19,132 Shares in Western Midstream Partners, LP $WES Acquired by Cornerstone Management Inc.

Key Points

• Cornerstone Management Inc. acquired 19,132 shares of Western Midstream Partners, LP, valued at approximately $740,000, as part of its new investment strategy.
• The company announced a quarterly dividend of $0.91 per share, representing a 9.3% yield, with the dividend payout ratio at 112%.
• Western Midstream Partners reported an Earnings Per Share (EPS) of $0.87 for the last quarter, exceeding estimates, and has a year-over-year revenue increase of 4.1%.

Cornerstone Management Inc. acquired a new position in Western Midstream Partners, LP (NYSE:WES - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 19,132 shares of the pipeline company's stock, valued at approximately $740,000.

A number of other hedge funds also recently added to or reduced their stakes in the company. Alps Advisors Inc. raised its holdings in Western Midstream Partners by 7.6% in the 1st quarter. Alps Advisors Inc. now owns 33,824,487 shares of the pipeline company's stock worth $1,385,451,000 after acquiring an additional 2,400,891 shares during the last quarter. Invesco Ltd. raised its holdings in Western Midstream Partners by 7.1% in the 1st quarter. Invesco Ltd. now owns 24,417,770 shares of the pipeline company's stock worth $1,000,152,000 after acquiring an additional 1,608,609 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in Western Midstream Partners by 1.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 8,658,988 shares of the pipeline company's stock valued at $354,672,000 after buying an additional 149,833 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Western Midstream Partners by 2.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,428,847 shares of the pipeline company's stock valued at $304,286,000 after buying an additional 155,661 shares during the last quarter. Finally, Chickasaw Capital Management LLC raised its stake in Western Midstream Partners by 1.1% during the 2nd quarter. Chickasaw Capital Management LLC now owns 6,794,472 shares of the pipeline company's stock valued at $262,946,000 after buying an additional 72,459 shares during the last quarter. 84.82% of the stock is currently owned by hedge funds and other institutional investors.

Western Midstream Partners Trading Up 1.6%

NYSE:WES opened at $38.97 on Friday. The company has a debt-to-equity ratio of 2.08, a current ratio of 1.30 and a quick ratio of 1.30. The firm has a market capitalization of $14.86 billion, a price-to-earnings ratio of 11.99 and a beta of 1.12. Western Midstream Partners, LP has a one year low of $33.60 and a one year high of $43.33. The business has a fifty day moving average price of $38.41 and a 200-day moving average price of $38.45.

Western Midstream Partners (NYSE:WES - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The pipeline company reported $0.87 EPS for the quarter, topping the consensus estimate of $0.82 by $0.05. The firm had revenue of $942.32 million during the quarter, compared to analyst estimates of $954.17 million. Western Midstream Partners had a return on equity of 37.70% and a net margin of 34.45%.Western Midstream Partners's revenue was up 4.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.97 EPS. Sell-side analysts forecast that Western Midstream Partners, LP will post 4.02 EPS for the current year.

Western Midstream Partners Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Friday, October 31st will be paid a $0.91 dividend. This represents a $3.64 annualized dividend and a dividend yield of 9.3%. The ex-dividend date is Friday, October 31st. Western Midstream Partners's dividend payout ratio is 112.00%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on WES shares. Morgan Stanley decreased their target price on shares of Western Midstream Partners from $41.00 to $39.00 and set an "underweight" rating for the company in a research note on Tuesday, August 26th. Royal Bank Of Canada boosted their target price on shares of Western Midstream Partners from $38.00 to $39.00 and gave the company a "sector perform" rating in a research note on Tuesday, August 26th. Mizuho boosted their target price on shares of Western Midstream Partners from $44.00 to $46.00 and gave the company an "outperform" rating in a research note on Friday, August 29th. Finally, Citigroup started coverage on shares of Western Midstream Partners in a research note on Monday. They set a "neutral" rating and a $39.00 target price for the company. One research analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $40.00.

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.

Want to see what other hedge funds are holding WES? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Western Midstream Partners, LP (NYSE:WES - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.