Western Midstream Partners (NYSE:WES) Upgraded at Wall Street Zen

Key Points

• Wall Street Zen upgraded Western Midstream Partners from “hold” to “buy.” Across analysts, the stock has an overall “Moderate Buy” rating with an average price target of $49.89.
• Western Midstream reported quarterly EPS of $0.99, beating estimates of $0.91, while revenue rose 30% year over year to $1.22 billion.
• WES shares opened at $44.79, with a market capitalization of approximately $18.51 billion; institutional investors and hedge funds own 84.82% of the stock.

Western Midstream Partners (NYSE:WES - Get Free Report) was upgraded by stock analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research report issued to clients and investors on Saturday, Wall Street Zen reports.

WES has been the subject of several other research reports. Zacks Research raised shares of Western Midstream Partners from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 13th. Royal Bank Of Canada lifted their price target on shares of Western Midstream Partners from $41.00 to $47.00 and gave the company a "sector perform" rating in a research report on Monday, August 24th. Morgan Stanley upped their price objective on Western Midstream Partners from $51.00 to $55.00 and gave the company an "equal weight" rating in a report on Tuesday, August 18th. Truist Financial started coverage on Western Midstream Partners in a research report on Thursday, September 17th. They issued a "buy" rating and a $55.00 price objective for the company. Finally, JPMorgan Chase & Co. raised their target price on Western Midstream Partners from $46.00 to $47.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 14th. Two investment analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $49.89.

Western Midstream Partners Trading Up 0.9%

Shares of WES opened at $44.79 on Friday. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 2.02. Western Midstream Partners has a 12-month low of $36.90 and a 12-month high of $50.07. The firm has a 50-day moving average price of $47.51 and a 200 day moving average price of $44.82. The firm has a market capitalization of $18.51 billion, a P/E ratio of 14.08, a P/E/G ratio of 1.31 and a beta of 0.74.

Western Midstream Partners (NYSE:WES - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The pipeline company reported $0.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.91 by $0.08. Western Midstream Partners had a net margin of 29.44% and a return on equity of 33.13%. The firm had revenue of $1.22 billion during the quarter, compared to analysts' expectations of $1.13 billion. During the same period last year, the business earned $0.87 earnings per share. Western Midstream Partners's revenue was up 30.0% compared to the same quarter last year. Sell-side analysts forecast that Western Midstream Partners will post 3.66 EPS for the current year.

Insider Buying and Selling at Western Midstream Partners

In related news, Director Frederick Forthuber purchased 5,140 shares of Western Midstream Partners stock in a transaction dated Wednesday, August 12th. The shares were acquired at an average cost of $48.62 per share, with a total value of $249,906.80. Following the purchase, the director owned 5,140 shares of the company's stock, valued at approximately $249,906.80. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.04% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Western Midstream Partners

Large investors have recently made changes to their positions in the stock. ING Groep NV acquired a new position in Western Midstream Partners during the 4th quarter worth about $28,268,000. Clearbridge Investments LLC grew its position in Western Midstream Partners by 17.5% in the 4th quarter. Clearbridge Investments LLC now owns 2,623,943 shares of the pipeline company's stock valued at $103,646,000 after acquiring an additional 391,000 shares in the last quarter. Berkley W R Corp increased its stake in Western Midstream Partners by 42.8% during the first quarter. Berkley W R Corp now owns 1,266,970 shares of the pipeline company's stock worth $52,161,000 after purchasing an additional 379,807 shares during the period. Alps Advisors Inc. lifted its position in shares of Western Midstream Partners by 0.9% during the fourth quarter. Alps Advisors Inc. now owns 35,074,357 shares of the pipeline company's stock worth $1,385,437,000 after purchasing an additional 299,631 shares in the last quarter. Finally, Slotnik Capital LLC acquired a new stake in Western Midstream Partners during the 4th quarter worth approximately $10,373,000. 84.82% of the stock is currently owned by institutional investors and hedge funds.

Western Midstream Partners Company Profile

Western Midstream Partners, LP NYSE: WES is a publicly traded master limited partnership that owns and operates midstream energy infrastructure in the United States. The company provides services that connect oil and natural gas production with processing facilities, pipelines, storage systems and end markets.

Its operations include the gathering, processing, treating, transportation and storage of natural gas, natural gas liquids and crude oil. Western Midstream also provides gathering and disposal services for produced water, a byproduct of oil and gas production.

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