JPMorgan Chase & Co. Cuts Western Midstream Partners (NYSE:WES) Price Target to $43.00

Western Midstream Partners (NYSE:WES) had its price objective lowered by JPMorgan Chase & Co. from $44.00 to $43.00 in a research report sent to investors on Thursday morning,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the pipeline company’s stock.

Other equities analysts also recently issued reports about the stock. Wall Street Zen downgraded shares of Western Midstream Partners from a “buy” rating to a “hold” rating in a research note on Saturday, December 27th. Royal Bank Of Canada lifted their price target on shares of Western Midstream Partners from $39.00 to $42.00 and gave the company a “sector perform” rating in a research note on Friday, November 28th. Stifel Nicolaus lowered their price target on Western Midstream Partners from $43.00 to $42.00 and set a “hold” rating for the company in a report on Friday, February 20th. Finally, Wells Fargo & Company dropped their price objective on Western Midstream Partners from $40.00 to $39.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 22nd. One investment analyst has rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Western Midstream Partners has a consensus rating of “Hold” and a consensus target price of $41.71.

Western Midstream Partners Stock Up 0.5%

Shares of WES opened at $40.85 on Thursday. The firm has a market capitalization of $16.08 billion, a P/E 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 current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.97. The firm has a fifty day moving average price of $41.37 and a 200-day moving average price of $39.67.

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

Western Midstream Partners Announces Dividend

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

Insider Activity

In other Western Midstream Partners news, SVP Christopher B. Dial sold 5,879 shares of the firm’s stock in a transaction that occurred on Thursday, February 12th. The shares were sold at an average price of $42.35, for a total value of $248,975.65. Following the completion of the sale, the senior vice president directly owned 185,011 shares in the company, valued at $7,835,215.85. This trade represents a 3.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Robert G. Phillips purchased 1,250 shares of the business’s stock in a transaction on Wednesday, March 11th. The stock was purchased at an average cost of $40.19 per share, for a total transaction of $50,237.50. Following the completion of the acquisition, the director directly owned 5,296 shares of the company’s stock, valued at approximately $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 Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Virtu Financial LLC raised its stake in Western Midstream Partners by 25.0% in the fourth quarter. Virtu Financial LLC now owns 35,571 shares of the pipeline company’s stock valued at $1,405,000 after buying an additional 7,104 shares during the last quarter. Ameriflex Group Inc. purchased a new stake in shares of Western Midstream Partners during the fourth quarter worth about $156,000. Beacon Pointe Advisors LLC increased its holdings in shares of Western Midstream Partners by 3.6% during the fourth quarter. Beacon Pointe Advisors LLC now owns 36,140 shares of the pipeline company’s stock valued at $1,428,000 after acquiring an additional 1,240 shares in the last quarter. NewEdge Advisors LLC increased its holdings in shares of Western Midstream Partners by 6.1% during the fourth quarter. NewEdge Advisors LLC now owns 58,973 shares of the pipeline company’s stock valued at $2,329,000 after acquiring an additional 3,415 shares in the last quarter. Finally, Empowered Funds LLC raised its position in shares of Western Midstream Partners by 24.1% in the 4th quarter. Empowered Funds LLC now owns 236,768 shares of the pipeline company’s stock valued at $9,352,000 after purchasing an additional 45,930 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.