Western Midstream Partners (NYSE:WES) Raised to Strong-Buy at StockNews.com

StockNews.com upgraded shares of Western Midstream Partners (NYSE:WESFree Report) from a buy rating to a strong-buy rating in a report released on Monday.

Several other brokerages have also weighed in on WES. Stifel Nicolaus lifted their price objective on Western Midstream Partners from $35.00 to $36.00 and gave the stock a buy rating in a report on Friday, February 23rd. Citigroup downgraded Western Midstream Partners from a buy rating to a neutral rating and upped their price objective for the company from $30.00 to $34.00 in a report on Thursday, February 29th. Mizuho increased their price target on Western Midstream Partners from $34.00 to $39.00 and gave the stock a buy rating in a report on Tuesday, May 7th. Wells Fargo & Company increased their price target on Western Midstream Partners from $34.00 to $35.00 and gave the stock an equal weight rating in a report on Tuesday, May 21st. Finally, Raymond James reaffirmed a market perform rating on shares of Western Midstream Partners in a research report on Tuesday, March 19th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of Hold and an average target price of $31.55.

Read Our Latest Report on Western Midstream Partners

Western Midstream Partners Stock Down 1.4 %

Shares of WES stock opened at $37.24 on Monday. The stock’s 50 day simple moving average is $35.91 and its 200 day simple moving average is $31.86. The company has a debt-to-equity ratio of 2.15, a quick ratio of 1.51 and a current ratio of 1.51. Western Midstream Partners has a twelve month low of $25.04 and a twelve month high of $38.79. The company has a market capitalization of $14.17 billion, a price-to-earnings ratio of 10.50, a PEG ratio of 0.70 and a beta of 2.82.

Western Midstream Partners (NYSE:WESGet Free Report) last issued its quarterly earnings results on Wednesday, May 8th. The pipeline company reported $1.47 EPS for the quarter, topping the consensus estimate of $0.85 by $0.62. The company had revenue of $887.73 million for the quarter, compared to the consensus estimate of $868.22 million. Western Midstream Partners had a return on equity of 44.76% and a net margin of 42.50%. The company’s revenue for the quarter was up 20.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.52 EPS. As a group, research analysts predict that Western Midstream Partners will post 3.93 EPS for the current year.

Western Midstream Partners Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 15th. Shareholders of record on Wednesday, May 1st were paid a $0.875 dividend. This is a positive change from Western Midstream Partners’s previous quarterly dividend of $0.58. The ex-dividend date was Tuesday, April 30th. This represents a $3.50 annualized dividend and a yield of 9.40%. Western Midstream Partners’s dividend payout ratio is currently 98.59%.

Insider Buying and Selling at Western Midstream Partners

In other news, Director Lisa A. Stewart bought 2,500 shares of the stock in a transaction dated Wednesday, March 6th. The shares were bought at an average price of $34.87 per share, for a total transaction of $87,175.00. Following the completion of the purchase, the director now owns 30,730 shares in the company, valued at $1,071,555.10. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.04% of the company’s stock.

Hedge Funds Weigh In On Western Midstream Partners

A number of hedge funds have recently added to or reduced their stakes in the stock. Virtu Financial LLC bought a new position in Western Midstream Partners during the 1st quarter worth $323,000. Comerica Bank boosted its holdings in shares of Western Midstream Partners by 16.0% in the 1st quarter. Comerica Bank now owns 11,429 shares of the pipeline company’s stock valued at $406,000 after purchasing an additional 1,580 shares in the last quarter. Castleark Management LLC boosted its holdings in shares of Western Midstream Partners by 13.1% in the 1st quarter. Castleark Management LLC now owns 143,450 shares of the pipeline company’s stock valued at $5,100,000 after purchasing an additional 16,650 shares in the last quarter. B. Riley Wealth Advisors Inc. boosted its holdings in shares of Western Midstream Partners by 1.7% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 34,109 shares of the pipeline company’s stock valued at $1,213,000 after purchasing an additional 554 shares in the last quarter. Finally, BROOKFIELD Corp ON boosted its holdings in shares of Western Midstream Partners by 2.7% in the 1st quarter. BROOKFIELD Corp ON now owns 2,953,510 shares of the pipeline company’s stock valued at $104,997,000 after purchasing an additional 77,942 shares in the last quarter. Institutional investors own 42.94% of the company’s stock.

About Western Midstream Partners

(Get Free Report)

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.

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Analyst Recommendations for Western Midstream Partners (NYSE:WES)

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