Western Midstream Partners (NYSE:WES) Coverage Initiated by Analysts at 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 firm issued an underperform rating and a $37.00 price target on the pipeline company’s stock.

A number of other research analysts have also commented on the stock. Royal Bank of Canada raised their price objective on shares of Western Midstream Partners from $38.00 to $41.00 and gave the company a “sector perform” rating in a research note on Wednesday. Stifel Nicolaus raised 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. StockNews.com lowered shares of Western Midstream Partners from a “strong-buy” rating to a “buy” rating in a research note on Saturday, October 12th. Morgan Stanley lowered shares of Western Midstream Partners from an “overweight” rating to an “equal weight” rating and set a $42.00 price objective on the stock. in a research note on Monday, September 16th. Finally, UBS Group raised their price objective on shares of Western Midstream Partners from $38.00 to $39.00 and gave the company a “neutral” rating in a research note on Wednesday, September 18th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $38.38.

Western Midstream Partners Price Performance

Shares of NYSE:WES opened at $38.51 on Thursday. The firm’s 50 day moving average is $38.62 and its two-hundred day moving average is $38.22. Western Midstream Partners has a 52 week low of $26.49 and a 52 week high of $42.80. The firm has a market capitalization of $14.65 billion, a P/E ratio of 10.85, a PEG ratio of 0.75 and a beta of 2.87. 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 data on Wednesday, August 7th. The pipeline company reported $0.97 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $0.09. Western Midstream Partners had a net margin of 44.01% and a return on equity of 47.19%. The business had revenue of $905.63 million for the quarter, compared to analyst estimates of $904.94 million. During the same quarter last year, the business earned $0.64 earnings per share. The business’s revenue for the quarter was up 22.7% on a year-over-year basis. Analysts anticipate that Western Midstream Partners will post 4.15 earnings per share for the current year.

Western Midstream Partners Dividend Announcement

The business 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 dividend of $0.875 per share. This represents a $3.50 dividend on an annualized basis and a dividend yield of 9.09%. The ex-dividend date is Friday, November 1st. Western Midstream Partners’s dividend payout ratio (DPR) 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 shares were sold at an average price of $35.75, for a total transaction of $697,125,000.00. Following the transaction, the insider now owns 165,681,578 shares in the company, valued at approximately $5,923,116,413.50. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.04% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Mather Group LLC. acquired a new stake in shares of Western Midstream Partners during the 1st quarter valued at about $82,000. American National Bank raised its stake in shares of Western Midstream Partners by 34.5% in the first quarter. American National Bank now owns 1,190 shares of the pipeline company’s stock worth $42,000 after acquiring an additional 305 shares during the last quarter. True North Advisors LLC bought a new stake in shares of Western Midstream Partners during the first quarter worth approximately $1,012,000. Miller Howard Investments Inc. NY raised its stake in shares of Western Midstream Partners by 3.2% during the first quarter. Miller Howard Investments Inc. NY now owns 1,418,703 shares of the pipeline company’s stock worth $50,435,000 after buying an additional 44,176 shares during the last quarter. Finally, F&V Capital Management LLC bought a new stake in Western Midstream Partners in the first quarter valued at approximately $284,000. Institutional investors own 42.94% of the company’s stock.

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.