Exchange Traded Concepts LLC Has $9.82 Million Holdings in Western Midstream Partners, LP $WES

Key Points

• Exchange Traded Concepts LLC reduced its Western Midstream Partners stake by 16.8% in the second quarter, selling 45,204 shares and retaining 224,453 shares valued at approximately $9.82 million. Institutional investors and hedge funds collectively own 84.82% of WES.
• Western Midstream reported quarterly EPS of $0.99, exceeding estimates by $0.08, while revenue rose 30% year over year to $1.22 billion. The stock traded near its 52-week high at $48.36.
• The partnership declared a quarterly dividend of $0.93 per share, equivalent to an annualized $3.72 payout and a 7.7% yield. Analysts’ consensus rating remains “Hold,” with an average price target of $47.00.

Exchange Traded Concepts LLC cut its position in Western Midstream Partners, LP (NYSE:WES - Free Report) by 16.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 224,453 shares of the pipeline company's stock after selling 45,204 shares during the quarter. Exchange Traded Concepts LLC owned about 0.06% of Western Midstream Partners worth $9,822,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in WES. Alps Advisors Inc. raised its position in Western Midstream Partners by 0.9% during the fourth quarter. Alps Advisors Inc. now owns 35,074,357 shares of the pipeline company's stock worth $1,385,437,000 after acquiring an additional 299,631 shares in the last quarter. Invesco Ltd. grew its position in shares of Western Midstream Partners by 0.3% in the 3rd quarter. Invesco Ltd. now owns 24,292,437 shares of the pipeline company's stock valued at $954,450,000 after acquiring an additional 81,183 shares during the period. Goldman Sachs Group Inc. increased its stake in shares of Western Midstream Partners by 10.9% during the 4th quarter. Goldman Sachs Group Inc. now owns 9,562,213 shares of the pipeline company's stock worth $377,707,000 after purchasing an additional 936,376 shares during the last quarter. Tortoise Capital Advisors L.L.C. increased its stake in shares of Western Midstream Partners by 15.8% during the 4th quarter. Tortoise Capital Advisors L.L.C. now owns 8,539,175 shares of the pipeline company's stock worth $337,297,000 after purchasing an additional 1,163,991 shares during the last quarter. Finally, Morgan Stanley raised its holdings in shares of Western Midstream Partners by 98.1% in the 4th quarter. Morgan Stanley now owns 5,446,475 shares of the pipeline company's stock valued at $215,136,000 after purchasing an additional 2,696,439 shares during the period. 84.82% of the stock is currently owned by institutional investors and hedge funds.

Western Midstream Partners Stock Performance

NYSE WES opened at $48.36 on Friday. The firm has a 50-day moving average of $45.28 and a 200-day moving average of $43.31. The company has a debt-to-equity ratio of 2.34, a quick ratio of 1.09 and a current ratio of 1.09. The stock has a market cap of $19.98 billion, a PE ratio of 15.21, a P/E/G ratio of 1.98 and a beta of 0.68. Western Midstream Partners, LP has a 52-week low of $36.90 and a 52-week high of $48.84.

Western Midstream Partners (NYSE:WES - Get Free Report) last announced its earnings results on Wednesday, August 5th. The pipeline company reported $0.99 EPS for the quarter, topping the consensus estimate of $0.91 by $0.08. The business had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.13 billion. Western Midstream Partners had a net margin of 29.44% and a return on equity of 34.79%. Western Midstream Partners's revenue was up 30.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.87 EPS. On average, sell-side analysts anticipate that Western Midstream Partners, LP will post 3.52 EPS for the current year.

Western Midstream Partners Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Friday, July 31st will be issued a dividend of $0.93 per share. This represents a $3.72 dividend on an annualized basis and a dividend yield of 7.7%. The ex-dividend date is Friday, July 31st. Western Midstream Partners's payout ratio is currently 116.98%.

Insider Activity at Western Midstream Partners

In other news, Director Frederick A. Forthuber bought 5,140 shares of the firm's stock in a transaction dated Wednesday, August 12th. The shares were bought at an average price of $48.62 per share, with a total value of $249,906.80. Following the completion of the transaction, the director owned 5,140 shares of the company's stock, valued at $249,906.80. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.04% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on WES. Citigroup raised their target price on shares of Western Midstream Partners from $42.00 to $45.00 and gave the company a "neutral" rating in a research note on Tuesday. Stifel Nicolaus set a $46.00 price target on Western Midstream Partners and gave the stock a "buy" rating in a research report on Thursday, May 7th. JPMorgan Chase & Co. upped their price objective on Western Midstream Partners from $46.00 to $47.00 and gave the company a "neutral" rating in a research note on Tuesday, July 14th. Wall Street Zen cut Western Midstream Partners from a "buy" rating to a "hold" rating in a research report on Saturday, August 8th. Finally, US Capital Advisors upgraded Western Midstream Partners from a "moderate buy" rating to a "strong-buy" rating in a research note on Friday, May 29th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, Western Midstream Partners currently has an average rating of "Hold" and a consensus target price of $47.00.

About Western Midstream Partners

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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