CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Buys 136,000 Shares of Western Midstream Partners, LP $WES

Key Points

• CUSHING Asset Management increased its stake in Western Midstream Partners by 8.8% in the first quarter, buying 136,000 additional shares for a total of 1,676,900 shares worth about $69 million.
• Western Midstream Partners posted strong quarterly results, with EPS of $0.85 beating estimates and revenue of $1.12 billion topping forecasts, while revenue rose 22.5% year over year.
• The partnership also raised its quarterly dividend to $0.93 per share, implying an annualized yield of 8.5%, though its payout ratio remains high at 121.57%.

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its stake in Western Midstream Partners, LP (NYSE:WES - Free Report) by 8.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,676,900 shares of the pipeline company's stock after buying an additional 136,000 shares during the quarter. Western Midstream Partners accounts for about 3.4% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT's portfolio, making the stock its 12th largest position. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned approximately 0.43% of Western Midstream Partners worth $69,038,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Howard Financial Services LTD. grew its position in shares of Western Midstream Partners by 2.3% during the 4th quarter. Howard Financial Services LTD. now owns 10,947 shares of the pipeline company's stock worth $432,000 after buying an additional 249 shares during the period. Whittier Trust Co. of Nevada Inc. raised its position in shares of Western Midstream Partners by 0.9% in the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 30,784 shares of the pipeline company's stock valued at $1,218,000 after acquiring an additional 284 shares during the period. Captrust Financial Advisors boosted its stake in Western Midstream Partners by 0.6% during the 4th quarter. Captrust Financial Advisors now owns 45,995 shares of the pipeline company's stock worth $1,817,000 after acquiring an additional 287 shares during the last quarter. M&T Bank Corp boosted its stake in Western Midstream Partners by 3.5% during the 4th quarter. M&T Bank Corp now owns 8,540 shares of the pipeline company's stock worth $337,000 after acquiring an additional 288 shares during the last quarter. Finally, Mutual Advisors LLC grew its holdings in Western Midstream Partners by 1.9% during the fourth quarter. Mutual Advisors LLC now owns 15,453 shares of the pipeline company's stock valued at $610,000 after purchasing an additional 292 shares during the period. 84.82% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have commented on WES. Wall Street Zen downgraded shares of Western Midstream Partners from a "buy" rating to a "hold" rating in a research note on Saturday. JPMorgan Chase & Co. lowered their price objective on shares of Western Midstream Partners from $44.00 to $43.00 and set a "neutral" rating for the company in a research report on Thursday, March 12th. Morgan Stanley raised Western Midstream Partners from an "underweight" rating to an "equal weight" rating and set a $51.00 price objective on the stock in a research note on Wednesday, June 10th. UBS Group lifted their target price on Western Midstream Partners from $40.00 to $45.00 and gave the stock a "neutral" rating in a report on Thursday, May 21st. Finally, Wells Fargo & Company boosted their target price on Western Midstream Partners from $41.00 to $43.00 and gave the company an "equal weight" rating in a research note on Wednesday, May 13th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $45.00.

Western Midstream Partners Stock Performance

Shares of WES stock opened at $43.72 on Monday. The company has a debt-to-equity ratio of 2.34, a quick ratio of 1.09 and a current ratio of 1.09. Western Midstream Partners, LP has a 52 week low of $36.90 and a 52 week high of $48.01. The company's 50 day moving average price is $43.85 and its two-hundred day moving average price is $42.02. The company has a market capitalization of $17.21 billion, a P/E ratio of 14.29, a price-to-earnings-growth ratio of 1.84 and a beta of 0.68.

Western Midstream Partners (NYSE:WES - Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The pipeline company reported $0.85 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.11. Western Midstream Partners had a net margin of 29.98% and a return on equity of 33.89%. The company had revenue of $1.12 billion during the quarter, compared to analysts' expectations of $1.01 billion. During the same quarter in the prior year, the company earned $0.79 earnings per share. The business's quarterly revenue was up 22.5% compared to the same quarter last year. On average, analysts expect that Western Midstream Partners, LP will post 3.44 earnings per share for the current fiscal year.

Western Midstream Partners Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Friday, May 1st were paid a $0.93 dividend. This represents a $3.72 dividend on an annualized basis and a yield of 8.5%. The ex-dividend date of this dividend was Friday, May 1st. This is a boost from Western Midstream Partners's previous quarterly dividend of $0.91. Western Midstream Partners's dividend payout ratio (DPR) is currently 121.57%.

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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