Northern Trust Corp Increases 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 boosted its position in Western Midstream Partners, LP (NYSE:WES - Free Report) by 2,725.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 367,330 shares of the pipeline company's stock after acquiring an additional 354,329 shares during the period. Northern Trust Corp owned 0.10% of Western Midstream Partners worth $15,046,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Princeton Global Asset Management LLC increased its position in shares of Western Midstream Partners by 133.3% during the first quarter. Princeton Global Asset Management LLC now owns 700 shares of the pipeline company's stock valued at $29,000 after acquiring an additional 400 shares during the last quarter. Atria Wealth Solutions Inc. increased its position in shares of Western Midstream Partners by 5.0% during the first quarter. Atria Wealth Solutions Inc. now owns 8,559 shares of the pipeline company's stock valued at $351,000 after acquiring an additional 411 shares during the last quarter. Apollon Wealth Management LLC increased its position in shares of Western Midstream Partners by 1.6% during the first quarter. Apollon Wealth Management LLC now owns 26,113 shares of the pipeline company's stock valued at $1,070,000 after acquiring an additional 422 shares during the last quarter. Private Advisor Group LLC increased its position in shares of Western Midstream Partners by 9.3% during the first quarter. Private Advisor Group LLC now owns 5,926 shares of the pipeline company's stock valued at $243,000 after acquiring an additional 503 shares during the last quarter. Finally, Linscomb Wealth Inc. increased its position in shares of Western Midstream Partners by 4.5% during the first quarter. Linscomb Wealth Inc. now owns 12,068 shares of the pipeline company's stock valued at $494,000 after acquiring an additional 518 shares during the last quarter. Institutional investors own 84.82% of the company's stock.

Wall Street Analyst Weigh In

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

Western Midstream Partners Stock Performance

NYSE:WES traded up $0.42 during trading hours on Tuesday, reaching $38.36. The stock had a trading volume of 322,243 shares, compared to its average volume of 1,175,935. The company has a debt-to-equity ratio of 2.08, a quick ratio of 1.30 and a current ratio of 1.30. The stock has a 50 day simple moving average of $39.17 and a 200 day simple moving average of $38.85. Western Midstream Partners, LP has a 12-month low of $33.60 and a 12-month high of $43.33. The stock has a market cap of $14.63 billion, a P/E ratio of 11.80 and a beta of 1.18.

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

Western Midstream Partners Dividend Announcement

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

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.