Western Midstream Partners (NYSE:WES) Given New $41.00 Price Target at Wells Fargo & Company

Western Midstream Partners (NYSE:WES) had its target price hoisted by Wells Fargo & Company from $39.00 to $41.00 in a research note issued to investors on Friday,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the pipeline company’s stock.

WES has been the topic of a number of other research reports. Stifel Nicolaus lowered their target price on Western Midstream Partners from $43.00 to $42.00 and set a “hold” rating on the stock in a report on Friday, February 20th. JPMorgan Chase & Co. cut their price target on Western Midstream Partners from $44.00 to $43.00 and set a “neutral” rating for the company in a report on Thursday. Royal Bank Of Canada upped their price objective on Western Midstream Partners from $39.00 to $42.00 and gave the company a “sector perform” rating in a research report on Friday, November 28th. Finally, Wall Street Zen lowered Western Midstream Partners from a “buy” rating to a “hold” rating in a research note on Saturday, December 27th. One analyst has rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $41.71.

Western Midstream Partners Stock Up 0.5%

Shares of NYSE WES opened at $40.85 on Friday. The firm’s 50-day moving average is $41.37 and its two-hundred day moving average is $39.66. The company has a market capitalization of $16.08 billion, a PE ratio of 13.62 and a beta of 0.76. Western Midstream Partners has a 12-month low of $33.60 and a 12-month high of $44.74. The company has a debt-to-equity ratio of 1.97, a current ratio of 1.34 and a quick ratio of 1.34.

Western Midstream Partners (NYSE:WES) last issued its quarterly earnings data on Wednesday, February 18th. The pipeline company reported $0.47 earnings per share for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.44). Western Midstream Partners had a return on equity of 33.14% and a net margin of 30.52%.The business had revenue of $1.03 billion for the quarter, compared to analysts’ expectations of $1.06 billion. During the same period last year, the business earned $0.85 earnings per share. The company’s revenue for the quarter was up 11.1% on a year-over-year basis. Equities analysts anticipate that Western Midstream Partners will post 4.02 EPS for the current fiscal year.

Western Midstream Partners Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Monday, February 2nd were given a $0.91 dividend. The ex-dividend date of this dividend was Monday, February 2nd. This represents a $3.64 dividend on an annualized basis and a dividend yield of 8.9%. Western Midstream Partners’s payout ratio is currently 121.33%.

Insider Activity

In related news, SVP Christopher B. Dial sold 5,879 shares of the stock in a transaction dated Thursday, February 12th. The stock was sold at an average price of $42.35, for a total transaction of $248,975.65. Following the transaction, the senior vice president directly owned 185,011 shares in the company, valued at approximately $7,835,215.85. This represents a 3.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Robert G. Phillips purchased 1,250 shares of the firm’s stock in a transaction on Wednesday, March 11th. The stock was acquired at an average cost of $40.19 per share, for a total transaction of $50,237.50. Following the completion of the purchase, the director owned 5,296 shares in the company, valued at $212,846.24. The trade was a 30.89% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 0.04% of the company’s stock.

Institutional Investors Weigh In On Western Midstream Partners

Institutional investors have recently bought and sold shares of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in Western Midstream Partners during the third quarter worth approximately $300,257,000. Morgan Stanley boosted its holdings in shares of Western Midstream Partners by 98.1% in the 4th quarter. Morgan Stanley now owns 5,446,475 shares of the pipeline company’s stock valued at $215,136,000 after purchasing an additional 2,696,439 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of Western Midstream Partners by 106.9% during the 4th quarter. JPMorgan Chase & Co. now owns 3,005,252 shares of the pipeline company’s stock valued at $118,707,000 after buying an additional 1,552,401 shares during the period. Tortoise Capital Advisors L.L.C. grew its stake in shares of Western Midstream Partners by 15.8% during the 4th 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 buying an additional 1,163,991 shares during the period. Finally, Goldman Sachs Group Inc. increased its holdings in shares of 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 worth $377,707,000 after buying an additional 936,376 shares during the last quarter. 84.82% of the stock is currently owned by hedge funds and other 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.