Spirit of America Management Corp NY Sells 29,500 Shares of Western Midstream Partners, LP $WES

Key Points

• Spirit of America Management Corp NY has reduced its stake in Western Midstream Partners by 18.2%, selling 29,500 shares, leaving it with 132,150 shares valued at approximately $5.1 million.
• A recent earnings report showed that Western Midstream Partners exceeded expectations with an EPS of $0.87, though revenue fell short of forecast at $942.32 million.
• The company announced a quarterly dividend of $0.91 per share, yielding 9.6%, with an ex-dividend date set for October 31st.

Spirit of America Management Corp NY lowered its position in Western Midstream Partners, LP (NYSE:WES - Free Report) by 18.2% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 132,150 shares of the pipeline company's stock after selling 29,500 shares during the period. Western Midstream Partners comprises 1.1% of Spirit of America Management Corp NY's holdings, making the stock its 27th largest position. Spirit of America Management Corp NY's holdings in Western Midstream Partners were worth $5,114,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Cambridge Investment Research Advisors Inc. increased its position in shares of Western Midstream Partners by 10.4% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 26,483 shares of the pipeline company's stock valued at $1,085,000 after buying an additional 2,485 shares in the last quarter. Catalyst Capital Advisors LLC increased its position in shares of Western Midstream Partners by 30.6% in the 1st quarter. Catalyst Capital Advisors LLC now owns 461,365 shares of the pipeline company's stock valued at $18,898,000 after buying an additional 108,021 shares in the last quarter. CFM Wealth Partners LLC increased its position in shares of Western Midstream Partners by 28.3% in the 1st quarter. CFM Wealth Partners LLC now owns 44,944 shares of the pipeline company's stock valued at $1,841,000 after buying an additional 9,904 shares in the last quarter. Bessemer Group Inc. bought a new stake in shares of Western Midstream Partners in the 1st quarter valued at $41,000. Finally, Northern Trust Corp increased its position in shares of Western Midstream Partners by 2,725.4% in the 1st quarter. Northern Trust Corp now owns 367,330 shares of the pipeline company's stock valued at $15,046,000 after buying an additional 354,329 shares in the last quarter. Institutional investors own 84.82% of the company's stock.

Western Midstream Partners Price Performance

WES stock opened at $37.74 on Friday. The stock has a 50-day moving average price of $38.41 and a two-hundred day moving average price of $38.46. The stock has a market cap of $14.39 billion, a PE ratio of 11.61 and a beta of 1.12. The company has a current ratio of 1.30, a quick ratio of 1.30 and a debt-to-equity ratio of 2.08. Western Midstream Partners, LP has a 1 year low of $33.60 and a 1 year high of $43.33.

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

Western Midstream Partners Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Friday, October 31st will be paid a dividend of $0.91 per share. This represents a $3.64 dividend on an annualized basis and a dividend yield of 9.6%. The ex-dividend date is Friday, October 31st. Western Midstream Partners's dividend payout ratio is currently 112.00%.

Wall Street Analysts Forecast Growth

WES has been the subject of a number of recent analyst reports. Mizuho upped their price objective on shares of 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 increased their target price on Western Midstream Partners from $38.00 to $39.00 and gave the stock a "sector perform" rating in a report on Tuesday, August 26th. Finally, Morgan Stanley lowered their target price 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. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $40.25.

About Western Midstream Partners

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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