Recurrent Investment Advisors LLC Lowers Holdings in Western Midstream Partners, LP $WES

Key Points

• Recurrent Investment Advisors cut its Western Midstream Partners stake by 15.2% in the first quarter, selling 203,896 shares and retaining 1.13 million shares worth approximately $46.7 million. Institutional investors collectively own 84.82% of WES.
• Analyst sentiment remains largely neutral, with a consensus “Hold” rating and an average price target of $46.25. Recent target increases range from $42 to $51.
• Western Midstream exceeded quarterly expectations, reporting $0.85 in EPS and $1.12 billion in revenue, while announcing a quarterly dividend of $0.93 per share—an annualized yield of approximately 7.9%.

Recurrent Investment Advisors LLC reduced its stake in shares of Western Midstream Partners, LP (NYSE:WES - Free Report) by 15.2% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 1,134,758 shares of the pipeline company's stock after selling 203,896 shares during the period. Western Midstream Partners makes up approximately 2.8% of Recurrent Investment Advisors LLC's portfolio, making the stock its 17th biggest holding. Recurrent Investment Advisors LLC owned 0.29% of Western Midstream Partners worth $46,718,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Eagle Bay Advisors LLC purchased a new stake in shares of Western Midstream Partners in the fourth quarter worth about $27,000. Northwestern Mutual Wealth Management Co. acquired a new stake in Western Midstream Partners during the fourth quarter worth about $27,000. Rothschild Investment LLC raised its position in Western Midstream Partners by 76.2% during the fourth quarter. Rothschild Investment LLC now owns 793 shares of the pipeline company's stock valued at $31,000 after acquiring an additional 343 shares in the last quarter. Garton & Associates Financial Advisors LLC purchased a new position in Western Midstream Partners during the fourth quarter valued at approximately $32,000. Finally, Glen Eagle Advisors LLC lifted its holdings in Western Midstream Partners by 843.0% in the fourth quarter. Glen Eagle Advisors LLC now owns 943 shares of the pipeline company's stock valued at $37,000 after acquiring an additional 843 shares during the period. Hedge funds and other institutional investors own 84.82% of the company's stock.

Analysts Set New Price Targets

Several research firms have commented on WES. Citigroup upped their price objective on Western Midstream Partners from $39.00 to $42.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 12th. Wall Street Zen raised shares of Western Midstream Partners from a "hold" rating to a "buy" rating in a report on Sunday, July 12th. JPMorgan Chase & Co. boosted their target price on shares of Western Midstream Partners from $46.00 to $47.00 and gave the company a "neutral" rating in a research note on Tuesday, July 14th. Morgan Stanley raised shares of Western Midstream Partners from an "underweight" rating to an "equal weight" rating and set a $51.00 price target on the stock in a report on Wednesday, June 10th. Finally, Wells Fargo & Company raised their price target on shares of Western Midstream Partners from $41.00 to $43.00 and gave the company an "equal weight" rating in a research report on Wednesday, May 13th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, Western Midstream Partners has an average rating of "Hold" and a consensus target price of $46.25.

Western Midstream Partners Stock Performance

NYSE WES opened at $47.20 on Wednesday. The stock has a market capitalization of $18.59 billion, a price-to-earnings ratio of 15.42, a PEG ratio of 1.94 and a beta of 0.68. Western Midstream Partners, LP has a twelve month low of $36.90 and a twelve month high of $48.63. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 2.34. The stock has a 50-day moving average of $44.66 and a 200 day moving average of $42.80.

Western Midstream Partners (NYSE:WES - Get Free Report) last issued 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 return on equity of 33.89% and a net margin of 29.98%.The company had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.01 billion. During the same quarter in the prior year, the business posted $0.79 earnings per share. Western Midstream Partners's revenue for the quarter was up 22.5% on a year-over-year basis. Sell-side analysts anticipate that Western Midstream Partners, LP will post 3.49 EPS for the current fiscal year.

Western Midstream Partners Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Friday, July 31st will be given a dividend of $0.93 per share. The ex-dividend date is Friday, July 31st. This represents a $3.72 dividend on an annualized basis and a dividend yield of 7.9%. Western Midstream Partners's dividend payout ratio (DPR) is 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.

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