Western Midstream Partners, LP $WES Shares Sold by Chickasaw Capital Management LLC

Key Points

• Chickasaw Capital Management reduced its Western Midstream Partners stake by 0.8%, selling 41,675 shares and retaining 5.47 million shares worth approximately $242.5 million. Institutional investors and hedge funds collectively own 84.82% of WES.
• Western Midstream reported quarterly revenue of $1.22 billion and earnings of $0.99 per share, exceeding analyst estimates, while revenue increased 30% year over year.
• The partnership pays a quarterly dividend of $0.93, equivalent to a $3.72 annualized payout and an 8.2% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $49.89.

Chickasaw Capital Management LLC lessened its position in shares of Western Midstream Partners, LP (NYSE:WES - Free Report) by 0.8% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 5,465,979 shares of the pipeline company's stock after selling 41,675 shares during the quarter. Western Midstream Partners comprises approximately 8.7% of Chickasaw Capital Management LLC's portfolio, making the stock its 4th largest position. Chickasaw Capital Management LLC owned about 1.32% of Western Midstream Partners worth $242,525,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in WES. Alps Advisors Inc. increased its stake in Western Midstream Partners by 0.9% during the fourth quarter. Alps Advisors Inc. now owns 35,074,357 shares of the pipeline company's stock worth $1,385,437,000 after acquiring an additional 299,631 shares during the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its holdings in shares of Western Midstream Partners by 8.8% during the 1st quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,676,900 shares of the pipeline company's stock worth $69,038,000 after purchasing an additional 136,000 shares during the period. Miller Howard Investments Inc. NY grew its holdings in shares of Western Midstream Partners by 6.3% during the 1st quarter. Miller Howard Investments Inc. NY now owns 1,584,975 shares of the pipeline company's stock worth $65,253,000 after purchasing an additional 93,543 shares during the period. Berkley W R Corp raised its holdings in Western Midstream Partners by 42.8% in the 1st quarter. Berkley W R Corp now owns 1,266,970 shares of the pipeline company's stock valued at $52,161,000 after buying an additional 379,807 shares during the period. Finally, Infrastructure Capital Advisors LLC raised its stake in shares of Western Midstream Partners by 6.7% in the 1st quarter. Infrastructure Capital Advisors LLC now owns 1,234,879 shares of the pipeline company's stock valued at $50,840,000 after acquiring an additional 77,202 shares during the period. 84.82% of the stock is currently owned by institutional investors and hedge funds.

Western Midstream Partners Trading Down 1.2%

NYSE WES opened at $45.63 on Thursday. The company has a debt-to-equity ratio of 2.02, a quick ratio of 0.91 and a current ratio of 0.91. The firm has a market cap of $18.85 billion, a price-to-earnings ratio of 14.35, a PEG ratio of 1.36 and a beta of 0.74. The firm has a 50 day simple moving average of $47.44 and a 200-day simple moving average of $44.95. Western Midstream Partners, LP has a one year low of $36.90 and a one year high of $50.07.

Western Midstream Partners (NYSE:WES - Get Free Report) last announced its earnings results on Wednesday, August 5th. The pipeline company reported $0.99 earnings per share for the quarter, topping the consensus estimate of $0.91 by $0.08. Western Midstream Partners had a net margin of 29.44% and a return on equity of 33.13%. The firm had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.13 billion. During the same period in the prior year, the firm earned $0.87 EPS. The firm's revenue for the quarter was up 30.0% on a year-over-year basis. Equities research analysts anticipate that Western Midstream Partners, LP will post 3.66 EPS for the current fiscal year.

Western Midstream Partners Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 31st were paid a $0.93 dividend. This represents a $3.72 annualized dividend and a dividend yield of 8.2%. The ex-dividend date was Friday, July 31st. Western Midstream Partners's dividend payout ratio (DPR) is presently 116.98%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on WES. Zacks Research upgraded shares of Western Midstream Partners from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 13th. Citigroup boosted their target price on Western Midstream Partners from $42.00 to $45.00 and gave the company a "neutral" rating in a research report on Tuesday, August 11th. Morgan Stanley raised their price target on Western Midstream Partners from $51.00 to $55.00 and gave the stock an "equal weight" rating in a research report on Tuesday, August 18th. Mizuho lifted their price objective on Western Midstream Partners from $48.00 to $51.00 and gave the company an "outperform" rating in a research note on Tuesday, July 14th. Finally, Wells Fargo & Company boosted their price objective on Western Midstream Partners from $43.00 to $46.00 and gave the company an "equal weight" rating in a report on Monday, August 10th. Two analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, Western Midstream Partners has an average rating of "Moderate Buy" and an average target price of $49.89.

Insider Activity

In related news, Director Frederick Forthuber bought 5,140 shares of the firm's stock in a transaction that occurred on Wednesday, August 12th. The stock was purchased at an average cost of $48.62 per share, for a total transaction of $249,906.80. Following the completion of the acquisition, the director owned 5,140 shares in the company, valued at approximately $249,906.80. This trade represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.04% of the company's stock.

About Western Midstream Partners

Western Midstream Partners, LP NYSE: WES is a publicly traded master limited partnership that owns and operates midstream energy infrastructure in the United States. The company provides services that connect oil and natural gas production with processing facilities, pipelines, storage systems and end markets.

Its operations include the gathering, processing, treating, transportation and storage of natural gas, natural gas liquids and crude oil. Western Midstream also provides gathering and disposal services for produced water, a byproduct of oil and gas production.

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