Western Midstream Partners, LP $WES is Tortoise Capital Advisors L.L.C.'s 9th Largest Position

Key Points

• Tortoise Capital Advisors L.L.C. reduced its holdings in Western Midstream Partners by 1.7%, selling 133,664 shares in the first quarter, leaving them with approximately 7.93 million shares.
• Analysts have updated their ratings on Western Midstream Partners, with Mizuho lowering the target price from $45.00 to $44.00 and a consensus average target price of $39.80.
• Western Midstream Partners reported a quarterly EPS of $0.87, exceeding estimates, and announced a dividend of $0.91, resulting in a dividend yield of 9.5%.

Tortoise Capital Advisors L.L.C. lessened its holdings in Western Midstream Partners, LP (NYSE:WES - Free Report) by 1.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,930,425 shares of the pipeline company's stock after selling 133,664 shares during the period. Western Midstream Partners comprises 3.9% of Tortoise Capital Advisors L.L.C.'s investment portfolio, making the stock its 9th biggest holding. Tortoise Capital Advisors L.L.C. owned 2.08% of Western Midstream Partners worth $324,830,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Northern Trust Corp raised its holdings 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 worth $15,046,000 after acquiring an additional 354,329 shares during the last quarter. Raymond James Financial Inc. raised its holdings in shares of Western Midstream Partners by 2.7% in the 1st quarter. Raymond James Financial Inc. now owns 509,737 shares of the pipeline company's stock worth $20,879,000 after acquiring an additional 13,269 shares during the last quarter. Financial Network Wealth Advisors LLC raised its holdings in shares of Western Midstream Partners by 1,856.4% in the 1st quarter. Financial Network Wealth Advisors LLC now owns 763 shares of the pipeline company's stock worth $31,000 after acquiring an additional 724 shares during the last quarter. HighTower Advisors LLC raised its holdings in shares of Western Midstream Partners by 5.6% in the first quarter. HighTower Advisors LLC now owns 103,505 shares of the pipeline company's stock valued at $4,240,000 after purchasing an additional 5,497 shares during the last quarter. Finally, Longfellow Investment Management Co. LLC raised its holdings in shares of Western Midstream Partners by 90.5% in the first quarter. Longfellow Investment Management Co. LLC now owns 985,718 shares of the pipeline company's stock valued at $40,375,000 after purchasing an additional 468,303 shares during the last quarter. Institutional investors and hedge funds own 84.82% of the company's stock.

Western Midstream Partners Stock Up 0.8%

Shares of WES stock traded up $0.2950 on Friday, hitting $38.5050. The stock had a trading volume of 892,499 shares, compared to its average volume of 1,449,051. Western Midstream Partners, LP has a 12-month low of $33.60 and a 12-month high of $43.33. The business has a 50 day moving average of $39.13 and a 200 day moving average of $39.02. 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 cap of $14.68 billion, a price-to-earnings ratio of 11.85 and a beta of 1.13.

Western Midstream Partners (NYSE:WES - Get Free Report) last posted its quarterly earnings data 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 net margin of 34.45% and a return on equity of 37.70%. The business had revenue of $942.32 million during the quarter, compared to the consensus estimate of $954.17 million. During the same quarter last year, the company posted $0.97 earnings per share. The firm's quarterly revenue was up 4.1% compared to the same quarter last year. As a group, analysts expect that Western Midstream Partners, LP will post 4.02 EPS for the current year.

Western Midstream Partners Dividend Announcement

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

Wall Street Analysts Forecast Growth

Separately, Mizuho lowered their target price on shares of Western Midstream Partners from $45.00 to $44.00 and set an "outperform" rating for the company in a report on Tuesday, May 20th. One investment analyst has rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, Western Midstream Partners currently has an average rating of "Reduce" and a consensus price target of $39.80.

Western Midstream Partners Company 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.