Western Midstream Partners, LP (NYSE:WES) Given Average Recommendation of “Reduce” by Brokerages

Shares of Western Midstream Partners, LP (NYSE:WES) have been assigned an average rating of “Reduce” from the ten brokerages that are presently covering the firm, MarketBeat reports. Two research analysts have rated the stock with a sell recommendation, seven have issued a hold recommendation and one has given a buy recommendation to the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $37.88.

A number of brokerages have recently issued reports on WES. Royal Bank of Canada reiterated a “sector perform” rating and set a $41.00 target price on shares of Western Midstream Partners in a research report on Monday, December 9th. StockNews.com downgraded Western Midstream Partners from a “strong-buy” rating to a “buy” rating in a report on Monday, October 28th. Morgan Stanley cut Western Midstream Partners from an “equal weight” rating to an “underweight” rating and lowered their target price for the company from $42.00 to $40.00 in a research note on Friday, October 25th. US Capital Advisors upgraded Western Midstream Partners from a “hold” rating to a “moderate buy” rating in a research report on Tuesday, November 26th. Finally, Bank of America started coverage on Western Midstream Partners in a report on Thursday, October 17th. They issued an “underperform” rating and a $37.00 price target on the stock.

Western Midstream Partners Stock Performance

Western Midstream Partners stock opened at $41.50 on Thursday. Western Midstream Partners has a 52-week low of $27.49 and a 52-week high of $42.80. The company has a debt-to-equity ratio of 2.05, a current ratio of 1.11 and a quick ratio of 1.11. The stock has a fifty day moving average price of $39.25 and a two-hundred day moving average price of $39.08. The firm has a market capitalization of $15.79 billion, a P/E ratio of 10.59, a P/E/G ratio of 1.24 and a beta of 2.90.

Western Midstream Partners (NYSE:WES) last released its quarterly earnings results on Wednesday, November 6th. The pipeline company reported $0.74 EPS for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.09). Western Midstream Partners had a return on equity of 46.02% and a net margin of 42.99%. The business had revenue of $883.36 million for the quarter, compared to the consensus estimate of $924.83 million. During the same quarter last year, the company earned $0.70 earnings per share. The firm’s revenue was up 13.8% on a year-over-year basis. As a group, analysts anticipate that Western Midstream Partners will post 4.03 EPS for the current fiscal year.

Institutional Investors Weigh In On Western Midstream Partners

Several hedge funds have recently bought and sold shares of the company. Cedar Mountain Advisors LLC grew 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 valued at $83,000 after purchasing an additional 299 shares during the period. Bleakley Financial Group LLC lifted its stake in Western Midstream Partners by 5.8% in the third quarter. Bleakley Financial Group LLC now owns 5,711 shares of the pipeline company’s stock valued at $218,000 after buying an additional 311 shares in the last quarter. Concurrent Investment Advisors LLC boosted its holdings in shares of Western Midstream Partners by 6.2% in the third quarter. Concurrent Investment Advisors LLC now owns 6,053 shares of the pipeline company’s stock valued at $232,000 after buying an additional 352 shares during the period. Truist Financial Corp increased its position in shares of Western Midstream Partners by 1.9% during the second quarter. Truist Financial Corp now owns 22,508 shares of the pipeline company’s stock worth $894,000 after acquiring an additional 421 shares in the last quarter. Finally, Albert D Mason Inc. raised its holdings in shares of Western Midstream Partners by 1.0% during the third quarter. Albert D Mason Inc. now owns 49,261 shares of the pipeline company’s stock worth $1,885,000 after acquiring an additional 501 shares during the period. 84.82% of the stock is currently owned by institutional investors and hedge funds.

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.