CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Raises Stock Position in Western Midstream Partners, LP (NYSE:WES)

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lifted its holdings in shares of Western Midstream Partners, LP (NYSE:WES - Free Report) by 4.1% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,333,624 shares of the pipeline company's stock after acquiring an additional 53,027 shares during the quarter. Western Midstream Partners accounts for about 3.4% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT's holdings, making the stock its 14th largest position. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned about 0.35% of Western Midstream Partners worth $54,625,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Invesco Ltd. increased its position in shares of Western Midstream Partners by 6.6% during the fourth quarter. Invesco Ltd. now owns 22,809,161 shares of the pipeline company's stock valued at $876,556,000 after acquiring an additional 1,406,362 shares during the last quarter. Tortoise Capital Advisors L.L.C. increased its position in shares of Western Midstream Partners by 2.0% during the fourth quarter. Tortoise Capital Advisors L.L.C. now owns 8,064,089 shares of the pipeline company's stock valued at $309,903,000 after acquiring an additional 159,016 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Western Midstream Partners by 23.1% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,273,186 shares of the pipeline company's stock valued at $279,509,000 after acquiring an additional 1,366,341 shares during the last quarter. Eagle Global Advisors LLC lifted its stake in Western Midstream Partners by 23.2% in the fourth quarter. Eagle Global Advisors LLC now owns 2,434,080 shares of the pipeline company's stock valued at $93,542,000 after purchasing an additional 458,111 shares during the last quarter. Finally, BROOKFIELD Corp ON lifted its stake in Western Midstream Partners by 1.0% in the fourth quarter. BROOKFIELD Corp ON now owns 1,683,790 shares of the pipeline company's stock valued at $64,708,000 after purchasing an additional 15,978 shares during the last quarter. 84.82% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Wall Street Zen upgraded Western Midstream Partners from a "hold" rating to a "buy" rating in a research note on Saturday, March 8th. Mizuho reduced their target price on Western Midstream Partners from $45.00 to $44.00 and set an "outperform" rating for the company in a research report on Tuesday, May 20th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $39.83.

Western Midstream Partners Price Performance

WES traded up $0.16 during trading on Friday, reaching $38.54. The stock had a trading volume of 897,749 shares, compared to its average volume of 1,223,310. The stock has a market cap of $14.70 billion, a PE ratio of 11.50 and a beta of 1.09. The company has a debt-to-equity ratio of 2.08, a quick ratio of 1.18 and a current ratio of 1.18. Western Midstream Partners, LP has a one year low of $33.60 and a one year high of $43.33. The business has a 50-day moving average of $38.13 and a 200-day moving average of $39.28.

Western Midstream Partners (NYSE:WES - Get Free Report) last released its earnings results on Wednesday, May 7th. The pipeline company reported $0.79 EPS for the quarter, missing analysts' consensus estimates of $0.83 by ($0.04). The firm had revenue of $917.12 million during the quarter, compared to the consensus estimate of $926.55 million. Western Midstream Partners had a net margin of 35.79% and a return on equity of 38.52%. The firm's revenue was up 3.3% compared to the same quarter last year. During the same period in the prior year, the company earned $1.47 EPS. As a group, equities research analysts anticipate that Western Midstream Partners, LP will post 4.02 EPS for the current fiscal year.

Western Midstream Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Friday, May 2nd were paid a dividend of $0.91 per share. This is a boost from Western Midstream Partners's previous quarterly dividend of $0.88. This represents a $3.64 dividend on an annualized basis and a dividend yield of 9.44%. The ex-dividend date of this dividend was Friday, May 2nd. Western Midstream Partners's dividend payout ratio (DPR) is 108.66%.

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.