Chickasaw Capital Management LLC Boosts Stock Holdings in Western Midstream Partners, LP $WES

Key Points

• Chickasaw Capital Management LLC increased its holdings in Western Midstream Partners, LP by 1.1%, owning approximately 1.78% of the company's stock, valued at $262.95 million.
• Western Midstream Partners recently declared a quarterly dividend of $0.91, translating to an annual yield of 9.5% despite having a high dividend payout ratio of 112%.
• The stock currently has an average price target of $39.60 with mixed ratings from analysts, including one Buy, two Hold, and two Sell ratings.

Chickasaw Capital Management LLC grew its holdings in shares of Western Midstream Partners, LP (NYSE:WES - Free Report) by 1.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,794,472 shares of the pipeline company's stock after buying an additional 72,459 shares during the period. Western Midstream Partners accounts for about 10.4% of Chickasaw Capital Management LLC's investment portfolio, making the stock its 4th biggest holding. Chickasaw Capital Management LLC owned 1.78% of Western Midstream Partners worth $262,946,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in WES. Princeton Global Asset Management LLC raised its holdings in shares of Western Midstream Partners by 133.3% in the first quarter. Princeton Global Asset Management LLC now owns 700 shares of the pipeline company's stock valued at $29,000 after acquiring an additional 400 shares in the last quarter. Atria Wealth Solutions Inc. raised its holdings in shares of Western Midstream Partners by 5.0% in the first quarter. Atria Wealth Solutions Inc. now owns 8,559 shares of the pipeline company's stock valued at $351,000 after acquiring an additional 411 shares in the last quarter. Ieq Capital LLC raised its holdings in shares of Western Midstream Partners by 1.2% in the first quarter. Ieq Capital LLC now owns 34,485 shares of the pipeline company's stock valued at $1,412,000 after acquiring an additional 415 shares in the last quarter. Apollon Wealth Management LLC raised its holdings in shares of Western Midstream Partners by 1.6% in the first quarter. Apollon Wealth Management LLC now owns 26,113 shares of the pipeline company's stock valued at $1,070,000 after acquiring an additional 422 shares in the last quarter. Finally, Private Advisor Group LLC raised its holdings in shares of Western Midstream Partners by 9.3% in the first quarter. Private Advisor Group LLC now owns 5,926 shares of the pipeline company's stock valued at $243,000 after acquiring an additional 503 shares in the last quarter. Institutional investors own 84.82% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Royal Bank Of Canada boosted their price target on Western Midstream Partners from $38.00 to $39.00 and gave the stock a "sector perform" rating in a research note on Tuesday, August 26th. Morgan Stanley dropped their price target on Western Midstream Partners from $41.00 to $39.00 and set an "underweight" rating on the stock in a research note on Tuesday, August 26th. Finally, Mizuho boosted their price target on Western Midstream Partners from $44.00 to $46.00 and gave the stock an "outperform" rating in a research note on Friday, August 29th. One analyst has rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, Western Midstream Partners presently has an average rating of "Reduce" and a consensus target price of $39.60.

Western Midstream Partners Stock Up 0.5%

WES stock traded up $0.21 during mid-day trading on Thursday, reaching $38.52. The company had a trading volume of 771,230 shares, compared to its average volume of 1,016,875. The company has a debt-to-equity ratio of 2.08, a quick ratio of 1.30 and a current ratio of 1.30. The company has a market capitalization of $14.69 billion, a price-to-earnings ratio of 11.85 and a beta of 1.17. The firm has a fifty day simple moving average of $39.06 and a 200 day simple moving average of $38.77. Western Midstream Partners, LP has a fifty-two week low of $33.60 and a fifty-two week high of $43.33.

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

Western Midstream Partners Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 14th. Stockholders of record on Friday, August 1st were given a dividend of $0.91 per share. This represents a $3.64 dividend on an annualized basis and a dividend yield of 9.4%. The ex-dividend date was Friday, August 1st. Western Midstream Partners's dividend payout ratio is presently 112.00%.

Western Midstream Partners 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.