Envestnet Asset Management Inc. Sells 66,494 Shares of Western Midstream Partners, LP (NYSE:WES)

Key Points

• Envestnet Asset Management Inc. reduced its stake in Western Midstream Partners, LP by 46.5%, leaving it with 76,383 shares valued at approximately $3.13 million.
• Western Midstream Partners reported a miss on earnings for the last quarter, with earnings per share of $0.79, falling short of the expected $0.83, while revenue increased by 3.3% year-over-year.
• The company will distribute a $0.91 quarterly dividend on August 14, resulting in an annualized dividend yield of 8.93% despite having a high dividend payout ratio of 108.66%.

Envestnet Asset Management Inc. trimmed its position in shares of Western Midstream Partners, LP (NYSE:WES - Free Report) by 46.5% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 76,383 shares of the pipeline company's stock after selling 66,494 shares during the period. Envestnet Asset Management Inc.'s holdings in Western Midstream Partners were worth $3,129,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Commonwealth Equity Services LLC lifted its position in shares of Western Midstream Partners by 50.4% during the fourth quarter. Commonwealth Equity Services LLC now owns 21,353 shares of the pipeline company's stock worth $821,000 after purchasing an additional 7,155 shares during the last quarter. LPL Financial LLC increased its position in Western Midstream Partners by 16.8% in the 4th quarter. LPL Financial LLC now owns 227,107 shares of the pipeline company's stock valued at $8,728,000 after acquiring an additional 32,628 shares during the period. Summit Financial LLC increased its stake in shares of Western Midstream Partners by 2.6% during the fourth quarter. Summit Financial LLC now owns 93,977 shares of the pipeline company's stock valued at $3,612,000 after acquiring an additional 2,409 shares during the period. Invesco Ltd. increased its stake 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 period. Finally, Texas Yale Capital Corp. increased its stake in shares of Western Midstream Partners by 1.0% during the fourth quarter. Texas Yale Capital Corp. now owns 385,091 shares of the pipeline company's stock valued at $14,799,000 after acquiring an additional 3,650 shares during the period. 84.82% of the stock is currently owned by institutional investors and hedge funds.

Western Midstream Partners Trading Up 0.3%

Shares of NYSE WES traded up $0.12 during midday trading on Thursday, reaching $40.61. 302,991 shares of the stock were exchanged, compared to its average volume of 1,139,761. Western Midstream Partners, LP has a 12 month low of $33.60 and a 12 month high of $43.33. The company has a debt-to-equity ratio of 2.08, a current ratio of 1.18 and a quick ratio of 1.18. The business has a 50-day simple moving average of $38.89 and a two-hundred day simple moving average of $39.36. The company has a market capitalization of $15.49 billion, a price-to-earnings ratio of 12.12 and a beta of 1.08.

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

Western Midstream Partners Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 14th. Investors of record on Friday, August 1st will be given a dividend of $0.91 per share. The ex-dividend date of this dividend is Friday, August 1st. This represents a $3.64 annualized dividend and a dividend yield of 8.96%. Western Midstream Partners's dividend payout ratio is 108.66%.

Wall Street Analysts Forecast Growth

Separately, Mizuho lowered their price objective 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 analysts have rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company's stock. According to data from MarketBeat.com, Western Midstream Partners currently has a consensus rating of "Hold" and an average target price of $39.83.

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.