Chickasaw Capital Management LLC Purchases 72,459 Shares of 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 increased its holdings in Western Midstream Partners, LP (NYSE:WES - Free Report) by 1.1% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,794,472 shares of the pipeline company's stock after buying an additional 72,459 shares during the period. Western Midstream Partners comprises about 10.4% of Chickasaw Capital Management LLC's holdings, making the stock its 4th largest position. Chickasaw Capital Management LLC owned about 1.78% of Western Midstream Partners worth $262,946,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in WES. Princeton Global Asset Management LLC raised its stake in Western Midstream Partners by 133.3% in the 1st quarter. Princeton Global Asset Management LLC now owns 700 shares of the pipeline company's stock valued at $29,000 after purchasing an additional 400 shares during the last quarter. Financial Network Wealth Advisors LLC raised its stake in Western Midstream Partners by 1,856.4% in the 1st quarter. Financial Network Wealth Advisors LLC now owns 763 shares of the pipeline company's stock valued at $31,000 after purchasing an additional 724 shares during the last quarter. Bessemer Group Inc. acquired a new position in Western Midstream Partners in the 1st quarter valued at about $41,000. Creative Financial Designs Inc. ADV acquired a new position in Western Midstream Partners in the 1st quarter valued at about $72,000. Finally, Militia Capital Partners LP acquired a new position in Western Midstream Partners in the 1st quarter valued at about $123,000. 84.82% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently commented on WES. Morgan Stanley dropped their price objective 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. Mizuho upped their price objective 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, Royal Bank Of Canada boosted their target price on Western Midstream Partners from $38.00 to $39.00 and gave the stock a "sector perform" rating in a report on Tuesday, August 26th. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Reduce" and an average price target of $39.60.

Western Midstream Partners Stock Performance

NYSE WES traded down $0.22 during trading hours on Friday, hitting $38.30. The company had a trading volume of 2,233,985 shares, compared to its average volume of 1,000,760. Western Midstream Partners, LP has a fifty-two week low of $33.60 and a fifty-two week high of $43.33. The company has a quick ratio of 1.30, a current ratio of 1.30 and a debt-to-equity ratio of 2.08. The business has a fifty day simple moving average of $39.04 and a 200-day simple moving average of $38.77. The firm has a market cap of $14.60 billion, a P/E ratio of 11.78 and a beta of 1.17.

Western Midstream Partners (NYSE:WES - Get Free Report) last issued its earnings results on Wednesday, August 6th. The pipeline company reported $0.87 earnings per share 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 firm had revenue of $942.32 million for the quarter, compared to analyst estimates of $954.17 million. During the same period last year, the company earned $0.97 earnings per share. The firm's revenue for the quarter was up 4.1% on a year-over-year basis. Equities analysts predict that Western Midstream Partners, LP will post 4.02 EPS for the current year.

Western Midstream Partners Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 14th. Stockholders of record on Friday, August 1st were issued a dividend of $0.91 per share. This represents a $3.64 dividend on an annualized basis and a dividend yield of 9.5%. The ex-dividend date of this dividend was Friday, August 1st. Western Midstream Partners's dividend payout ratio (DPR) is 112.00%.

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.