Western Midstream Partners, LP (NYSE:WES) Shares Sold by Eagle Global Advisors LLC

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 decreased its position in shares of Western Midstream Partners, LP (NYSE:WES - Free Report) by 2.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,372,430 shares of the pipeline company's stock after selling 61,650 shares during the quarter. Western Midstream Partners comprises about 4.0% of Eagle Global Advisors LLC's investment portfolio, making the stock its 5th largest holding. Eagle Global Advisors LLC owned about 0.62% of Western Midstream Partners worth $97,175,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Integrated Wealth Concepts LLC lifted its holdings in Western Midstream Partners by 4.7% in the fourth quarter. Integrated Wealth Concepts LLC now owns 6,833 shares of the pipeline company's stock worth $263,000 after purchasing an additional 306 shares during the period. Virtus ETF Advisers LLC raised its position in Western Midstream Partners by 7.3% in the fourth quarter. Virtus ETF Advisers LLC now owns 4,564 shares of the pipeline company's stock worth $175,000 after acquiring an additional 311 shares in the last quarter. RE Dickinson Investment Advisors LLC raised its position in Western Midstream Partners by 21.8% in the fourth quarter. RE Dickinson Investment Advisors LLC now owns 2,168 shares of the pipeline company's stock worth $83,000 after acquiring an additional 388 shares in the last quarter. Princeton Global Asset Management LLC raised its position in Western Midstream Partners by 133.3% in the first quarter. Princeton Global Asset Management LLC now owns 700 shares of the pipeline company's stock worth $29,000 after acquiring an additional 400 shares in the last quarter. Finally, Atria Wealth Solutions Inc. raised its position in Western Midstream Partners by 5.0% in the first quarter. Atria Wealth Solutions Inc. now owns 8,559 shares of the pipeline company's stock worth $351,000 after acquiring an additional 411 shares in the last quarter. Institutional investors and hedge funds own 84.82% of the company's stock.

Analysts Set New Price Targets

Separately, Mizuho dropped their price target on shares of Western Midstream Partners from $45.00 to $44.00 and set an "outperform" rating on the stock 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 stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $39.80.

Western Midstream Partners Price Performance

Shares of WES opened at $38.05 on Monday. The company has a market capitalization of $14.51 billion, a price-to-earnings ratio of 11.71 and a beta of 1.13. Western Midstream Partners, LP has a fifty-two week low of $33.60 and a fifty-two week high of $43.33. 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 business's 50-day moving average is $39.09 and its 200-day moving average is $39.24.

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

Western Midstream Partners Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 14th. Stockholders of record on Friday, August 1st will be issued a $0.91 dividend. The ex-dividend date is 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 currently 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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