Turtle Creek Wealth Advisors LLC Takes $1.43 Million Position in Western Midstream Partners, LP $WES

Key Points

• Turtle Creek Wealth Advisors LLC acquired a new stake in Western Midstream Partners, LP, purchasing 36,882 shares valued at approximately $1.43 million.
• Several institutional investors, including Kingstone Capital Partners and Longfellow Investment Management, have significantly increased their holdings in Western Midstream Partners, reflecting strong interest among funds.
• The company reported earnings of $0.87 per share, surpassing analyst expectations, along with a declared quarterly dividend of $0.91 per share yielding 9.6%.

Turtle Creek Wealth Advisors LLC bought a new stake in shares of Western Midstream Partners, LP (NYSE:WES - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 36,882 shares of the pipeline company's stock, valued at approximately $1,427,000.

Several other institutional investors have also recently made changes to their positions in WES. Kingstone Capital Partners Texas LLC purchased a new position in shares of Western Midstream Partners during the 2nd quarter valued at approximately $156,967,000. Alps Advisors Inc. increased its holdings in shares of Western Midstream Partners by 7.6% during the 1st quarter. Alps Advisors Inc. now owns 33,824,487 shares of the pipeline company's stock valued at $1,385,451,000 after purchasing an additional 2,400,891 shares in the last quarter. Invesco Ltd. increased its holdings in shares of Western Midstream Partners by 7.1% during the 1st quarter. Invesco Ltd. now owns 24,417,770 shares of the pipeline company's stock valued at $1,000,152,000 after purchasing an additional 1,608,609 shares in the last quarter. Longfellow Investment Management Co. LLC increased its holdings in shares of Western Midstream Partners by 90.5% during the 1st 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 in the last quarter. Finally, Northern Trust Corp increased its holdings in shares of Western Midstream Partners by 2,725.4% during the 1st quarter. Northern Trust Corp now owns 367,330 shares of the pipeline company's stock valued at $15,046,000 after purchasing an additional 354,329 shares in the last quarter. 84.82% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on WES shares. Morgan Stanley cut their price target on shares of Western Midstream Partners from $41.00 to $39.00 and set an "underweight" rating for the company in a report on Tuesday, August 26th. Mizuho boosted their price target on shares of Western Midstream Partners from $44.00 to $46.00 and gave the stock an "outperform" rating in a report on Friday, August 29th. Finally, Royal Bank Of Canada boosted their price target on shares of Western Midstream Partners from $38.00 to $39.00 and gave the stock a "sector perform" rating in a report on Tuesday, August 26th. One equities research analyst has rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, Western Midstream Partners presently has an average rating of "Reduce" and an average price target of $39.60.

Western Midstream Partners Price Performance

Western Midstream Partners stock opened at $37.74 on Thursday. Western Midstream Partners, LP has a 52-week low of $33.60 and a 52-week high of $43.33. The firm has a market capitalization of $14.39 billion, a price-to-earnings ratio of 11.61 and a beta of 1.12. The company has a fifty day simple moving average of $38.43 and a 200-day simple moving average of $38.50. The company has a quick ratio of 1.30, a current ratio of 1.30 and a debt-to-equity ratio of 2.08.

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 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 analyst estimates of $954.17 million. During the same quarter in the prior year, the firm earned $0.97 earnings per share. The company's revenue for the quarter was up 4.1% compared to the same quarter last year. On average, equities analysts anticipate that Western Midstream Partners, LP will post 4.02 EPS for the current fiscal year.

Western Midstream Partners Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 14th. Stockholders of record on Friday, August 1st were issued a dividend of $0.91 per share. The ex-dividend date of this dividend was Friday, August 1st. This represents a $3.64 dividend on an annualized basis and a dividend yield of 9.6%. Western Midstream Partners's dividend payout ratio is presently 112.00%.

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.

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