Western Midstream Partners LP (NYSE:WES) Short Interest Update

Western Midstream Partners LP (NYSE:WES) was the target of a large drop in short interest in October. As of October 31st, there was short interest totalling 6,610,000 shares, a drop of 7.3% from the September 30th total of 7,130,000 shares. Based on an average daily volume of 1,520,000 shares, the days-to-cover ratio is presently 4.3 days. Currently, 3.3% of the company’s stock are short sold.

Shares of WES stock opened at $18.47 on Tuesday. The company has a 50 day moving average price of $22.36 and a 200-day moving average price of $26.52. Western Midstream Partners has a 52 week low of $18.32 and a 52 week high of $35.75. The firm has a market capitalization of $8.74 billion, a PE ratio of 7.36, a P/E/G ratio of 2.38 and a beta of 1.43. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 2.32.

Western Midstream Partners (NYSE:WES) last announced its quarterly earnings results on Monday, November 4th. The pipeline company reported $0.27 EPS for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.20). Western Midstream Partners had a return on equity of 15.32% and a net margin of 18.35%. The company had revenue of $666.03 million during the quarter, compared to the consensus estimate of $688.91 million. During the same quarter in the prior year, the firm earned $0.39 earnings per share. The business’s revenue was up 13.3% compared to the same quarter last year. Analysts anticipate that Western Midstream Partners will post 1.35 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Wednesday, November 13th. Stockholders of record on Friday, November 1st were paid a $0.62 dividend. The ex-dividend date was Thursday, October 31st. This is a positive change from Western Midstream Partners’s previous quarterly dividend of $0.62. This represents a $2.48 dividend on an annualized basis and a dividend yield of 13.43%. Western Midstream Partners’s payout ratio is currently 98.80%.

In other Western Midstream Partners news, Director David J. Tudor sold 5,000 shares of the firm’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $27.00, for a total transaction of $135,000.00.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. BNP Paribas Arbitrage SA bought a new stake in Western Midstream Partners during the second quarter valued at approximately $2,024,000. Bank of Montreal Can grew its position in Western Midstream Partners by 95.2% during the second quarter. Bank of Montreal Can now owns 3,468,071 shares of the pipeline company’s stock valued at $106,713,000 after buying an additional 1,691,783 shares during the period. Fort Washington Investment Advisors Inc. OH grew its position in Western Midstream Partners by 0.9% during the second quarter. Fort Washington Investment Advisors Inc. OH now owns 223,605 shares of the pipeline company’s stock valued at $6,880,000 after buying an additional 1,900 shares during the period. Lenox Wealth Advisors LLC bought a new stake in Western Midstream Partners during the third quarter valued at approximately $33,000. Finally, Cincinnati Insurance Co. grew its position in Western Midstream Partners by 19.6% during the third quarter. Cincinnati Insurance Co. now owns 103,608 shares of the pipeline company’s stock valued at $2,579,000 after buying an additional 16,946 shares during the period. Institutional investors own 41.26% of the company’s stock.

A number of analysts have weighed in on the stock. UBS Group lowered shares of Western Midstream Partners from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $40.00 to $27.00 in a research note on Friday, August 2nd. LADENBURG THALM/SH SH lowered shares of Western Midstream Partners from a “buy” rating to a “neutral” rating in a research note on Tuesday, August 13th. JPMorgan Chase & Co. lowered shares of Western Midstream Partners from an “overweight” rating to a “neutral” rating and reduced their price objective for the company from $40.00 to $31.00 in a research note on Tuesday, August 13th. Mitsubishi UFJ Financial Group restated a “neutral” rating and set a $37.00 price objective (down from $42.00) on shares of Western Midstream Partners in a research note on Thursday, August 1st. Finally, Zacks Investment Research upgraded shares of Western Midstream Partners from a “strong sell” rating to a “hold” rating in a research note on Saturday, November 9th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and three have assigned a buy rating to the stock. Western Midstream Partners presently has an average rating of “Hold” and an average price target of $32.08.

Western Midstream Partners Company 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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