Longfellow Investment Management Co. LLC Has $40.38 Million Stake in Western Midstream Partners, LP (NYSE:WES)

Key Points

• Longfellow Investment Management Co. LLC significantly increased its stake in Western Midstream Partners by 90.5%, owning 985,718 shares which accounts for 9.9% of its investment portfolio.
• Western Midstream Partners recently announced a quarterly dividend of $0.91 per share, indicating a 9.6% yield with a payout ratio of 112.00%.
• Analysts have set a new average price target of $39.80 for Western Midstream Partners, with a consensus rating of "Hold" based on recent stock performance and earnings.

Longfellow Investment Management Co. LLC increased its stake in Western Midstream Partners, LP (NYSE:WES - Free Report) by 90.5% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 985,718 shares of the pipeline company's stock after purchasing an additional 468,303 shares during the quarter. Western Midstream Partners comprises about 9.9% of Longfellow Investment Management Co. LLC's holdings, making the stock its 3rd largest position. Longfellow Investment Management Co. LLC owned 0.26% of Western Midstream Partners worth $40,375,000 as of its most recent filing with the SEC.

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

Western Midstream Partners Price Performance

WES stock traded up $0.55 during mid-day trading on Wednesday, hitting $38.71. 1,647,059 shares of the stock were exchanged, compared to its average volume of 1,284,737. 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 has a fifty day moving average price of $39.11 and a 200 day moving average price of $39.19. Western Midstream Partners, LP has a 12 month low of $33.60 and a 12 month high of $43.33. The stock has a market capitalization of $14.76 billion, a price-to-earnings ratio of 11.91 and a beta of 1.13.

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 for the quarter, beating analysts' consensus estimates of $0.82 by $0.05. Western Midstream Partners had a return on equity of 37.70% and a net margin of 34.45%. The company had revenue of $942.32 million during the quarter, compared to analyst estimates of $954.17 million. During the same quarter in the previous year, the company posted $0.97 EPS. Western Midstream Partners's revenue for the quarter was up 4.1% on a year-over-year basis. On average, sell-side analysts anticipate that Western Midstream Partners, LP will post 4.02 EPS for the current year.

Western Midstream Partners Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 14th. Stockholders of record on Friday, August 1st will be paid a $0.91 dividend. This represents a $3.64 dividend on an annualized basis and a dividend yield of 9.4%. The ex-dividend date of this dividend is Friday, August 1st. Western Midstream Partners's payout ratio is 112.00%.

Analyst Upgrades and Downgrades

Separately, Mizuho dropped their price target on Western Midstream Partners from $45.00 to $44.00 and set an "outperform" rating for the company in a research note on Tuesday, May 20th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $39.80.

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.