Western Midstream Partners, LP $WES Stock Acquired by Adams Asset Advisors LLC

Key Points

• Adams Asset Advisors increased its WES stake by 8.9% in the third quarter, owning 408,023 shares valued at approximately $18.1 million. Institutional investors collectively own 84.82% of Western Midstream Partners.
• Western Midstream reported quarterly earnings of $0.99 per share, beating estimates of $0.91, while revenue rose 30% year over year to $1.22 billion.
• The partnership pays a quarterly dividend of $0.93 per share, or $3.72 annualized, representing an 8.1% yield. Analysts give the stock a “Moderate Buy” consensus rating with an average price target of $49.89.

Adams Asset Advisors LLC lifted its stake in Western Midstream Partners, LP (NYSE:WES - Free Report) by 8.9% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 408,023 shares of the pipeline company's stock after purchasing an additional 33,200 shares during the quarter. Western Midstream Partners accounts for about 1.7% of Adams Asset Advisors LLC's investment portfolio, making the stock its 15th largest holding. Adams Asset Advisors LLC owned 0.10% of Western Midstream Partners worth $18,104,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of WES. Everhart Financial Group Inc. acquired a new position in Western Midstream Partners during the third quarter valued at $482,000. Venture Visionary Partners LLC boosted its position in Western Midstream Partners by 163.7% during the 3rd quarter. Venture Visionary Partners LLC now owns 17,141 shares of the pipeline company's stock worth $761,000 after acquiring an additional 10,641 shares during the period. Tidal Investments LLC grew its stake in Western Midstream Partners by 77.5% during the 2nd quarter. Tidal Investments LLC now owns 8,769 shares of the pipeline company's stock valued at $384,000 after acquiring an additional 3,828 shares in the last quarter. Integrated Wealth Concepts LLC grew its stake in Western Midstream Partners by 59.9% during the 2nd quarter. Integrated Wealth Concepts LLC now owns 9,922 shares of the pipeline company's stock valued at $434,000 after acquiring an additional 3,717 shares in the last quarter. Finally, NewEdge Advisors LLC increased its holdings in shares of Western Midstream Partners by 8.1% in the 2nd quarter. NewEdge Advisors LLC now owns 71,977 shares of the pipeline company's stock valued at $3,150,000 after purchasing an additional 5,393 shares during the period. 84.82% of the stock is owned by hedge funds and other institutional investors.

Western Midstream Partners Stock Performance

Western Midstream Partners stock traded up $0.35 during trading hours on Thursday, reaching $45.91. 583,646 shares of the company were exchanged, compared to its average volume of 1,202,849. Western Midstream Partners, LP has a 12 month low of $36.90 and a 12 month high of $50.07. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 2.02. The stock has a 50-day moving average of $47.44 and a 200 day moving average of $44.95. The firm has a market cap of $18.97 billion, a price-to-earnings ratio of 14.44, a PEG ratio of 1.36 and a beta of 0.74.

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

Western Midstream Partners Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 31st were given a dividend of $0.93 per share. The ex-dividend date of this dividend was Friday, July 31st. This represents a $3.72 dividend on an annualized basis and a dividend yield of 8.1%. Western Midstream Partners's dividend payout ratio is currently 116.98%.

Insider Buying and Selling at Western Midstream Partners

In other news, Director Frederick Forthuber bought 5,140 shares of the firm's stock in a transaction that occurred on Wednesday, August 12th. The shares were acquired at an average cost of $48.62 per share, with a total value of $249,906.80. Following the completion of the transaction, the director directly owned 5,140 shares in the company, valued at $249,906.80. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.04% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on WES shares. Truist Financial started coverage on shares of Western Midstream Partners in a research report on Thursday, September 17th. They issued a "buy" rating and a $55.00 target price for the company. Wells Fargo & Company upped their price target on shares of Western Midstream Partners from $43.00 to $46.00 and gave the stock an "equal weight" rating in a research note on Monday, August 10th. Stifel Nicolaus initiated coverage on Western Midstream Partners in a report on Thursday, September 10th. They set a "buy" rating and a $55.00 price objective for the company. Zacks Research raised Western Midstream Partners from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 13th. Finally, Wall Street Zen raised Western Midstream Partners from a "hold" rating to a "buy" rating in a research note on Saturday, October 3rd. Two analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, Western Midstream Partners has an average rating of "Moderate Buy" and a consensus price target of $49.89.

Western Midstream Partners Company Profile

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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