Western Midstream Partners (NYSE:WES) Announces Quarterly Earnings Results

Key Points

• Western Midstream Partners exceeded quarterly expectations, reporting earnings of $0.99 per share versus the $0.91 consensus estimate and revenue of $1.22 billion versus $1.13 billion expected.
• The company declared a quarterly dividend of $0.93 per share, equating to an annualized payout of $3.72 and an approximately 8.0% yield; its payout ratio stands at 121.57%.
• Analyst sentiment has improved, with several firms raising ratings or price targets, although the overall consensus remains “Hold” with a $46.25 target price. Shares recently traded at $46.28, while institutional investors own 84.82% of the stock.

Western Midstream Partners (NYSE:WES - Get Free Report) posted its quarterly earnings data on Wednesday. The pipeline company reported $0.99 EPS for the quarter, beating analysts' consensus estimates of $0.91 by $0.08, FiscalAI reports. Western Midstream Partners had a net margin of 29.98% and a return on equity of 33.89%. The company had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.13 billion.

Western Midstream Partners Stock Performance

Shares of Western Midstream Partners stock traded down $0.39 on Wednesday, reaching $46.28. The stock had a trading volume of 887,158 shares, compared to its average volume of 1,313,258. Western Midstream Partners has a fifty-two week low of $36.90 and a fifty-two week high of $48.63. The business's 50-day moving average price is $44.77 and its two-hundred day moving average price is $42.99. The company has a debt-to-equity ratio of 2.34, a quick ratio of 1.09 and a current ratio of 1.09. The stock has a market cap of $19.12 billion, a P/E ratio of 15.12, a price-to-earnings-growth ratio of 1.94 and a beta of 0.68.

Western Midstream Partners Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Friday, July 31st will be given a $0.93 dividend. The ex-dividend date of this dividend is Friday, July 31st. This represents a $3.72 dividend on an annualized basis and a dividend yield of 8.0%. Western Midstream Partners's dividend payout ratio (DPR) is currently 121.57%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Morgan Stanley raised Western Midstream Partners from an "underweight" rating to an "equal weight" rating and set a $51.00 target price for the company in a research report on Wednesday, June 10th. Wall Street Zen raised Western Midstream Partners from a "hold" rating to a "buy" rating in a research note on Sunday, July 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. Wells Fargo & Company increased their target price on shares of Western Midstream Partners from $41.00 to $43.00 and gave the stock an "equal weight" rating in a research report on Wednesday, May 13th. Finally, Mizuho lifted 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 note on Tuesday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, Western Midstream Partners has an average rating of "Hold" and a consensus target price of $46.25.

Institutional Investors Weigh In On Western Midstream Partners

Hedge funds have recently bought and sold shares of the company. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Western Midstream Partners in the fourth quarter valued at about $27,000. Garton & Associates Financial Advisors LLC acquired a new position in shares of Western Midstream Partners during the 4th quarter worth about $32,000. Fulcrum Asset Management LLP acquired a new position in shares of Western Midstream Partners during the 3rd quarter worth about $41,000. Arax Advisory Partners boosted its stake in Western Midstream Partners by 618.1% during the 4th quarter. Arax Advisory Partners now owns 1,350 shares of the pipeline company's stock valued at $53,000 after purchasing an additional 1,162 shares during the period. Finally, Larson Financial Group LLC acquired a new stake in Western Midstream Partners in the 3rd quarter valued at approximately $55,000. 84.82% of the stock is currently owned by institutional investors.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source