Bank of America Corp DE Has $46.45 Million Holdings in Western Midstream Partners, LP $WES

Key Points

• Bank of America cut its Western Midstream Partners stake by 49.6% in the first quarter, selling 1.11 million shares and retaining 1.13 million shares worth approximately $46.45 million. Institutional investors collectively own 84.82% of the company.
• Western Midstream reported quarterly EPS of $0.99, beating estimates of $0.91, while revenue rose 30% year over year to $1.22 billion. The partnership also declared a $0.93 quarterly dividend, equivalent to a 7.7% annualized yield.
• Analysts maintain a consensus “Hold” rating with an average price target of $47, below the stock’s reported opening price of $48.28; targets range from $45 to $51.

Bank of America Corp DE lessened its stake in Western Midstream Partners, LP (NYSE:WES - Free Report) by 49.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,128,284 shares of the pipeline company's stock after selling 1,108,768 shares during the quarter. Bank of America Corp DE owned about 0.29% of Western Midstream Partners worth $46,451,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Jefferies Financial Group Inc. acquired a new position in Western Midstream Partners during the 4th quarter valued at $5,455,000. Goldman Sachs Group Inc. grew its position in Western Midstream Partners by 10.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 9,562,213 shares of the pipeline company's stock worth $377,707,000 after purchasing an additional 936,376 shares during the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its holdings in shares of Western Midstream Partners by 21.2% during the 4th quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,540,900 shares of the pipeline company's stock worth $60,866,000 after purchasing an additional 270,000 shares during the period. SageGuard Financial Group LLC bought a new position in shares of Western Midstream Partners during the 4th quarter worth about $1,777,000. Finally, GraniteShares Advisors LLC bought a new position in shares of Western Midstream Partners during the 4th quarter worth about $2,695,000. Institutional investors and hedge funds own 84.82% of the company's stock.

Western Midstream Partners Stock Up 0.3%

NYSE WES opened at $48.28 on Thursday. Western Midstream Partners, LP has a 1-year low of $36.90 and a 1-year high of $48.84. The company has a market capitalization of $19.95 billion, a price-to-earnings ratio of 15.18, a PEG ratio of 1.98 and a beta of 0.68. The stock's 50 day moving average is $45.21 and its two-hundred day moving average is $43.25. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 2.34.

Western Midstream Partners (NYSE:WES - Get Free Report) last issued its earnings results on Wednesday, August 5th. The pipeline company reported $0.99 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.91 by $0.08. Western Midstream Partners had a return on equity of 34.79% and a net margin of 29.44%.The business had revenue of $1.22 billion during the quarter, compared to analysts' expectations of $1.13 billion. During the same period in the prior year, the firm posted $0.87 EPS. Western Midstream Partners's quarterly revenue was up 30.0% compared to the same quarter last year. Equities analysts forecast that Western Midstream Partners, LP will post 3.52 earnings per share for the current fiscal year.

Western Midstream Partners Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Friday, July 31st will be paid a $0.93 dividend. This represents a $3.72 annualized dividend and a dividend yield of 7.7%. The ex-dividend date is Friday, July 31st. Western Midstream Partners's payout ratio is currently 116.98%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Citigroup increased their target price on shares of Western Midstream Partners from $42.00 to $45.00 and gave the company a "neutral" rating in a research note on Tuesday. Mizuho boosted their price target on Western Midstream Partners from $48.00 to $51.00 and gave the company an "outperform" rating in a research note on Tuesday, July 14th. Wells Fargo & Company upped their price target on Western Midstream Partners from $43.00 to $46.00 and gave the company an "equal weight" rating in a report on Monday. Stifel Nicolaus set a $46.00 price objective on Western Midstream Partners and gave the stock a "buy" rating in a research report on Thursday, May 7th. Finally, UBS Group lifted their price objective on Western Midstream Partners from $45.00 to $48.00 and gave the stock a "neutral" rating in a report on Friday, July 10th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, Western Midstream Partners currently has a consensus rating of "Hold" and an average target price of $47.00.

Insider Activity at Western Midstream Partners

In other news, Director Frederick A. Forthuber bought 5,140 shares of the stock in a transaction dated Wednesday, August 12th. The shares were acquired at an average price of $48.62 per share, with a total value of $249,906.80. Following the acquisition, the director owned 5,140 shares in the company, valued at $249,906.80. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.04% of the company's stock.

Western Midstream Partners Company 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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