Citigroup Inc. Sells 28,089 Shares of Western Midstream Partners, LP $WES

Key Points

• Citigroup Inc. cut its stake in Western Midstream Partners by 34.2% in the third quarter, selling 28,089 shares and retaining 54,002 shares valued at about $2.12 million.
• Western Midstream reported EPS of $0.47, missing the $0.91 consensus and posting $1.03 billion in revenue vs. $1.06 billion expected, though revenue was up 11.1% year-over-year.
• The company pays a $0.91 quarterly dividend (annualized $3.64) for an 8.7% yield, but its dividend payout ratio is 121.33%, which raises sustainability concerns.

Citigroup Inc. lessened its stake in Western Midstream Partners, LP (NYSE:WES - Free Report) by 34.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 54,002 shares of the pipeline company's stock after selling 28,089 shares during the period. Citigroup Inc.'s holdings in Western Midstream Partners were worth $2,122,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in WES. Jones Financial Companies Lllp boosted its position in Western Midstream Partners by 86.1% in the 3rd quarter. Jones Financial Companies Lllp now owns 908 shares of the pipeline company's stock valued at $36,000 after buying an additional 420 shares during the period. MTM Investment Management LLC purchased a new position in shares of Western Midstream Partners during the second quarter worth approximately $39,000. Allworth Financial LP purchased a new position in shares of Western Midstream Partners during the second quarter worth approximately $43,000. Mather Group LLC. bought a new stake in shares of Western Midstream Partners during the third quarter valued at approximately $49,000. Finally, Global Retirement Partners LLC raised its stake in shares of Western Midstream Partners by 39.0% during the third quarter. Global Retirement Partners LLC now owns 1,850 shares of the pipeline company's stock valued at $73,000 after acquiring an additional 519 shares in the last quarter. Institutional investors own 84.82% of the company's stock.

Western Midstream Partners Trading Down 0.9%

NYSE WES opened at $41.82 on Friday. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.97. The firm has a market cap of $16.46 billion, a PE ratio of 13.94 and a beta of 0.76. The company has a 50 day moving average price of $41.25 and a 200 day moving average price of $39.58. Western Midstream Partners, LP has a 52 week low of $33.60 and a 52 week high of $44.74.

Western Midstream Partners (NYSE:WES - Get Free Report) last announced its earnings results on Wednesday, February 18th. The pipeline company reported $0.47 earnings per share for the quarter, missing the consensus estimate of $0.91 by ($0.44). Western Midstream Partners had a net margin of 30.52% and a return on equity of 33.14%. The firm had revenue of $1.03 billion during the quarter, compared to analyst estimates of $1.06 billion. During the same quarter last year, the business earned $0.85 earnings per share. Western Midstream Partners's revenue was up 11.1% on a year-over-year basis. As a group, sell-side analysts forecast that Western Midstream Partners, LP will post 4.02 EPS for the current fiscal year.

Western Midstream Partners Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Monday, February 2nd were given a $0.91 dividend. The ex-dividend date of this dividend was Monday, February 2nd. This represents a $3.64 dividend on an annualized basis and a dividend yield of 8.7%. Western Midstream Partners's dividend payout ratio (DPR) is presently 121.33%.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. Royal Bank Of Canada increased their price objective on Western Midstream Partners from $39.00 to $42.00 and gave the stock a "sector perform" rating in a research note on Friday, November 28th. Stifel Nicolaus decreased their target price on Western Midstream Partners from $43.00 to $42.00 and set a "hold" rating for the company in a research report on Friday, February 20th. Wall Street Zen cut Western Midstream Partners from a "buy" rating to a "hold" rating in a report on Saturday, December 27th. Finally, Wells Fargo & Company dropped their price target on Western Midstream Partners from $40.00 to $39.00 and set an "equal weight" rating on the stock in a research report on Thursday, January 22nd. One investment analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $41.17.

Insider Buying and Selling at Western Midstream Partners

In related news, SVP Christopher B. Dial sold 5,879 shares of the business's stock in a transaction on Thursday, February 12th. The stock was sold at an average price of $42.35, for a total transaction of $248,975.65. Following the transaction, the senior vice president directly owned 185,011 shares in the company, valued at $7,835,215.85. The trade was a 3.08% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.04% of the stock is owned by insiders.

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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