Western Midstream Partners (NYSE:WES) Issues Earnings Results, Misses Estimates By $0.08 EPS

Western Midstream Partners (NYSE:WES) announced its quarterly earnings data on Wednesday. The pipeline company reported $0.74 EPS for the quarter, missing analysts’ consensus estimates of $0.82 by ($0.08), Briefing.com reports. Western Midstream Partners had a net margin of 44.01% and a return on equity of 47.19%. The company had revenue of $883.36 million for the quarter, compared to analysts’ expectations of $924.83 million. During the same period in the previous year, the firm posted $0.70 earnings per share. The business’s revenue for the quarter was up 13.8% on a year-over-year basis.

Western Midstream Partners Price Performance

Shares of WES traded down $1.20 on Thursday, hitting $37.33. The company’s stock had a trading volume of 2,352,875 shares, compared to its average volume of 1,213,646. The company has a market capitalization of $14.20 billion, a PE ratio of 9.63, a PEG ratio of 0.69 and a beta of 2.88. The company has a debt-to-equity ratio of 2.08, a current ratio of 1.68 and a quick ratio of 1.68. Western Midstream Partners has a fifty-two week low of $26.81 and a fifty-two week high of $42.80. The company has a 50 day moving average price of $38.54 and a 200 day moving average price of $38.51.

Western Midstream Partners Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Friday, November 1st will be issued a $0.875 dividend. This represents a $3.50 annualized dividend and a dividend yield of 9.38%. The ex-dividend date of this dividend is Friday, November 1st. Western Midstream Partners’s payout ratio is currently 90.21%.

Insider Transactions at Western Midstream Partners

In other news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $35.75, for a total value of $697,125,000.00. Following the transaction, the insider now directly owns 165,681,578 shares of the company’s stock, valued at $5,923,116,413.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.04% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms have commented on WES. UBS Group boosted their target price on shares of Western Midstream Partners from $38.00 to $39.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 18th. StockNews.com downgraded shares of Western Midstream Partners from a “strong-buy” rating to a “buy” rating in a research report on Monday, October 28th. Stifel Nicolaus boosted their target price 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. Bank of America assumed coverage on shares of Western Midstream Partners in a research report on Thursday, October 17th. They issued an “underperform” rating and a $37.00 target price for the company. Finally, Royal Bank of Canada upped their price objective on shares of Western Midstream Partners from $38.00 to $41.00 and gave the stock a “sector perform” rating in a report on Wednesday, October 16th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, Western Midstream Partners has an average rating of “Hold” and a consensus price target of $38.13.

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.