Western Midstream Partners (NYSE:WES) Now Covered by Bank of America

Bank of America initiated coverage on shares of Western Midstream Partners (NYSE:WES) in a report published on Thursday, StockNewsAPI reports. The brokerage issued an underperform rating and a $37.00 price target on the pipeline company’s stock.

Several other equities research analysts have also weighed in on WES. StockNews.com lowered Western Midstream Partners from a “strong-buy” rating to a “buy” rating in a research report on Saturday, October 12th. Stifel Nicolaus boosted their price objective on shares of Western Midstream Partners from $39.00 to $40.00 and gave the stock a “hold” rating in a research report on Friday, August 9th. Royal Bank of Canada increased their target price on shares of Western Midstream Partners from $38.00 to $41.00 and gave the company a “sector perform” rating in a research report on Wednesday, October 16th. UBS Group lifted their price target on shares of Western Midstream Partners from $38.00 to $39.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 18th. Finally, Morgan Stanley downgraded shares of Western Midstream Partners from an “overweight” rating to an “equal weight” rating and set a $42.00 price objective for the company. in a research note on Monday, September 16th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, one has given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $38.38.

Western Midstream Partners Stock Up 0.5 %

Shares of NYSE WES opened at $38.72 on Thursday. The stock has a market cap of $14.73 billion, a P/E ratio of 10.91, a PEG ratio of 0.73 and a beta of 2.87. The business’s fifty day simple moving average is $38.58 and its 200-day simple moving average is $38.28. Western Midstream Partners has a 12-month low of $26.49 and a 12-month high of $42.80. The company has a current ratio of 1.68, a quick ratio of 1.68 and a debt-to-equity ratio of 2.08.

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, beating analysts’ consensus estimates of $0.88 by $0.09. Western Midstream Partners had a return on equity of 47.19% and a net margin of 44.01%. The company had revenue of $905.63 million for the quarter, compared to analyst estimates of $904.94 million. During the same quarter last year, the company earned $0.64 EPS. Western Midstream Partners’s revenue for the quarter was up 22.7% compared to the same quarter last year. As a group, equities analysts predict that Western Midstream Partners will post 4.13 EPS for the current fiscal year.

Western Midstream Partners Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Friday, November 1st will be paid a $0.875 dividend. The ex-dividend date of this dividend is Friday, November 1st. This represents a $3.50 annualized dividend and a yield of 9.04%. Western Midstream Partners’s payout ratio is currently 98.59%.

Insider Buying and Selling 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 on Wednesday, August 14th. The stock was sold at an average price of $35.75, for a total transaction of $697,125,000.00. Following the sale, the insider now owns 165,681,578 shares in the company, valued at $5,923,116,413.50. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.04% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of WES. Cyndeo Wealth Partners LLC purchased a new position in Western Midstream Partners during the third quarter worth approximately $251,000. Bleakley Financial Group LLC raised its position in shares of Western Midstream Partners by 5.8% in the 3rd quarter. Bleakley Financial Group LLC now owns 5,711 shares of the pipeline company’s stock worth $218,000 after buying an additional 311 shares during the period. Cedar Mountain Advisors LLC raised its position in shares of Western Midstream Partners by 16.1% in the 3rd quarter. Cedar Mountain Advisors LLC now owns 2,158 shares of the pipeline company’s stock worth $83,000 after buying an additional 299 shares during the period. Exchange Traded Concepts LLC boosted its holdings in Western Midstream Partners by 3.2% in the third quarter. Exchange Traded Concepts LLC now owns 231,872 shares of the pipeline company’s stock valued at $8,871,000 after acquiring an additional 7,111 shares during the last quarter. Finally, Inspire Investing LLC increased its stake in Western Midstream Partners by 7.4% during the third quarter. Inspire Investing LLC now owns 21,890 shares of the pipeline company’s stock worth $838,000 after acquiring an additional 1,502 shares during the last quarter. 42.94% of the stock is currently owned by hedge funds and other institutional investors.

About Western Midstream Partners

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.