Western Midstream Partners (NYSE:WES) Shares Gap Down to $19.56

Western Midstream Partners, LP (NYSE:WES)’s share price gapped down before the market opened on Thursday . The stock had previously closed at $19.56, but opened at $19.11. Western Midstream Partners shares last traded at $19.11, with a volume of 2,863 shares trading hands.

WES has been the subject of a number of recent analyst reports. Zacks Investment Research cut Western Midstream Partners from a “buy” rating to a “hold” rating in a research note on Wednesday, February 3rd. Credit Suisse Group raised Western Midstream Partners from a “neutral” rating to an “outperform” rating and upped their price target for the company from $14.00 to $20.00 in a research note on Thursday, December 17th. Barclays increased their target price on Western Midstream Partners from $19.00 to $22.00 in a research note on Friday, March 5th. Bank of America raised Western Midstream Partners from an “underperform” rating to a “neutral” rating and set a $16.00 target price for the company in a research note on Tuesday, January 26th. Finally, Scotiabank began coverage on Western Midstream Partners in a research note on Monday, February 1st. They set a “sector perform” rating for the company. One analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have assigned a buy rating to the company’s stock. Western Midstream Partners has an average rating of “Buy” and an average price target of $17.40.

The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 2.57. The stock has a market cap of $7.93 billion, a P/E ratio of 21.26 and a beta of 3.77. The firm has a 50-day simple moving average of $18.29 and a two-hundred day simple moving average of $13.97.

Western Midstream Partners (NYSE:WES) last issued its quarterly earnings results on Tuesday, February 23rd. The pipeline company reported $0.62 EPS for the quarter, topping the Zacks’ consensus estimate of $0.59 by $0.03. Western Midstream Partners had a return on equity of 32.94% and a net margin of 14.99%. The company had revenue of $647.50 million for the quarter, compared to analysts’ expectations of $655.07 million. During the same quarter last year, the business earned $0.62 earnings per share. Western Midstream Partners’s revenue was down 10.5% on a year-over-year basis. Sell-side analysts predict that Western Midstream Partners, LP will post 2.31 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, February 12th. Investors of record on Monday, February 1st were given a $0.311 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 6.48%. The ex-dividend date was Friday, January 29th. Western Midstream Partners’s payout ratio is currently 77.99%.

In other Western Midstream Partners news, major shareholder Petroleum Corp /De/ Occidental sold 11,500,000 shares of Western Midstream Partners stock in a transaction dated Thursday, March 25th. The stock was sold at an average price of $17.25, for a total value of $198,375,000.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.01% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in WES. Chickasaw Capital Management LLC boosted its stake in shares of Western Midstream Partners by 146.0% during the first quarter. Chickasaw Capital Management LLC now owns 9,717,934 shares of the pipeline company’s stock valued at $180,656,000 after purchasing an additional 5,767,582 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Western Midstream Partners by 54.1% in the fourth quarter. JPMorgan Chase & Co. now owns 6,335,178 shares of the pipeline company’s stock worth $87,553,000 after acquiring an additional 2,223,210 shares during the period. Eagle Global Advisors LLC acquired a new position in shares of Western Midstream Partners in the fourth quarter worth approximately $21,589,000. Morgan Stanley lifted its stake in shares of Western Midstream Partners by 45.5% in the third quarter. Morgan Stanley now owns 4,318,515 shares of the pipeline company’s stock worth $34,547,000 after acquiring an additional 1,351,411 shares during the period. Finally, Citigroup Inc. lifted its stake in shares of Western Midstream Partners by 62.4% in the fourth quarter. Citigroup Inc. now owns 2,321,585 shares of the pipeline company’s stock worth $32,085,000 after acquiring an additional 891,972 shares during the period. Hedge funds and other institutional investors own 34.87% of the company’s stock.

About Western Midstream Partners (NYSE:WES)

Western Midstream Partners, LP, together with its subsidiaries, acquire, own, develop, and operate midstream assets primarily in the United States. It is involved in gathering, compressing, treating, processing, and transporting of natural gas; gathering, stabilizing, and transporting of condensate, natural gas liquids, and crude oil; and gathering and disposing of produced water.

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