Western Midstream Partners, LP $WES Stock Acquired by CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT

Key Points

• Cushing Asset Management increased its Western Midstream Partners stake by 5.6% in the third quarter, purchasing 71,000 additional shares for a total of 1.33 million shares valued at approximately $59.1 million.
• Analyst sentiment remains moderately positive, with a consensus rating of “Moderate Buy” and an average price target of $49.89, compared with the stock’s reported price of $45.14.
• Western Midstream reported quarterly earnings and revenue above expectations, while maintaining a quarterly dividend of $0.93 per share, equivalent to an 8.2% annualized yield.

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT boosted its position in shares of Western Midstream Partners, LP (NYSE:WES - Free Report) by 5.6% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,330,900 shares of the pipeline company's stock after purchasing an additional 71,000 shares during the quarter. Western Midstream Partners comprises 2.7% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT's holdings, making the stock its 14th biggest position. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned 0.32% of Western Midstream Partners worth $59,052,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Berkley W R Corp raised its holdings in shares of Western Midstream Partners by 42.8% during the first quarter. Berkley W R Corp now owns 1,266,970 shares of the pipeline company's stock worth $52,161,000 after acquiring an additional 379,807 shares during the period. First Trust Advisors LP increased its stake in shares of Western Midstream Partners by 39.0% during the first quarter. First Trust Advisors LP now owns 902,585 shares of the pipeline company's stock worth $37,159,000 after purchasing an additional 253,474 shares during the period. Empowered Funds LLC increased its stake in shares of Western Midstream Partners by 99.8% during the first quarter. Empowered Funds LLC now owns 472,989 shares of the pipeline company's stock worth $19,473,000 after purchasing an additional 236,221 shares during the period. Empirical Finance LLC lifted its holdings in Western Midstream Partners by 86.8% during the 1st quarter. Empirical Finance LLC now owns 442,189 shares of the pipeline company's stock worth $18,205,000 after purchasing an additional 205,421 shares during the last quarter. Finally, Militia Capital Management LLC acquired a new stake in Western Midstream Partners during the 1st quarter worth approximately $8,244,000. 84.82% of the stock is owned by institutional investors.

Analyst Ratings Changes

WES has been the subject of several analyst reports. Mizuho boosted their target price on shares of Western Midstream Partners from $48.00 to $51.00 and gave the company an "outperform" rating in a research report on Tuesday, July 14th. UBS Group lifted their price objective on shares of Western Midstream Partners from $45.00 to $48.00 and gave the company a "neutral" rating in a research note on Friday, July 10th. Wall Street Zen cut shares of Western Midstream Partners from a "buy" rating to a "hold" rating in a research note on Saturday, October 17th. Stifel Nicolaus assumed coverage on shares of Western Midstream Partners in a research report on Thursday, September 10th. They set a "buy" rating and a $55.00 price objective for the company. Finally, Wells Fargo & Company upped their target price on 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. Two investment 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 company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $49.89.

Insider Buying and Selling at Western Midstream Partners

In other Western Midstream Partners news, Director Frederick Forthuber bought 5,140 shares of the business's stock in a transaction dated Wednesday, August 12th. The shares were purchased at an average price of $48.62 per share, for a total transaction of $249,906.80. Following the purchase, the director directly owned 5,140 shares of the company's stock, valued at approximately $249,906.80. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.04% of the stock is owned by insiders.

Western Midstream Partners Stock Up 0.0%

Western Midstream Partners stock opened at $45.14 on Tuesday. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 2.02. Western Midstream Partners, LP has a 12-month low of $36.90 and a 12-month high of $50.07. The firm's fifty day moving average is $46.75 and its 200 day moving average is $44.06. The company has a market capitalization of $18.65 billion, a PE ratio of 14.19, a PEG ratio of 1.22 and a beta of 0.74.

Western Midstream Partners (NYSE:WES - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The pipeline company reported $0.99 EPS for the quarter, topping analysts' consensus estimates 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 business had revenue of $1.22 billion during the quarter, compared to analysts' expectations of $1.13 billion. During the same period last year, the company posted $0.87 earnings per share. The business's quarterly revenue was up 30.0% on a year-over-year basis. As a group, sell-side analysts predict that Western Midstream Partners, LP will post 3.66 EPS for the current fiscal year.

Western Midstream Partners Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 13th. Shareholders of record on Monday, November 2nd will be given a dividend of $0.93 per share. The ex-dividend date of this dividend is Monday, November 2nd. This represents a $3.72 annualized dividend and a dividend yield of 8.2%. Western Midstream Partners's dividend payout ratio (DPR) is currently 116.98%.

About Western Midstream Partners

Western Midstream Partners, L.P. NYSE: WES is a master limited partnership that owns and operates midstream energy infrastructure in the United States. The company provides gathering, processing, transportation, storage and treating services for natural gas, crude oil, natural gas liquids and produced water.

Western Midstream's assets include gathering systems, processing plants, pipelines, storage facilities and water-handling infrastructure. These facilities connect oil and gas producers with downstream markets and are generally supported by long-term commercial arrangements.

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