Summit Financial LLC Lowers Holdings in Western Midstream Partners LP (NYSE:WES)

Summit Financial LLC cut its position in Western Midstream Partners LP (NYSE:WES) by 4.5% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,660 shares of the pipeline company’s stock after selling 1,028 shares during the quarter. Summit Financial LLC’s holdings in Western Midstream Partners were worth $666,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Westside Investment Management Inc. purchased a new stake in Western Midstream Partners in the 2nd quarter worth approximately $27,000. Winslow Evans & Crocker Inc. increased its holdings in shares of Western Midstream Partners by 52.6% in the 1st quarter. Winslow Evans & Crocker Inc. now owns 1,526 shares of the pipeline company’s stock worth $48,000 after buying an additional 526 shares during the last quarter. Advisor Group Inc. grew its holdings in shares of Western Midstream Partners by 25.4% during the 4th quarter. Advisor Group Inc. now owns 1,234 shares of the pipeline company’s stock valued at $52,000 after purchasing an additional 250 shares during the last quarter. Hall Laurie J Trustee grew its holdings in shares of Western Midstream Partners by 52.4% during the 1st quarter. Hall Laurie J Trustee now owns 1,753 shares of the pipeline company’s stock valued at $55,000 after purchasing an additional 603 shares during the last quarter. Finally, FTB Advisors Inc. grew its holdings in shares of Western Midstream Partners by 77.0% during the 1st quarter. FTB Advisors Inc. now owns 2,298 shares of the pipeline company’s stock valued at $72,000 after purchasing an additional 1,000 shares during the last quarter. Institutional investors and hedge funds own 40.98% of the company’s stock.

WES traded down $0.53 during trading on Thursday, hitting $22.60. 32,819 shares of the stock traded hands, compared to its average volume of 1,301,708. The company has a market cap of $11.08 billion, a price-to-earnings ratio of 9.01, a P/E/G ratio of 2.10 and a beta of 1.40. The company has a debt-to-equity ratio of 2.15, a current ratio of 0.67 and a quick ratio of 0.67. The company has a 50-day moving average price of $29.17. Western Midstream Partners LP has a 12-month low of $23.10 and a 12-month high of $36.16.

Western Midstream Partners (NYSE:WES) last announced its quarterly earnings results on Tuesday, July 30th. The pipeline company reported $0.37 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.64 by ($0.27). The firm had revenue of $685.10 million for the quarter, compared to analysts’ expectations of $709.39 million. Western Midstream Partners had a net margin of 18.98% and a return on equity of 14.63%. The company’s quarterly revenue was up 32.2% on a year-over-year basis. During the same period in the previous year, the company earned ($0.32) EPS. As a group, equities research analysts expect that Western Midstream Partners LP will post 1.94 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Tuesday, August 13th. Stockholders of record on Wednesday, July 31st were given a $0.618 dividend. This represents a $2.47 annualized dividend and a dividend yield of 10.94%. This is a boost from Western Midstream Partners’s previous quarterly dividend of $0.61. The ex-dividend date was Tuesday, July 30th. Western Midstream Partners’s dividend payout ratio (DPR) is currently 98.41%.

Several research firms recently commented on WES. Mizuho began coverage on shares of Western Midstream Partners in a report on Friday, June 14th. They set a “buy” rating and a $34.00 target price on the stock. Credit Suisse Group reduced their target price on shares of Western Midstream Partners from $31.00 to $28.00 and set a “neutral” rating on the stock in a report on Tuesday, August 6th. LADENBURG THALM/SH SH lowered shares of Western Midstream Partners from a “buy” rating to a “neutral” rating in a report on Tuesday. JPMorgan Chase & Co. lowered shares of Western Midstream Partners from an “overweight” rating to a “neutral” rating and reduced their target price for the company from $40.00 to $31.00 in a report on Tuesday. Finally, Royal Bank of Canada reduced their target price on shares of Western Midstream Partners to $28.00 and set an “outperform” rating on the stock in a report on Monday, August 5th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and three have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $38.21.

Western Midstream Partners Profile

Western Midstream Partners, LP, together with its subsidiaries, engages in gathering, processing, compressing, treating, stabilizing, and transporting natural gas, condensate, natural gas liquids, and crude oil primarily in the United States. It is also involved in the gathering and disposing of produced water; and buying and selling of natural gas.

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Institutional Ownership by Quarter for Western Midstream Partners (NYSE:WES)

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