Western Midstream Partners (NYSE:WES) Earns Underperform Rating from Analysts at Bank of America

Bank of America assumed coverage on shares of Western Midstream Partners (NYSE:WES) in a research report sent to investors on Thursday morning, StockNewsAPI reports. The firm issued an underperform rating and a $37.00 target price on the pipeline company’s stock.

Several other equities research analysts have also issued reports on the company. UBS Group raised their price objective on Western Midstream Partners from $38.00 to $39.00 and gave the company a “neutral” rating in a research note on Wednesday, September 18th. StockNews.com lowered shares of Western Midstream Partners from a “strong-buy” rating to a “buy” rating in a research note on Saturday, October 12th. Stifel Nicolaus boosted their price objective on shares of Western Midstream Partners from $39.00 to $40.00 and gave the company a “hold” rating in a research report on Friday, August 9th. Morgan Stanley lowered shares of Western Midstream Partners from an “overweight” rating to an “equal weight” rating and set a $42.00 target price for the company. in a report on Monday, September 16th. Finally, Royal Bank of Canada upped their price target on shares of Western Midstream Partners from $38.00 to $41.00 and gave the company a “sector perform” rating in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $38.38.

Western Midstream Partners Trading Up 0.5 %

Shares of WES opened at $38.72 on Thursday. Western Midstream Partners has a fifty-two week low of $26.49 and a fifty-two week high of $42.80. The company has a debt-to-equity ratio of 2.08, a quick ratio of 1.68 and a current ratio of 1.68. The company’s fifty day moving average is $38.58 and its 200 day moving average is $38.26. The stock has a market capitalization of $14.73 billion, a PE ratio of 10.91, a P/E/G ratio of 0.75 and a beta of 2.87.

Western Midstream Partners (NYSE:WES) last posted its earnings results on Wednesday, August 7th. The pipeline company reported $0.97 earnings per share for the quarter, topping analysts’ consensus estimates of $0.88 by $0.09. The firm had revenue of $905.63 million for the quarter, compared to the consensus estimate of $904.94 million. Western Midstream Partners had a net margin of 44.01% and a return on equity of 47.19%. The business’s quarterly revenue was up 22.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.64 EPS. Sell-side analysts expect that Western Midstream Partners will post 4.15 earnings per share for the current fiscal year.

Western Midstream Partners Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Friday, November 1st will be paid a dividend of $0.875 per share. This represents a $3.50 annualized dividend and a dividend yield of 9.04%. The ex-dividend date of this dividend is Friday, November 1st. Western Midstream Partners’s dividend payout ratio is presently 98.59%.

Insider Buying and Selling

In other Western Midstream Partners news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the company’s stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $35.75, for a total value of $697,125,000.00. Following the completion of the sale, the insider now directly owns 165,681,578 shares in the company, valued at approximately $5,923,116,413.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.04% of the stock is owned by insiders.

Institutional Investors Weigh In On Western Midstream Partners

Hedge funds have recently modified their holdings of the business. Eagle Bay Advisors LLC bought a new position in Western Midstream Partners in the first quarter worth approximately $29,000. American National Bank lifted its stake in shares of Western Midstream Partners by 34.5% during the 1st quarter. American National Bank now owns 1,190 shares of the pipeline company’s stock worth $42,000 after purchasing an additional 305 shares during the last quarter. Retirement Group LLC grew its stake in Western Midstream Partners by 40.2% in the first quarter. Retirement Group LLC now owns 1,591 shares of the pipeline company’s stock valued at $57,000 after purchasing an additional 456 shares during the last quarter. EverSource Wealth Advisors LLC bought a new position in Western Midstream Partners in the second quarter worth about $74,000. Finally, Triad Wealth Partners LLC bought a new position in Western Midstream Partners in the second quarter worth about $78,000. Hedge funds and other institutional investors own 42.94% of the company’s stock.

About Western Midstream Partners

Western Midstream Partners, LP, together with its subsidiaries, operates as a midstream energy company primarily in the United States. It is involved in gathering, compressing, treating, processing, and transporting natural gas; gathering, stabilizing, and transporting condensate, natural gas liquids (NGLs), and crude oil; and gathering and disposing produced water.