ING Groep NV Makes New $28.27 Million Investment in Western Midstream Partners, LP $WES

Key Points

• ING Groep NV bought a new stake in Western Midstream Partners during the fourth quarter, purchasing 715,653 shares valued at about $28.27 million. The position represented roughly 0.18% of the company.
• Western Midstream posted solid recent results, with quarterly EPS of $0.85 beating estimates and revenue of $1.12 billion, up 22.5% year over year. Analysts now expect full-year EPS of 3.44.
• The partnership also raised its quarterly dividend to $0.93 per share, implying an annualized yield of about 8.4%. Meanwhile, analyst sentiment remains mixed, with a consensus rating of Hold and a target price of $44.75.

ING Groep NV purchased a new position in Western Midstream Partners, LP (NYSE:WES - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 715,653 shares of the pipeline company's stock, valued at approximately $28,268,000. ING Groep NV owned about 0.18% of Western Midstream Partners at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in WES. Geode Capital Management LLC raised its holdings in shares of Western Midstream Partners by 6.4% in the second quarter. Geode Capital Management LLC now owns 8,525 shares of the pipeline company's stock worth $330,000 after buying an additional 512 shares during the last quarter. Creative Planning raised its holdings in shares of Western Midstream Partners by 17.0% in the second quarter. Creative Planning now owns 6,878 shares of the pipeline company's stock worth $266,000 after buying an additional 999 shares during the last quarter. Guggenheim Capital LLC raised its holdings in shares of Western Midstream Partners by 6.0% in the second quarter. Guggenheim Capital LLC now owns 23,029 shares of the pipeline company's stock worth $891,000 after buying an additional 1,298 shares during the last quarter. Cerity Partners LLC increased its stake in shares of Western Midstream Partners by 39.1% in the second quarter. Cerity Partners LLC now owns 25,003 shares of the pipeline company's stock worth $968,000 after acquiring an additional 7,032 shares during the period. Finally, NewEdge Advisors LLC acquired a new stake in shares of Western Midstream Partners in the second quarter worth $2,172,000. Hedge funds and other institutional investors own 84.82% of the company's stock.

Insiders Place Their Bets

In related news, Director Robert G. Phillips acquired 1,250 shares of Western Midstream Partners stock in a transaction on Wednesday, March 11th. The stock was bought at an average cost of $40.19 per share, for a total transaction of $50,237.50. Following the completion of the transaction, the director owned 5,296 shares of the company's stock, valued at approximately $212,846.24. The trade was a 30.89% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.04% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on WES. Citigroup increased their price objective on shares of Western Midstream Partners from $39.00 to $42.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 12th. US Capital Advisors upgraded shares of Western Midstream Partners from a "moderate buy" rating to a "strong-buy" rating in a research note on Friday, May 29th. Wall Street Zen upgraded shares of Western Midstream Partners from a "hold" rating to a "buy" rating in a research note on Saturday, May 16th. Wells Fargo & Company increased their price objective on shares of Western Midstream Partners from $41.00 to $43.00 and gave the stock an "equal weight" rating in a research note on Wednesday, May 13th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Western Midstream Partners from $44.00 to $43.00 and set a "neutral" rating on the stock in a research note on Thursday, March 12th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $44.75.

Western Midstream Partners Stock Performance

Shares of NYSE WES opened at $44.43 on Friday. The company's fifty day moving average price is $42.87 and its 200 day moving average price is $41.39. Western Midstream Partners, LP has a 1 year low of $36.90 and a 1 year high of $48.01. The company has a market capitalization of $17.49 billion, a PE ratio of 14.52, a price-to-earnings-growth ratio of 1.87 and a beta of 0.68. 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 (NYSE:WES - Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The pipeline company reported $0.85 earnings per share (EPS) 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 for the quarter, compared to the consensus estimate of $1.01 billion. During the same period in the prior year, the firm posted $0.79 earnings per share. The firm's quarterly revenue was up 22.5% compared to the same quarter last year. On average, research analysts predict that Western Midstream Partners, LP will post 3.44 earnings per share for the current year.

Western Midstream Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Friday, May 1st were given a dividend of $0.93 per share. This is a boost from Western Midstream Partners's previous quarterly dividend of $0.91. This represents a $3.72 dividend on an annualized basis and a yield of 8.4%. The ex-dividend date was Friday, May 1st. Western Midstream Partners's dividend payout ratio (DPR) 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.

Want to see what other hedge funds are holding WES? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Western Midstream Partners, LP (NYSE:WES - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.