Jennison Associates LLC Sells 55,503 Shares of Western Midstream Partners, LP $WES

Key Points

• Jennison Associates cut its Western Midstream Partners stake by 14.8% in the first quarter, selling 55,503 shares and ending with 319,415 shares worth about $13.15 million.
• Western Midstream reported a strong quarter, with EPS of $0.85 beating estimates and revenue of $1.12 billion, up 22.5% year over year.
• The company declared a quarterly dividend of $0.93 per share, implying an annualized yield of 8.0%, while analysts currently rate the stock a consensus Hold with an average price target of $46.25.

Jennison Associates LLC reduced its stake in Western Midstream Partners, LP (NYSE:WES - Free Report) by 14.8% during the first quarter, according to its most recent filing with the SEC. The fund owned 319,415 shares of the pipeline company's stock after selling 55,503 shares during the quarter. Jennison Associates LLC owned 0.08% of Western Midstream Partners worth $13,150,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the stock. Jefferies Financial Group Inc. bought a new position in shares of Western Midstream Partners during the 4th quarter valued at approximately $5,455,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its stake in shares of Western Midstream Partners by 21.2% during the 4th quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,540,900 shares of the pipeline company's stock worth $60,866,000 after purchasing an additional 270,000 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Western Midstream Partners by 10.9% in 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 period. SageGuard Financial Group LLC bought a new stake in shares of Western Midstream Partners in the 4th quarter worth approximately $1,777,000. Finally, GraniteShares Advisors LLC purchased a new position in Western Midstream Partners in the fourth quarter valued at approximately $2,695,000. Institutional investors own 84.82% of the company's stock.

Western Midstream Partners Trading Down 0.0%

Western Midstream Partners stock opened at $46.59 on Wednesday. The stock has a market cap of $18.35 billion, a P/E ratio of 15.23, a PEG ratio of 1.95 and a beta of 0.68. Western Midstream Partners, LP has a fifty-two week low of $36.90 and a fifty-two week high of $48.01. The firm's fifty day moving average price is $44.57 and its 200-day moving average price is $42.53. 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 posted its quarterly earnings data on Wednesday, May 6th. The pipeline company reported $0.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.11. Western Midstream Partners had a return on equity of 33.89% and a net margin of 29.98%.The company had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.01 billion. During the same quarter last year, the company earned $0.79 earnings per share. The firm's quarterly revenue was up 22.5% on a year-over-year basis. Equities research analysts forecast that Western Midstream Partners, LP will post 3.46 earnings per share 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 issued a $0.93 dividend. The ex-dividend date of this dividend is Friday, July 31st. This represents a $3.72 annualized dividend and a dividend yield of 8.0%. Western Midstream Partners's dividend payout ratio (DPR) is presently 121.57%.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Stifel Nicolaus set a $46.00 price objective on Western Midstream Partners and gave the company a "buy" rating in a report on Thursday, May 7th. 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. Mizuho upped their price target on Western Midstream Partners from $48.00 to $51.00 and gave the company an "outperform" rating in a research report on Tuesday, July 14th. JPMorgan Chase & Co. increased their price target on Western Midstream Partners from $46.00 to $47.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 14th. Finally, Wells Fargo & Company lifted their price objective on Western Midstream Partners from $41.00 to $43.00 and gave the stock an "equal weight" rating in a report on Wednesday, May 13th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $46.25.

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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