Western Midstream Partners (NYSE:WES) Hits New 52-Week High - Here's What Happened

Key Points

• Western Midstream Partners shares reached a new 52-week high of $49.17, last trading at $48.61. The stock’s consensus analyst rating is “Moderate Buy,” with an average price target of $47.00.
• The company reported quarterly EPS of $0.99, exceeding estimates of $0.91, while revenue rose 30% year over year to $1.22 billion. Analysts expect full-year EPS of approximately $3.58.
• Western Midstream declared a quarterly dividend of $0.93, equivalent to $3.72 annually and a 7.7% yield, although its payout ratio is high at 116.98%.

Western Midstream Partners, LP (NYSE:WES - Get Free Report)'s share price reached a new 52-week high on Tuesday . The stock traded as high as $49.17 and last traded at $48.61, with a volume of 656029 shares. The stock had previously closed at $48.92.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on WES shares. JPMorgan Chase & Co. lifted their price objective on shares of Western Midstream Partners from $46.00 to $47.00 and gave the company a "neutral" rating in a report on Tuesday, July 14th. Morgan Stanley raised shares of Western Midstream Partners from an "underweight" rating to an "equal weight" rating and set a $51.00 price objective for the company in a report on Wednesday, June 10th. Wells Fargo & Company boosted their price objective on shares of Western Midstream Partners from $43.00 to $46.00 and gave the company an "equal weight" rating in a research report on Monday, August 10th. Zacks Research upgraded Western Midstream Partners from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 13th. Finally, Royal Bank Of Canada reaffirmed a "sector perform" rating on shares of Western Midstream Partners in a report on Tuesday, July 21st. Two analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $47.00.

Western Midstream Partners Price Performance

The business's 50-day moving average is $45.46 and its two-hundred day moving average is $43.42. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 2.02. The company has a market capitalization of $20.08 billion, a P/E ratio of 15.29, a price-to-earnings-growth ratio of 1.47 and a beta of 0.68.

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 (EPS) for the quarter, beating the consensus estimate of $0.91 by $0.08. The firm had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.13 billion. Western Midstream Partners had a return on equity of 33.13% and a net margin of 29.44%.The business's revenue was up 30.0% compared to the same quarter last year. During the same period last year, the firm posted $0.87 EPS. As a group, analysts predict that Western Midstream Partners, LP will post 3.58 earnings per share for the current year.

Western Midstream Partners Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, July 31st were issued a $0.93 dividend. The ex-dividend date of this dividend was Friday, July 31st. This represents a $3.72 annualized dividend and a yield of 7.7%. Western Midstream Partners's dividend payout ratio (DPR) is 116.98%.

Insider Buying and Selling at Western Midstream Partners

In related news, Director Frederick A. Forthuber purchased 5,140 shares of Western Midstream Partners stock in a transaction dated Wednesday, August 12th. The stock was bought at an average cost of $48.62 per share, for a total transaction of $249,906.80. Following the completion of the transaction, the director owned 5,140 shares in the company, valued at $249,906.80. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.04% of the company's stock.

Hedge Funds Weigh In On Western Midstream Partners

Several hedge funds have recently bought and sold shares of WES. Morgan Stanley grew its holdings in shares of Western Midstream Partners by 98.1% during the fourth quarter. Morgan Stanley now owns 5,446,475 shares of the pipeline company's stock worth $215,136,000 after purchasing an additional 2,696,439 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in Western Midstream Partners by 106.9% in the fourth quarter. JPMorgan Chase & Co. now owns 3,005,252 shares of the pipeline company's stock worth $118,707,000 after purchasing an additional 1,552,401 shares during the last quarter. Tortoise Capital Advisors L.L.C. boosted its stake in shares of Western Midstream Partners by 15.8% during the fourth quarter. Tortoise Capital Advisors L.L.C. now owns 8,539,175 shares of the pipeline company's stock valued at $337,297,000 after purchasing an additional 1,163,991 shares during the period. Goldman Sachs Group Inc. boosted its position in Western Midstream Partners by 10.9% during the 4th quarter. Goldman Sachs Group Inc. now owns 9,562,213 shares of the pipeline company's stock valued at $377,707,000 after buying an additional 936,376 shares during the period. Finally, ING Groep NV bought a new stake in shares of Western Midstream Partners in the fourth quarter worth about $28,268,000. Hedge funds and other institutional investors 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.

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