & Pension System grew its position in Western Midstream Partners by 1.6% in the first quarter. Maryland State Retirement & Pension System now owns 162,128 shares of the pipeline company’s stock worth $5,555,000 after acquiring an additional 2,556 shares in the last quarter. Finally, HB Wealth Management LLC purchased a new stake in Western Midstream Partners during the first quarter valued at about $206,000. 42.94% of the stock is currently owned by hedge funds and other institutional investors.

Western Midstream Partners Stock Down 0.3 %

NYSE WES traded down $0.12 during trading hours on Tuesday, reaching $38.20. 355,963 shares of the company’s stock traded hands, compared to its average volume of 1,208,567. Western Midstream Partners, LP has a 52-week low of $26.49 and a 52-week high of $42.80. The company has a debt-to-equity ratio of 2.08, a current ratio of 1.68 and a quick ratio of 1.68. The firm has a 50-day simple moving average of $38.59 and a 200 day simple moving average of $38.29. The firm has a market cap of $14.53 billion, a PE ratio of 10.80, a PEG ratio of 0.73 and a beta of 2.87.

Western Midstream Partners (NYSE:WES) last released its earnings results on Wednesday, August 7th. The pipeline company reported $0.97 earnings per share (EPS) for the quarter, beating 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 business’s revenue was up 22.7% on a year-over-year basis. During the same period last year, the business earned $0.64 earnings per share. Sell-side analysts anticipate that Western Midstream Partners, LP will post 4.13 EPS for the current fiscal year.

Western Midstream Partners Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Investors of record on Friday, November 1st will be paid a $0.875 dividend. This represents a $3.50 dividend on an annualized basis and a yield of 9.16%. The ex-dividend date of this dividend is Friday, November 1st. Western Midstream Partners’s payout ratio is 98.59%.

Insider Activity at Western Midstream Partners

In other Western Midstream Partners news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of Western Midstream Partners stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $35.75, for a total value of $697,125,000.00. Following the completion of the transaction, the insider now directly owns 165,681,578 shares of the company’s stock, valued at approximately $5,923,116,413.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.04% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of analysts recently weighed in on WES shares. StockNews.com upgraded Western Midstream Partners from a “buy” rating to a “strong-buy” rating in a research report on Sunday. Stifel Nicolaus upped their price objective on shares of Western Midstream Partners from $39.00 to $40.00 and gave the company a “hold” rating in a research note on Friday, August 9th. Royal Bank of Canada lifted their target price on shares of Western Midstream Partners from $38.00 to $41.00 and gave the stock a “sector perform” rating in a research report on Wednesday, October 16th. Bank of America initiated coverage on Western Midstream Partners in a report on Thursday, October 17th. They issued an “underperform” rating and a $37.00 price objective on the stock. Finally, Morgan Stanley cut Western Midstream Partners from an “overweight” rating to an “equal weight” rating and set a $42.00 price target on the stock. in a research note on Monday, September 16th. One analyst has rated the stock with a sell rating, eight have given a hold rating, one has given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Western Midstream Partners currently has an average rating of “Hold” and a consensus price target of $38.38.

Western Midstream Partners 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.