Western Midstream Partners, LP (NYSE:WES) Shares Sold by Jennison Associates LLC

Jennison Associates LLC trimmed its position in shares of Western Midstream Partners, LP (NYSE:WES) by 10.5% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,746,247 shares of the pipeline company’s stock after selling 204,365 shares during the quarter. Jennison Associates LLC’s holdings in Western Midstream Partners were worth $66,811,000 as of its most recent filing with the SEC.

A number of other hedge funds have also modified their holdings of the business. Kayne Anderson Capital Advisors LP grew its stake in shares of Western Midstream Partners by 23.5% in the 3rd quarter. Kayne Anderson Capital Advisors LP now owns 6,228,448 shares of the pipeline company’s stock valued at $238,300,000 after buying an additional 1,184,597 shares during the period. ING Groep NV boosted its position in shares of Western Midstream Partners by 81.0% during the third quarter. ING Groep NV now owns 746,587 shares of the pipeline company’s stock worth $28,564,000 after buying an additional 334,187 shares during the period. Blackstone Inc. grew its stake in shares of Western Midstream Partners by 2.0% in the first quarter. Blackstone Inc. now owns 12,980,724 shares of the pipeline company’s stock valued at $461,465,000 after buying an additional 259,928 shares in the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its holdings in shares of Western Midstream Partners by 10.1% in the 3rd quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,315,472 shares of the pipeline company’s stock valued at $50,330,000 after buying an additional 120,202 shares during the period. Finally, BROOKFIELD Corp ON lifted its stake in Western Midstream Partners by 2.7% during the 1st quarter. BROOKFIELD Corp ON now owns 2,953,510 shares of the pipeline company’s stock worth $104,997,000 after acquiring an additional 77,942 shares in the last quarter. 42.94% of the stock is currently owned by institutional investors and hedge funds.

Western Midstream Partners Price Performance

WES stock opened at $37.44 on Thursday. The stock has a market cap of $14.25 billion, a price-to-earnings ratio of 9.55, a PEG ratio of 0.72 and a beta of 2.88. Western Midstream Partners, LP has a fifty-two week low of $26.81 and a fifty-two week high of $42.80. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 2.05. The business has a 50 day moving average price of $38.36 and a 200 day moving average price of $38.63.

Western Midstream Partners (NYSE:WES) last issued its earnings results on Wednesday, November 6th. The pipeline company reported $0.74 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.83 by ($0.09). The company had revenue of $883.36 million during the quarter, compared to analyst estimates of $924.83 million. Western Midstream Partners had a net margin of 42.99% and a return on equity of 46.02%. The company’s quarterly revenue was up 13.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.70 EPS. Equities research analysts anticipate that Western Midstream Partners, LP will post 4.11 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 Thursday, November 14th. Shareholders of record on Friday, November 1st were issued a dividend of $0.875 per share. This represents a $3.50 annualized dividend and a dividend yield of 9.35%. The ex-dividend date of this dividend was Friday, November 1st. Western Midstream Partners’s payout ratio is 89.29%.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on WES. UBS Group dropped their price objective on shares of Western Midstream Partners from $40.00 to $37.00 and set a “neutral” rating for the company in a report on Friday, November 15th. Morgan Stanley lowered Western Midstream Partners from an “equal weight” rating to an “underweight” rating and cut their price objective for the stock from $42.00 to $40.00 in a research report on Friday, October 25th. Bank of America began coverage on Western Midstream Partners in a report on Thursday, October 17th. They issued an “underperform” rating and a $37.00 target price for the company. StockNews.com downgraded Western Midstream Partners from a “strong-buy” rating to a “buy” rating in a report on Monday, October 28th. Finally, Royal Bank of Canada lifted their price objective on Western Midstream Partners from $38.00 to $41.00 and gave the company a “sector perform” rating in a research note on Wednesday, October 16th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, Western Midstream Partners currently has a consensus rating of “Hold” and a consensus price target of $37.88.

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.