Avondale Wealth Management Boosts Holdings in Western Midstream Partners, LP $WES

Avondale Wealth Management grew its stake in shares of Western Midstream Partners, LP (NYSE:WES) by 200.0% in the second quarter, HoldingsChannel reports. The fund owned 6,000 shares of the pipeline company’s stock after buying an additional 4,000 shares during the quarter. Avondale Wealth Management’s holdings in Western Midstream Partners were worth $232,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of WES. Princeton Global Asset Management LLC grew its holdings in Western Midstream Partners by 133.3% in the first quarter. Princeton Global Asset Management LLC now owns 700 shares of the pipeline company’s stock valued at $29,000 after purchasing an additional 400 shares during the period. Financial Network Wealth Advisors LLC raised its stake in Western Midstream Partners by 1,856.4% during the first quarter. Financial Network Wealth Advisors LLC now owns 763 shares of the pipeline company’s stock worth $31,000 after purchasing an additional 724 shares during the period. Bessemer Group Inc. purchased a new position in Western Midstream Partners during the first quarter worth approximately $41,000. Sound Income Strategies LLC acquired a new position in shares of Western Midstream Partners in the 2nd quarter valued at $39,000. Finally, Creative Financial Designs Inc. ADV purchased a new stake in shares of Western Midstream Partners during the 1st quarter valued at $72,000. 84.82% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on WES. Morgan Stanley cut their target price on Western Midstream Partners from $41.00 to $39.00 and set an “underweight” rating on the stock in a research report on Tuesday, August 26th. Mizuho upped their price target on Western Midstream Partners from $44.00 to $46.00 and gave the stock an “outperform” rating in a research note on Friday, August 29th. Finally, Royal Bank Of Canada raised their price objective on Western Midstream Partners from $38.00 to $39.00 and gave the stock a “sector perform” rating in a report on Tuesday, August 26th. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Western Midstream Partners has an average rating of “Reduce” and an average target price of $39.60.

Western Midstream Partners Stock Up 0.2%

Shares of Western Midstream Partners stock opened at $39.45 on Monday. Western Midstream Partners, LP has a twelve month low of $33.60 and a twelve month high of $43.33. The stock has a market cap of $15.04 billion, a price-to-earnings ratio of 12.14 and a beta of 1.18. The company has a current ratio of 1.30, a quick ratio of 1.30 and a debt-to-equity ratio of 2.08. The company has a fifty day moving average price of $38.90 and a 200 day moving average price of $38.74.

Western Midstream Partners (NYSE:WES) last issued its quarterly earnings data on Wednesday, August 6th. The pipeline company reported $0.87 EPS for the quarter, topping analysts’ consensus estimates of $0.82 by $0.05. Western Midstream Partners had a return on equity of 37.70% and a net margin of 34.45%.The company had revenue of $942.32 million for the quarter, compared to analysts’ expectations of $954.17 million. During the same quarter in the previous year, the firm posted $0.97 earnings per share. The firm’s quarterly revenue was up 4.1% on a year-over-year basis. Equities research analysts forecast that Western Midstream Partners, LP will post 4.02 earnings per share for the current fiscal year.

Western Midstream Partners Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 14th. Shareholders of record on Friday, August 1st were issued a $0.91 dividend. This represents a $3.64 dividend on an annualized basis and a yield of 9.2%. The ex-dividend date was Friday, August 1st. Western Midstream Partners’s dividend payout ratio is currently 112.00%.

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.