JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Western Midstream Partners (NYSE:WES) Stock

Key Points

• JPMorgan Chase & Co. raised its price target on Western Midstream Partners from $46 to $47, while keeping a neutral rating. The new target implies only about 1.68% upside from the current share price.
• Other analysts were mixed but generally constructive: Citigroup and Wells Fargo both lifted targets, while Morgan Stanley set a $51 target. Overall, MarketBeat shows an average rating of Hold with an average target price of $46.25.
• Western Midstream shares rose 1.1% to $46.22, near their 52-week high of $48.01. The company also recently beat quarterly estimates, posting $0.85 EPS on $1.12 billion in revenue, both above expectations.

Western Midstream Partners (NYSE:WES - Get Free Report) had its price target upped by investment analysts at JPMorgan Chase & Co. from $46.00 to $47.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a "neutral" rating on the pipeline company's stock. JPMorgan Chase & Co.'s price objective indicates a potential upside of 1.68% from the stock's current price.

Several other analysts have also issued reports on the stock. Citigroup upped their price target on shares of Western Midstream Partners from $39.00 to $42.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 12th. US Capital Advisors raised shares of Western Midstream Partners from a "moderate buy" rating to a "strong-buy" rating in a research report on Friday, May 29th. Wall Street Zen upgraded shares of Western Midstream Partners from a "hold" rating to a "buy" rating in a research note on Sunday. Wells Fargo & Company upped their target price on shares of Western Midstream Partners from $41.00 to $43.00 and gave the company an "equal weight" rating in a report on Wednesday, May 13th. Finally, Morgan Stanley upgraded Western Midstream Partners from an "underweight" rating to an "equal weight" rating and set a $51.00 price target for the company in a report on Wednesday, June 10th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat, Western Midstream Partners currently has an average rating of "Hold" and an average target price of $46.25.

Western Midstream Partners Stock Up 1.1%

WES stock traded up $0.48 during mid-day trading on Tuesday, reaching $46.22. The company had a trading volume of 28,157 shares, compared to its average volume of 1,371,110. The company has a market capitalization of $18.20 billion, a price-to-earnings ratio of 15.06, a PEG ratio of 1.88 and a beta of 0.68. Western Midstream Partners has a 52 week low of $36.90 and a 52 week high of $48.01. The stock has a 50 day simple moving average of $44.22 and a two-hundred day simple moving average of $42.26. The company has a debt-to-equity ratio of 2.34, a current ratio of 1.09 and a quick ratio of 1.09.

Western Midstream Partners (NYSE:WES - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The pipeline company reported $0.85 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.74 by $0.11. The company had revenue of $1.12 billion for the quarter, compared to analysts' expectations of $1.01 billion. Western Midstream Partners had a return on equity of 33.89% and a net margin of 29.98%.The business's revenue was up 22.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.79 EPS. As a group, equities analysts predict that Western Midstream Partners will post 3.44 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Western Midstream Partners

Institutional investors and hedge funds have recently made changes to their positions in the company. Eagle Bay Advisors LLC bought a new stake in shares of Western Midstream Partners in the fourth quarter valued at about $27,000. Northwestern Mutual Wealth Management Co. acquired a new stake in Western Midstream Partners in the 4th quarter worth about $27,000. Rothschild Investment LLC raised its stake in Western Midstream Partners by 76.2% in the 4th quarter. Rothschild Investment LLC now owns 793 shares of the pipeline company's stock worth $31,000 after purchasing an additional 343 shares in the last quarter. Garton & Associates Financial Advisors LLC bought a new stake in Western Midstream Partners in the 4th quarter valued at about $32,000. Finally, Global Wealth Strategies & Associates bought a new stake in Western Midstream Partners in the 4th quarter valued at about $35,000. Institutional investors and hedge funds own 84.82% of the company's stock.

Western Midstream Partners Company Profile

Western Midstream Partners, LP NYSE: WES is a midstream energy infrastructure company that owns, operates and develops an integrated network of crude oil, natural gas and produced water gathering, processing, transportation and storage assets in the United States. The partnership's primary offerings include pipeline transportation, fractionation services, natural gas liquids (NGL) logistics and produced water handling. Through its fee-based and commodity-based contracts, Western Midstream provides its customers with essential services that support efficient energy production and distribution.

The company's asset portfolio spans key onshore basins, including the Delaware Basin in West Texas and southeastern New Mexico, the San Juan Basin in New Mexico and Colorado, and the Denver-Julesburg Basin in Colorado.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.