Morgan Stanley Lowers Western Midstream Partners (NYSE:WES) Price Target to $39.00

Western Midstream Partners (NYSE:WES) had its price objective reduced by equities researchers at Morgan Stanley from $41.00 to $39.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has an “underweight” rating on the pipeline company’s stock. Morgan Stanley’s target price suggests a potential upside of 3.10% from the stock’s current price.

Separately, Mizuho decreased their price target on shares of Western Midstream Partners from $45.00 to $44.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 20th. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and an average target price of $39.20.

Western Midstream Partners Trading Down 1.4%

NYSE:WES traded down $0.54 during mid-day trading on Tuesday, hitting $37.83. 427,054 shares of the stock traded hands, compared to its average volume of 1,178,026. The company has a quick ratio of 1.30, a current ratio of 1.30 and a debt-to-equity ratio of 2.08. The stock has a market capitalization of $14.42 billion, a price-to-earnings ratio of 11.64 and a beta of 1.13. The firm’s 50 day moving average is $39.13 and its two-hundred day moving average is $39.01. Western Midstream Partners has a 52 week low of $33.60 and a 52 week high of $43.33.

Western Midstream Partners (NYSE:WES) last posted its earnings results on Wednesday, August 6th. The pipeline company reported $0.87 EPS for the quarter, beating analysts’ consensus estimates of $0.82 by $0.05. Western Midstream Partners had a net margin of 34.45% and a return on equity of 37.70%. The company had revenue of $942.32 million during the quarter, compared to analysts’ expectations of $954.17 million. During the same quarter in the prior year, the company posted $0.97 earnings per share. Western Midstream Partners’s revenue for the quarter was up 4.1% compared to the same quarter last year. On average, equities research analysts predict that Western Midstream Partners will post 4.02 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Kingstone Capital Partners Texas LLC purchased a new position in Western Midstream Partners in the second quarter valued at approximately $156,967,000. Alps Advisors Inc. raised its holdings in shares of Western Midstream Partners by 7.6% during the first quarter. Alps Advisors Inc. now owns 33,824,487 shares of the pipeline company’s stock worth $1,385,451,000 after purchasing an additional 2,400,891 shares during the period. Invesco Ltd. raised its holdings in shares of Western Midstream Partners by 7.1% during the first quarter. Invesco Ltd. now owns 24,417,770 shares of the pipeline company’s stock worth $1,000,152,000 after purchasing an additional 1,608,609 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Western Midstream Partners by 23.1% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,273,186 shares of the pipeline company’s stock worth $279,509,000 after acquiring an additional 1,366,341 shares during the last quarter. Finally, Longfellow Investment Management Co. LLC grew its position in Western Midstream Partners by 90.5% in the 1st quarter. Longfellow Investment Management Co. LLC now owns 985,718 shares of the pipeline company’s stock valued at $40,375,000 after buying an additional 468,303 shares in the last quarter. 84.82% of the stock is currently owned by hedge funds and other institutional investors.

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.