Navellier & Associates Inc. Purchases New Shares in Western Midstream Partners, LP (NYSE:WES)

Key Points

• Navellier & Associates Inc. acquired a new stake in Western Midstream Partners, LP, purchasing 10,360 shares valued at approximately $424,000 in the first quarter.
• Western Midstream Partners announced a quarterly dividend of $0.91, yielding 8.93%, with an ex-dividend date of August 1st.
• Analysts have set a new price target for Western Midstream Partners, dropping it from$45.00 to $44.00, maintaining an "outperform" rating.

Navellier & Associates Inc. bought a new position in shares of Western Midstream Partners, LP (NYSE:WES - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 10,360 shares of the pipeline company's stock, valued at approximately $424,000.

Several other institutional investors have also recently bought and sold shares of WES. Integrated Wealth Concepts LLC increased its stake in shares of Western Midstream Partners by 4.7% in the fourth quarter. Integrated Wealth Concepts LLC now owns 6,833 shares of the pipeline company's stock valued at $263,000 after buying an additional 306 shares during the period. Virtus ETF Advisers LLC increased its stake in shares of Western Midstream Partners by 7.3% in the fourth quarter. Virtus ETF Advisers LLC now owns 4,564 shares of the pipeline company's stock valued at $175,000 after buying an additional 311 shares during the period. RE Dickinson Investment Advisors LLC increased its stake in shares of Western Midstream Partners by 21.8% in the fourth quarter. RE Dickinson Investment Advisors LLC now owns 2,168 shares of the pipeline company's stock valued at $83,000 after buying an additional 388 shares during the period. Princeton Global Asset Management LLC increased its stake in shares of Western Midstream Partners by 133.3% in the first quarter. Princeton Global Asset Management LLC now owns 700 shares of the pipeline company's stock valued at $29,000 after buying an additional 400 shares during the period. Finally, Apollon Wealth Management LLC increased its stake in shares of Western Midstream Partners by 1.6% in the first quarter. Apollon Wealth Management LLC now owns 26,113 shares of the pipeline company's stock valued at $1,070,000 after buying an additional 422 shares during the period. Institutional investors and hedge funds own 84.82% of the company's stock.

Western Midstream Partners Trading Down 1.7%

Western Midstream Partners stock traded down $0.71 during mid-day trading on Wednesday, hitting $40.47. 263,796 shares of the stock were exchanged, compared to its average volume of 1,138,932. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 2.08. Western Midstream Partners, LP has a 12 month low of $33.60 and a 12 month high of $43.33. The firm's fifty day simple moving average is $38.89 and its two-hundred day simple moving average is $39.36. The stock has a market capitalization of $15.43 billion, a price-to-earnings ratio of 12.08 and a beta of 1.08.

Western Midstream Partners (NYSE:WES - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The pipeline company reported $0.79 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.83 by ($0.04). Western Midstream Partners had a return on equity of 38.52% and a net margin of 35.79%. The firm had revenue of $917.12 million during the quarter, compared to analysts' expectations of $926.55 million. During the same period in the previous year, the company posted $1.47 earnings per share. The company's quarterly revenue was up 3.3% compared to the same quarter last year. Analysts forecast that Western Midstream Partners, LP will post 4.02 EPS for the current year.

Western Midstream Partners Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 14th. Stockholders of record on Friday, August 1st will be issued a $0.91 dividend. This represents a $3.64 annualized dividend and a dividend yield of 8.99%. The ex-dividend date is Friday, August 1st. Western Midstream Partners's dividend payout ratio is 108.66%.

Wall Street Analysts Forecast Growth

Separately, Mizuho lowered their price objective on Western Midstream Partners from $45.00 to $44.00 and set an "outperform" rating for the company in a research note on Tuesday, May 20th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company's stock. According to data from MarketBeat.com, Western Midstream Partners currently has an average rating of "Hold" and an average target price of $39.83.

Western Midstream Partners Profile

Western Midstream Partners, LP, together with its subsidiaries, operates as a midstream energy company primarily in the United States. It is involved in gathering, compressing, treating, processing, and transporting natural gas; gathering, stabilizing, and transporting condensate, natural gas liquids (NGLs), and crude oil; and gathering and disposing produced water.