Allianz Asset Management GmbH Has $15.46 Million Stock Position in Western Midstream Partners, LP (NYSE:WES)

Key Points

• Allianz Asset Management GmbH increased its holdings in Western Midstream Partners (NYSE:WES) by 2.1%, acquiring an additional 7,900 shares during the first quarter, bringing its total ownership to approximately $15.46 million.
• Western Midstream Partners reported $0.79 earnings per share for the last quarter, missing estimates, while its revenue reached $917.12 million, up 3.3% from the previous year.
• The company declared a quarterly dividend of $0.91 per share, with a dividend yield of 8.93%, despite a payout ratio currently at 108.66%.

Allianz Asset Management GmbH increased its holdings in shares of Western Midstream Partners, LP (NYSE:WES - Free Report) by 2.1% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 377,364 shares of the pipeline company's stock after purchasing an additional 7,900 shares during the quarter. Allianz Asset Management GmbH owned 0.10% of Western Midstream Partners worth $15,457,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Princeton Global Asset Management LLC grew its stake in shares of Western Midstream Partners by 133.3% during the 1st quarter. Princeton Global Asset Management LLC now owns 700 shares of the pipeline company's stock worth $29,000 after acquiring an additional 400 shares in the last quarter. Bessemer Group Inc. bought a new position in shares of Western Midstream Partners during the 1st quarter worth approximately $41,000. Cary Street Partners Financial LLC bought a new position in shares of Western Midstream Partners during the 4th quarter worth approximately $39,000. Creative Financial Designs Inc. ADV bought a new position in shares of Western Midstream Partners during the 1st quarter worth approximately $72,000. Finally, RE Dickinson Investment Advisors LLC boosted its holdings in shares of Western Midstream Partners by 21.8% in the 4th quarter. RE Dickinson Investment Advisors LLC now owns 2,168 shares of the pipeline company's stock valued at $83,000 after buying an additional 388 shares during the last quarter. 84.82% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Separately, Mizuho cut their price objective on Western Midstream Partners from $45.00 to $44.00 and set an "outperform" rating for the company in a report on Tuesday, May 20th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Western Midstream Partners presently has an average rating of "Hold" and a consensus price target of $39.83.

Western Midstream Partners Stock Down 0.3%

Shares of NYSE WES traded down $0.11 during trading hours on Tuesday, hitting $40.79. The company had a trading volume of 275,377 shares, compared to its average volume of 1,139,609. The firm's 50 day moving average is $38.85 and its 200-day moving average is $39.34. Western Midstream Partners, LP has a 1-year low of $33.60 and a 1-year high of $43.33. The stock has a market capitalization of $15.55 billion, a P/E ratio of 12.18 and a beta of 1.08. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 2.08.

Western Midstream Partners (NYSE:WES - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The pipeline company reported $0.79 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.83 by ($0.04). Western Midstream Partners had a net margin of 35.79% and a return on equity of 38.52%. The business had revenue of $917.12 million for the quarter, compared to analyst estimates of $926.55 million. During the same period in the prior year, the business earned $1.47 EPS. The company's revenue for the quarter was up 3.3% compared to the same quarter last year. On average, analysts expect that Western Midstream Partners, LP will post 4.02 earnings per share for the current fiscal year.

Western Midstream Partners Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 14th. Shareholders of record on Friday, August 1st will be issued a dividend of $0.91 per share. This represents a $3.64 annualized dividend and a yield of 8.92%. The ex-dividend date of this dividend is Friday, August 1st. Western Midstream Partners's dividend payout ratio is 108.66%.

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.