RR Advisors LLC Reduces Stake in Western Midstream Partners, LP $WES

Key Points

• RR Advisors LLC has reduced its stake in Western Midstream Partners, LP by 2.3%, holding 466,000 shares after selling 11,000 shares in the first quarter.
• Western Midstream Partners recently announced a quarterly dividend of $0.91, resulting in an annualized dividend of $3.64 and a yield of 9.4%.
• The firm's earnings report showed an EPS of $0.87, beating analysts' estimates and demonstrating a 4.1% year-over-year revenue increase.

RR Advisors LLC decreased its holdings in shares of Western Midstream Partners, LP (NYSE:WES - Free Report) by 2.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 466,000 shares of the pipeline company's stock after selling 11,000 shares during the quarter. Western Midstream Partners makes up 4.6% of RR Advisors LLC's holdings, making the stock its 10th biggest position. RR Advisors LLC owned about 0.12% of Western Midstream Partners worth $19,074,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of WES. Envestnet Asset Management Inc. raised its stake in Western Midstream Partners by 7.8% in the fourth quarter. Envestnet Asset Management Inc. now owns 142,877 shares of the pipeline company's stock valued at $5,491,000 after purchasing an additional 10,343 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of Western Midstream Partners in the fourth quarter worth approximately $19,079,000. Rockefeller Capital Management L.P. boosted its position in Western Midstream Partners by 5.4% during the fourth quarter. Rockefeller Capital Management L.P. now owns 40,912 shares of the pipeline company's stock valued at $1,572,000 after acquiring an additional 2,084 shares during the last quarter. Barclays PLC grew its position in shares of Western Midstream Partners by 83.1% during the 4th quarter. Barclays PLC now owns 1,404,381 shares of the pipeline company's stock worth $53,971,000 after buying an additional 637,266 shares during the period. Finally, Mariner LLC boosted its position in shares of Western Midstream Partners by 3.5% during the 4th quarter. Mariner LLC now owns 98,488 shares of the pipeline company's stock worth $3,785,000 after purchasing an additional 3,375 shares in the last quarter. 84.82% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Mizuho decreased their target price on shares of 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. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Reduce" and a consensus price target of $39.80.

Western Midstream Partners Price Performance

Shares of WES stock traded up $0.0210 during trading on Wednesday, hitting $38.2710. The company had a trading volume of 555,663 shares, compared to its average volume of 1,184,177. The stock's 50-day moving average is $39.16 and its two-hundred day moving average is $39.09. Western Midstream Partners, LP has a 52 week low of $33.60 and a 52 week high of $43.33. The company has a quick ratio of 1.30, a current ratio of 1.30 and a debt-to-equity ratio of 2.08. The stock has a market capitalization of $14.59 billion, a price-to-earnings ratio of 11.78 and a beta of 1.13.

Western Midstream Partners (NYSE:WES - Get Free Report) last posted its quarterly earnings data 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. The firm had revenue of $942.32 million during the quarter, compared to analysts' expectations of $954.17 million. Western Midstream Partners had a return on equity of 37.70% and a net margin of 34.45%.The company's revenue for the quarter was up 4.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.97 EPS. As a group, analysts predict that Western Midstream Partners, LP will post 4.02 EPS for the current fiscal year.

Western Midstream Partners Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 14th. Shareholders of record on Friday, August 1st were given a dividend of $0.91 per share. The ex-dividend date of this dividend was Friday, August 1st. This represents a $3.64 annualized dividend and a yield of 9.5%. 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.