262,614 Shares in Western Midstream Partners, LP $WES Bought by Slotnik Capital LLC

Key Points

• Slotnik Capital LLC initiated a new position in Western Midstream Partners, buying 262,614 shares worth about $10.37 million in the fourth quarter. The stake makes up 2.4% of Slotnik’s portfolio.
• Western Midstream reported better-than-expected Q1 results, with EPS of $0.85 versus $0.74 expected and revenue of $1.12 billion versus $1.01 billion expected. Revenue rose 22.5% from a year earlier.
• The partnership raised its quarterly dividend to $0.93 per share from $0.91, implying an annualized yield of about 8.5%. Analyst sentiment remains mixed, with a consensus rating of Hold and an average price target of $44.75.

Slotnik Capital LLC bought a new position in Western Midstream Partners, LP (NYSE:WES - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 262,614 shares of the pipeline company's stock, valued at approximately $10,373,000. Western Midstream Partners comprises 2.4% of Slotnik Capital LLC's portfolio, making the stock its 15th largest position. Slotnik Capital LLC owned approximately 0.06% of Western Midstream Partners as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Verition Fund Management LLC purchased a new position in Western Midstream Partners in the 4th quarter worth $660,000. Mariner LLC grew its position in Western Midstream Partners by 17.6% during the 4th quarter. Mariner LLC now owns 114,606 shares of the pipeline company's stock worth $4,527,000 after purchasing an additional 17,165 shares during the period. Glen Eagle Advisors LLC grew its position in Western Midstream Partners by 843.0% during the 4th quarter. Glen Eagle Advisors LLC now owns 943 shares of the pipeline company's stock worth $37,000 after purchasing an additional 843 shares during the period. Arax Advisory Partners grew its position in Western Midstream Partners by 618.1% during the 4th quarter. Arax Advisory Partners now owns 1,350 shares of the pipeline company's stock worth $53,000 after purchasing an additional 1,162 shares during the period. Finally, Barclays PLC grew its position in Western Midstream Partners by 3.4% during the 4th quarter. Barclays PLC now owns 1,062,708 shares of the pipeline company's stock worth $41,977,000 after purchasing an additional 34,843 shares during the period. Hedge funds and other institutional investors own 84.82% of the company's stock.

Western Midstream Partners Price Performance

Shares of WES opened at $43.95 on Tuesday. The business's 50-day moving average is $43.17 and its two-hundred day moving average is $41.62. The company has a market capitalization of $17.30 billion, a P/E ratio of 14.36, a P/E/G ratio of 1.88 and a beta of 0.69. The company has a debt-to-equity ratio of 2.34, a quick ratio of 1.09 and a current ratio of 1.09. Western Midstream Partners, LP has a fifty-two week low of $36.90 and a fifty-two week high of $48.01.

Western Midstream Partners (NYSE:WES - Get Free Report) last posted its earnings results on Wednesday, May 6th. The pipeline company reported $0.85 EPS for the quarter, beating analysts' consensus estimates of $0.74 by $0.11. Western Midstream Partners had a return on equity of 33.89% and a net margin of 29.98%.The firm had revenue of $1.12 billion for the quarter, compared to analysts' expectations of $1.01 billion. During the same period last year, the firm earned $0.79 EPS. The company's quarterly revenue was up 22.5% on a year-over-year basis. Research analysts predict that Western Midstream Partners, LP will post 3.44 earnings per share for the current year.

Western Midstream Partners Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Friday, May 1st were given a dividend of $0.93 per share. This is a boost from Western Midstream Partners's previous quarterly dividend of $0.91. The ex-dividend date was Friday, May 1st. This represents a $3.72 dividend on an annualized basis and a dividend yield of 8.5%. Western Midstream Partners's payout ratio is 121.57%.

Analyst Ratings Changes

Several equities research analysts have weighed in on WES shares. Morgan Stanley raised Western Midstream Partners from an "underweight" rating to an "equal weight" rating and set a $51.00 price target on the stock in a research report on Wednesday, June 10th. Wells Fargo & Company increased their price target on Western Midstream Partners from $41.00 to $43.00 and gave the stock an "equal weight" rating in a research report on Wednesday, May 13th. JPMorgan Chase & Co. cut their price target on Western Midstream Partners from $44.00 to $43.00 and set a "neutral" rating on the stock in a research report on Thursday, March 12th. Stifel Nicolaus set a $46.00 price target on Western Midstream Partners and gave the stock a "buy" rating in a research report on Thursday, May 7th. Finally, UBS Group increased their price target on Western Midstream Partners from $40.00 to $45.00 and gave the stock a "neutral" rating in a research report on Thursday, May 21st. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $44.75.

Western Midstream Partners Profile

Western Midstream Partners, LP NYSE: WES is a midstream energy infrastructure company that owns, operates and develops an integrated network of crude oil, natural gas and produced water gathering, processing, transportation and storage assets in the United States. The partnership's primary offerings include pipeline transportation, fractionation services, natural gas liquids (NGL) logistics and produced water handling. Through its fee-based and commodity-based contracts, Western Midstream provides its customers with essential services that support efficient energy production and distribution.

The company's asset portfolio spans key onshore basins, including the Delaware Basin in West Texas and southeastern New Mexico, the San Juan Basin in New Mexico and Colorado, and the Denver-Julesburg Basin in Colorado.

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