Jennison Associates LLC Sells 1,069,042 Shares of Western Midstream Partners, LP (NYSE:WES)

Jennison Associates LLC lessened its holdings in Western Midstream Partners, LP (NYSE:WES) by 61.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 677,205 shares of the pipeline company’s stock after selling 1,069,042 shares during the quarter. Jennison Associates LLC owned 0.18% of Western Midstream Partners worth $26,025,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Stifel Financial Corp increased its stake in Western Midstream Partners by 42.1% in the third quarter. Stifel Financial Corp now owns 108,367 shares of the pipeline company’s stock valued at $4,146,000 after acquiring an additional 32,119 shares during the period. BNP Paribas Financial Markets boosted its holdings in Western Midstream Partners by 6.5% during the third quarter. BNP Paribas Financial Markets now owns 996,018 shares of the pipeline company’s stock valued at $38,108,000 after purchasing an additional 60,603 shares in the last quarter. MAI Capital Management grew its stake in shares of Western Midstream Partners by 293.1% in the 3rd quarter. MAI Capital Management now owns 29,878 shares of the pipeline company’s stock valued at $1,143,000 after purchasing an additional 22,277 shares during the period. Citigroup Inc. raised its holdings in shares of Western Midstream Partners by 322.1% in the 3rd quarter. Citigroup Inc. now owns 406,587 shares of the pipeline company’s stock worth $15,556,000 after buying an additional 310,260 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its position in shares of Western Midstream Partners by 60.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,785,105 shares of the pipeline company’s stock worth $68,298,000 after buying an additional 670,440 shares during the period. Institutional investors and hedge funds own 84.82% of the company’s stock.

Western Midstream Partners Trading Up 0.3 %

WES stock opened at $40.73 on Wednesday. The business has a fifty day moving average of $40.12 and a 200-day moving average of $39.11. The company has a market cap of $15.50 billion, a P/E ratio of 10.39, a PEG ratio of 1.38 and a beta of 2.88. Western Midstream Partners, LP has a twelve month low of $27.84 and a twelve month high of $43.33. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 2.05.

Western Midstream Partners (NYSE:WES) last released its earnings results on Wednesday, November 6th. The pipeline company reported $0.74 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.09). Western Midstream Partners had a net margin of 42.99% and a return on equity of 46.02%. The business had revenue of $883.36 million for the quarter, compared to analyst estimates of $924.83 million. During the same quarter in the previous year, the company posted $0.70 earnings per share. The business’s revenue for the quarter was up 13.8% on a year-over-year basis. As a group, equities research analysts expect that Western Midstream Partners, LP will post 4.02 EPS for the current year.

Western Midstream Partners Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Monday, February 3rd will be issued a $0.875 dividend. The ex-dividend date of this dividend is Monday, February 3rd. This represents a $3.50 annualized dividend and a yield of 8.59%. Western Midstream Partners’s dividend payout ratio is currently 89.29%.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Royal Bank of Canada reiterated a “sector perform” rating and issued a $41.00 price target on shares of Western Midstream Partners in a research report on Monday, December 9th. StockNews.com cut shares of Western Midstream Partners from a “strong-buy” rating to a “buy” rating in a research note on Monday, October 28th. US Capital Advisors upgraded shares of Western Midstream Partners from a “hold” rating to a “moderate buy” rating in a research note on Tuesday, November 26th. UBS Group dropped their price target on Western Midstream Partners from $40.00 to $37.00 and set a “neutral” rating for the company in a report on Friday, November 15th. Finally, Morgan Stanley lowered Western Midstream Partners from an “equal weight” rating to an “underweight” rating and reduced their price objective for the stock from $42.00 to $40.00 in a research note on Friday, October 25th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $37.88.

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.