JPMorgan Chase & Co. Begins Coverage on Western Midstream Partners (NYSE:WES)

Key Points

• JPMorgan initiated coverage of Western Midstream Partners with a “neutral” rating and a $50 price target, implying approximately 12.4% upside from the prior close.
• Analyst sentiment is generally positive but mixed: WES has an overall “Moderate Buy” consensus rating and an average price target of $50.22, with targets ranging from $46 to $55.
• Western Midstream reported quarterly EPS of $0.99, exceeding estimates of $0.91, while revenue reached $1.22 billion and increased 30% year over year.

Analysts at JPMorgan Chase & Co. started coverage on shares of Western Midstream Partners (NYSE:WES - Get Free Report) in a research note issued to investors on Tuesday. The brokerage set a "neutral" rating and a $50.00 price target on the pipeline company's stock. JPMorgan Chase & Co.'s price objective suggests a potential upside of 12.36% from the stock's previous close.

Other research analysts have also issued research reports about the company. Zacks Research upgraded Western Midstream Partners from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 13th. Mizuho upped their price objective on shares of Western Midstream Partners from $48.00 to $51.00 and gave the company an "outperform" rating in a report on Tuesday, July 14th. Wall Street Zen cut shares of Western Midstream Partners from a "buy" rating to a "hold" rating in a research report on Saturday. Wells Fargo & Company lifted their target price on shares of Western Midstream Partners from $43.00 to $46.00 and gave the stock an "equal weight" rating in a research note on Monday, August 10th. Finally, Truist Financial began coverage on shares of Western Midstream Partners in a research note on Thursday, September 17th. They set a "buy" rating and a $55.00 target price on the stock. Two investment analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $50.22.

Western Midstream Partners Price Performance

Shares of WES stock traded up $0.14 during trading hours on Tuesday, reaching $44.50. The company had a trading volume of 19,715 shares, compared to its average volume of 1,203,427. The company has a debt-to-equity ratio of 2.02, a quick ratio of 0.91 and a current ratio of 0.91. The stock has a fifty day moving average of $47.14 and a 200-day moving average of $45.13. The company has a market capitalization of $18.39 billion, a price-to-earnings ratio of 14.00, a PEG ratio of 1.20 and a beta of 0.74. Western Midstream Partners has a 12-month low of $36.90 and a 12-month high of $50.07.

Western Midstream Partners (NYSE:WES - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The pipeline company reported $0.99 EPS for the quarter, beating the consensus estimate of $0.91 by $0.08. The firm had revenue of $1.22 billion during the quarter, compared to analysts' expectations of $1.13 billion. Western Midstream Partners had a return on equity of 33.13% and a net margin of 29.44%. The business's revenue for the quarter was up 30.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.87 earnings per share. On average, equities analysts anticipate that Western Midstream Partners will post 3.67 earnings per share for the current year.

Insider Buying and Selling at Western Midstream Partners

In related news, Director Frederick Forthuber bought 5,140 shares of the company's stock in a transaction that occurred on Wednesday, August 12th. The stock was purchased at an average price of $48.62 per share, for a total transaction of $249,906.80. Following the acquisition, the director owned 5,140 shares of the company's stock, valued at approximately $249,906.80. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 0.04% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in WES. Novem Group raised its stake in shares of Western Midstream Partners by 6.2% in the third quarter. Novem Group now owns 16,825 shares of the pipeline company's stock valued at $747,000 after acquiring an additional 982 shares in the last quarter. Kercheville Advisors LLC boosted its holdings in Western Midstream Partners by 34.5% in the third quarter. Kercheville Advisors LLC now owns 29,600 shares of the pipeline company's stock valued at $1,313,000 after purchasing an additional 7,600 shares during the period. IFP Advisors Inc boosted its holdings in Western Midstream Partners by 55.9% in the third quarter. IFP Advisors Inc now owns 4,366 shares of the pipeline company's stock valued at $194,000 after purchasing an additional 1,565 shares during the period. Pension & Wealth Management Advisors Inc. acquired a new position in Western Midstream Partners during the 3rd quarter worth $25,000. Finally, Ellsworth Advisors LLC grew its stake in Western Midstream Partners by 4.0% during the 3rd quarter. Ellsworth Advisors LLC now owns 179,385 shares of the pipeline company's stock worth $7,959,000 after purchasing an additional 6,956 shares in the last quarter. 84.82% of the stock is currently owned by institutional investors and hedge funds.

About Western Midstream Partners

Western Midstream Partners, L.P. NYSE: WES is a master limited partnership that owns and operates midstream energy infrastructure in the United States. The company provides gathering, processing, transportation, storage and treating services for natural gas, crude oil, natural gas liquids and produced water.

Western Midstream's assets include gathering systems, processing plants, pipelines, storage facilities and water-handling infrastructure. These facilities connect oil and gas producers with downstream markets and are generally supported by long-term commercial arrangements.

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