Eagle Global Advisors LLC Sells 61,650 Shares of Western Midstream Partners, LP (NYSE:WES)

Key Points

• Eagle Global Advisors LLC has reduced its stake in Western Midstream Partners, LP by 2.5%, now holding approximately 2.37 million shares valued at about $97.18 million.
• Analysts recently adjusted their price target for Western Midstream Partners from $45.00 to $44.00, with an average consensus target price of $39.80.
• Western Midstream Partners announced a quarterly dividend of $0.91, representing an annualized dividend yield of 9.6%, although the dividend payout ratio currently stands at 112.00%.

Eagle Global Advisors LLC cut its stake in Western Midstream Partners, LP (NYSE:WES - Free Report) by 2.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,372,430 shares of the pipeline company's stock after selling 61,650 shares during the quarter. Western Midstream Partners accounts for 4.0% of Eagle Global Advisors LLC's holdings, making the stock its 5th biggest position. Eagle Global Advisors LLC owned 0.62% of Western Midstream Partners worth $97,175,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently modified their holdings of WES. Longfellow Investment Management Co. LLC grew its position in shares of Western Midstream Partners by 90.5% in 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 during the period. Nuveen LLC acquired a new position in shares of Western Midstream Partners in the 1st quarter valued at approximately $292,000. Linscomb Wealth Inc. grew its position in shares of Western Midstream Partners by 4.5% in the 1st quarter. Linscomb Wealth Inc. now owns 12,068 shares of the pipeline company's stock valued at $494,000 after purchasing an additional 518 shares during the period. Invesco Ltd. grew its position in shares of Western Midstream Partners by 7.1% in 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 during the period. Finally, Townsquare Capital LLC grew its position in shares of Western Midstream Partners by 25.9% in the 1st quarter. Townsquare Capital LLC now owns 8,405 shares of the pipeline company's stock valued at $344,000 after purchasing an additional 1,729 shares during the period. 84.82% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Separately, Mizuho reduced their price target 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, two have assigned a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $39.80.

Western Midstream Partners Stock Performance

WES stock traded up $0.14 during trading hours on Friday, hitting $38.78. 749,922 shares of the stock were exchanged, compared to its average volume of 1,180,709. The company has a current ratio of 1.30, a quick ratio of 1.30 and a debt-to-equity ratio of 2.08. The firm has a market capitalization of $14.79 billion, a P/E ratio of 11.93 and a beta of 1.13. The company has a 50-day simple moving average of $39.13 and a two-hundred day simple moving average of $39.18. Western Midstream Partners, LP has a 12 month low of $33.60 and a 12 month 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 the consensus estimate of $0.82 by $0.05. The company had revenue of $942.32 million for the quarter, compared to analyst estimates of $954.17 million. Western Midstream Partners had a return on equity of 37.70% and a net margin of 34.45%. Western Midstream Partners's quarterly revenue was up 4.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.97 EPS. On average, analysts forecast that Western Midstream Partners, LP will post 4.02 earnings per share for the current fiscal year.

Western Midstream Partners Announces Dividend

The business 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. This represents a $3.64 annualized dividend and a dividend yield of 9.4%. The ex-dividend date of this dividend was Friday, August 1st. Western Midstream Partners's dividend payout ratio is 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.