Empowered Funds LLC Raises Position in Western Midstream Partners, LP $WES

Key Points

• Empowered Funds nearly doubled its Western Midstream Partners position in the first quarter, adding 236,221 shares to own 472,989 shares worth approximately $19.5 million. Institutional investors collectively own 84.82% of WES.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and a $46.25 average price target, although some firms recently raised their targets and ratings.
• Western Midstream reported quarterly results above expectations, with $0.85 in EPS and $1.12 billion in revenue, while declaring a $0.93 quarterly dividend—an annualized yield of about 7.9%.

Empowered Funds LLC boosted its holdings in shares of Western Midstream Partners, LP (NYSE:WES - Free Report) by 99.8% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 472,989 shares of the pipeline company's stock after buying an additional 236,221 shares during the period. Empowered Funds LLC owned approximately 0.12% of Western Midstream Partners worth $19,473,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Eagle Bay Advisors LLC bought a new position in Western Midstream Partners in the 4th quarter worth about $27,000. Northwestern Mutual Wealth Management Co. bought a new stake in shares of Western Midstream Partners during the 4th quarter valued at about $27,000. Rothschild Investment LLC boosted its position in shares of Western Midstream Partners by 76.2% during the 4th quarter. Rothschild Investment LLC now owns 793 shares of the pipeline company's stock valued at $31,000 after acquiring an additional 343 shares during the last quarter. Garton & Associates Financial Advisors LLC purchased a new position in shares of Western Midstream Partners during the fourth quarter worth about $32,000. Finally, Glen Eagle Advisors LLC increased its position in shares of Western Midstream Partners by 843.0% in the fourth quarter. Glen Eagle Advisors LLC now owns 943 shares of the pipeline company's stock worth $37,000 after purchasing an additional 843 shares during the last quarter. 84.82% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on WES. Royal Bank Of Canada reiterated a "sector perform" rating on shares of Western Midstream Partners in a research report on Tuesday, July 21st. US Capital Advisors upgraded shares of Western Midstream Partners from a "moderate buy" rating to a "strong-buy" rating in a research report on Friday, May 29th. UBS Group lifted their price objective on shares of Western Midstream Partners from $45.00 to $48.00 and gave the stock a "neutral" rating in a report on Friday, July 10th. Mizuho upped their target price on shares of Western Midstream Partners from $48.00 to $51.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 14th. Finally, Morgan Stanley raised Western Midstream Partners from an "underweight" rating to an "equal weight" rating and set a $51.00 target price on the stock in a research note on Wednesday, June 10th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $46.25.

Western Midstream Partners Stock Up 1.0%

Shares of NYSE WES opened at $47.20 on Wednesday. The stock has a market capitalization of $18.59 billion, a P/E ratio of 15.42, a PEG ratio of 1.94 and a beta of 0.68. Western Midstream Partners, LP has a one year low of $36.90 and a one year high of $48.63. The firm's 50 day simple moving average is $44.66 and its two-hundred day simple moving average is $42.80. The company has a debt-to-equity ratio of 2.34, a current ratio of 1.09 and a quick ratio of 1.09.

Western Midstream Partners (NYSE:WES - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The pipeline company reported $0.85 earnings per share for the quarter, topping analysts' consensus estimates 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 firm had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.01 billion. During the same period in the previous year, the business posted $0.79 EPS. The business's quarterly revenue was up 22.5% on a year-over-year basis. As a group, analysts expect that Western Midstream Partners, LP will post 3.49 EPS for the current fiscal year.

Western Midstream Partners Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, July 31st will be paid a $0.93 dividend. The ex-dividend date of this dividend is Friday, July 31st. This represents a $3.72 annualized dividend and a yield of 7.9%. Western Midstream Partners's payout ratio is currently 121.57%.

Western Midstream Partners 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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