CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Sells 129,724 Shares of Western Midstream Partners, LP $WES

Key Points

• CUSHING ASSET MANAGEMENT LP reduced its position in Western Midstream Partners, LP by 9.7% in the second quarter, selling 129,724 shares and now holding approximately 1,203,900 shares.
• Western Midstream Partners recently paid a quarterly dividend of $0.91 per share, resulting in an annualized yield of 9.5%, with a payout ratio of 112.00%.
• Wall Street analysts have set the consensus target price for Western Midstream Partners at $39.60, with mixed ratings including one "Buy," two "Hold," and two "Sell" ratings.

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lowered its stake in shares of Western Midstream Partners, LP (NYSE:WES - Free Report) by 9.7% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,203,900 shares of the pipeline company's stock after selling 129,724 shares during the period. Western Midstream Partners makes up 2.7% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT's portfolio, making the stock its 14th biggest position. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned approximately 0.32% of Western Midstream Partners worth $46,591,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of WES. Kingstone Capital Partners Texas LLC acquired a new position in Western Midstream Partners during the second quarter valued at approximately $156,967,000. Alps Advisors Inc. increased its holdings in shares of Western Midstream Partners by 7.6% in the first quarter. Alps Advisors Inc. now owns 33,824,487 shares of the pipeline company's stock worth $1,385,451,000 after acquiring an additional 2,400,891 shares in the last quarter. Invesco Ltd. lifted its holdings in shares of Western Midstream Partners by 7.1% during the 1st quarter. Invesco Ltd. now owns 24,417,770 shares of the pipeline company's stock valued at $1,000,152,000 after purchasing an additional 1,608,609 shares in the last quarter. Longfellow Investment Management Co. LLC grew its position in shares of Western Midstream Partners by 90.5% in the 1st quarter. Longfellow Investment Management Co. LLC now owns 985,718 shares of the pipeline company's stock valued at $40,375,000 after purchasing an additional 468,303 shares during the period. Finally, Northern Trust Corp increased its stake in Western Midstream Partners by 2,725.4% during the 1st quarter. Northern Trust Corp now owns 367,330 shares of the pipeline company's stock worth $15,046,000 after purchasing an additional 354,329 shares in the last quarter. 84.82% of the stock is currently owned by institutional investors and hedge funds.

Western Midstream Partners Stock Performance

Shares of NYSE WES traded down $0.04 during midday trading on Monday, hitting $38.33. The company's stock had a trading volume of 1,389,574 shares, compared to its average volume of 1,067,823. Western Midstream Partners, LP has a one year low of $33.60 and a one year high of $43.33. The firm has a market capitalization of $14.61 billion, a price-to-earnings ratio of 11.79 and a beta of 1.18. The company has a current ratio of 1.30, a quick ratio of 1.30 and a debt-to-equity ratio of 2.08. The stock has a fifty day moving average price of $39.00 and a 200 day moving average price of $38.77.

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 analysts' consensus estimates of $0.82 by $0.05. The business had revenue of $942.32 million during the quarter, compared to analysts' expectations of $954.17 million. Western Midstream Partners had a net margin of 34.45% and a return on equity of 37.70%. The business's quarterly revenue was up 4.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.97 EPS. On average, research 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 Thursday, August 14th. Stockholders of record on Friday, August 1st were paid a $0.91 dividend. This represents a $3.64 annualized dividend and a dividend yield of 9.5%. The ex-dividend date was Friday, August 1st. Western Midstream Partners's dividend payout ratio is 112.00%.

Analyst Ratings Changes

WES has been the subject of several research reports. Royal Bank Of Canada raised their price target on shares of 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. Mizuho raised their target price on shares of Western Midstream Partners from $44.00 to $46.00 and gave the company an "outperform" rating in a report on Friday, August 29th. Finally, Morgan Stanley dropped their price target on 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. One investment analyst has rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Reduce" and an average target price of $39.60.

About Western Midstream Partners

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.