GraniteShares Advisors LLC Invests $2.70 Million in Western Midstream Partners, LP $WES

Key Points

• GraniteShares Advisors LLC acquired a new position of 68,222 shares in Western Midstream Partners (NYSE:WES) valued at approximately $2.70 million, representing 1.6% of the firm's portfolio and its 28th-largest holding.
• Western Midstream raised its quarterly dividend to $0.93 (annualized $3.72), implying a roughly 9.2% yield, though the dividend payout ratio is high at about 121.3%.
• The company reported Q4 EPS of $0.47 versus $0.91 expected and revenue slightly missed estimates; analysts' consensus remains a “Hold” with an average price target of $41.71.

GraniteShares Advisors LLC acquired a new position in Western Midstream Partners, LP (NYSE:WES - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 68,222 shares of the pipeline company's stock, valued at approximately $2,695,000. Western Midstream Partners comprises 1.6% of GraniteShares Advisors LLC's portfolio, making the stock its 28th biggest position.

A number of other hedge funds have also recently made changes to their positions in WES. Eagle Bay Advisors LLC bought a new stake in shares of Western Midstream Partners in the 4th quarter worth approximately $27,000. Global Wealth Strategies & Associates bought a new stake in shares of Western Midstream Partners in the 4th quarter worth approximately $35,000. Jones Financial Companies Lllp lifted its holdings in shares of Western Midstream Partners by 86.1% in the 3rd quarter. Jones Financial Companies Lllp now owns 908 shares of the pipeline company's stock worth $36,000 after acquiring an additional 420 shares during the last quarter. Fulcrum Asset Management LLP bought a new stake in shares of Western Midstream Partners in the 3rd quarter worth approximately $41,000. Finally, Whittier Trust Co. bought a new stake in shares of Western Midstream Partners in the 4th quarter worth approximately $42,000. 84.82% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on WES shares. Wells Fargo & Company boosted their price objective on shares of Western Midstream Partners from $39.00 to $41.00 and gave the stock an "equal weight" rating in a report on Friday, March 13th. JPMorgan Chase & Co. dropped their price objective on Western Midstream Partners from $44.00 to $43.00 and set a "neutral" rating for the company in a research note on Thursday, March 12th. Stifel Nicolaus dropped their price objective on Western Midstream Partners from $43.00 to $42.00 and set a "hold" rating for the company in a research note on Friday, February 20th. Finally, Wall Street Zen lowered Western Midstream Partners from a "buy" rating to a "hold" rating in a research note on Saturday, December 27th. One research analyst has rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $41.71.

Insider Buying and Selling

In other Western Midstream Partners news, Director Robert G. Phillips acquired 1,250 shares of the business's stock in a transaction dated Wednesday, March 11th. The shares were purchased at an average cost of $40.19 per share, for a total transaction of $50,237.50. Following the transaction, the director owned 5,296 shares in the company, valued at $212,846.24. This represents a 30.89% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Christopher B. Dial sold 5,879 shares of Western Midstream Partners stock in a transaction that occurred on Thursday, February 12th. The stock was sold at an average price of $42.35, for a total value of $248,975.65. Following the completion of the sale, the senior vice president owned 185,011 shares in the company, valued at approximately $7,835,215.85. This represents a 3.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.04% of the stock is currently owned by company insiders.

Western Midstream Partners Stock Performance

NYSE:WES opened at $40.64 on Tuesday. The firm has a market cap of $16.00 billion, a PE ratio of 13.55 and a beta of 0.73. Western Midstream Partners, LP has a fifty-two week low of $35.25 and a fifty-two week high of $44.74. The company has a debt-to-equity ratio of 1.97, a quick ratio of 1.34 and a current ratio of 1.34. The business has a 50 day moving average price of $41.51 and a 200-day moving average price of $40.16.

Western Midstream Partners (NYSE:WES - Get Free Report) last released its quarterly earnings data on Wednesday, February 18th. The pipeline company reported $0.47 earnings per share for the quarter, missing analysts' consensus estimates of $0.91 by ($0.44). The company had revenue of $1.03 billion for the quarter, compared to analysts' expectations of $1.06 billion. Western Midstream Partners had a net margin of 30.52% and a return on equity of 33.14%. The business's revenue for the quarter was up 11.1% compared to the same quarter last year. During the same period last year, the company posted $0.85 EPS. Equities research analysts predict that Western Midstream Partners, LP will post 3.2 earnings per share for the current year.

Western Midstream Partners Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 15th. Stockholders of record on Friday, May 1st will be given a $0.93 dividend. The ex-dividend date is Friday, May 1st. This represents a $3.72 dividend on an annualized basis and a dividend yield of 9.2%. This is an increase from Western Midstream Partners's previous quarterly dividend of $0.91. Western Midstream Partners's dividend payout ratio is 121.33%.

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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