Northern Trust Corp Grows Stock Holdings in Western Midstream Partners, LP $WES

Key Points

• Northern Trust Corp significantly increased its stake in Western Midstream Partners by 2,725.4%, owning 367,330 shares valued at approximately $15 million after acquiring an additional 354,329 shares in the first quarter.
• The company reported $0.87 earnings per share in its latest quarterly earnings, surpassing analyst expectations of $0.82, although revenue fell short of estimates at $942.32 million.
• Western Midstream Partners declared a quarterly dividend of $0.91, resulting in a 9.5% yield, although the payout ratio is quite high at 112%.

Northern Trust Corp grew its holdings in Western Midstream Partners, LP (NYSE:WES - Free Report) by 2,725.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 367,330 shares of the pipeline company's stock after acquiring an additional 354,329 shares during the period. Northern Trust Corp owned about 0.10% of Western Midstream Partners worth $15,046,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Princeton Global Asset Management LLC increased its holdings in Western Midstream Partners by 133.3% in the 1st quarter. Princeton Global Asset Management LLC now owns 700 shares of the pipeline company's stock valued at $29,000 after purchasing an additional 400 shares in the last quarter. Financial Network Wealth Advisors LLC boosted its position in shares of Western Midstream Partners by 1,856.4% in the first quarter. Financial Network Wealth Advisors LLC now owns 763 shares of the pipeline company's stock worth $31,000 after buying an additional 724 shares during the period. Cary Street Partners Financial LLC acquired a new stake in shares of Western Midstream Partners in the fourth quarter valued at about $39,000. Bessemer Group Inc. acquired a new stake in shares of Western Midstream Partners in the first quarter valued at about $41,000. Finally, Creative Financial Designs Inc. ADV purchased a new stake in shares of Western Midstream Partners during the 1st quarter valued at about $72,000. Institutional investors and hedge funds own 84.82% of the company's stock.

Western Midstream Partners Trading Down 1.5%

WES opened at $38.33 on Thursday. Western Midstream Partners, LP has a 12-month low of $33.60 and a 12-month high of $43.33. The company has a debt-to-equity ratio of 2.08, a current ratio of 1.30 and a quick ratio of 1.30. The stock has a market capitalization of $14.61 billion, a PE ratio of 11.79 and a beta of 1.17. The firm's fifty day moving average price is $39.19 and its 200 day moving average price is $38.95.

Western Midstream Partners (NYSE:WES - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The pipeline company reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.82 by $0.05. The company had revenue of $942.32 million during the quarter, compared to analyst estimates of $954.17 million. Western Midstream Partners had a net margin of 34.45% and a return on equity of 37.70%. The firm's revenue for the quarter was up 4.1% compared to the same quarter last year. During the same period last year, the business earned $0.97 EPS. As a group, research analysts expect that Western Midstream Partners, LP will post 4.02 EPS for the current fiscal year.

Western Midstream Partners Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 14th. Investors of record on Friday, August 1st were issued a $0.91 dividend. This represents a $3.64 annualized dividend and a yield of 9.5%. The ex-dividend date of this dividend was Friday, August 1st. Western Midstream Partners's payout ratio is currently 112.00%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on WES. Morgan Stanley decreased their price target on Western Midstream Partners from $41.00 to $39.00 and set an "underweight" rating for the company in a report on Tuesday, August 26th. Royal Bank Of Canada upped their target price on shares of Western Midstream Partners from $38.00 to $39.00 and gave the company a "sector perform" rating in a research note on Tuesday, August 26th. Finally, Mizuho raised their price target on shares of Western Midstream Partners from $44.00 to $46.00 and gave the company an "outperform" rating in a report on Friday, August 29th. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Western Midstream Partners has a consensus rating of "Reduce" and a consensus target price of $39.60.

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.

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