Western Midstream Partners (NYSE:WES) Hits New 52-Week High – Here’s Why

Western Midstream Partners, LP (NYSE:WES) shares hit a new 52-week high during trading on Monday . The company traded as high as $47.04 and last traded at $47.1440, with a volume of 459545 shares changing hands. The stock had previously closed at $46.03.

Analysts Set New Price Targets

Several research analysts have recently weighed in on WES shares. Wall Street Zen raised Western Midstream Partners from a “hold” rating to a “buy” rating in a research report on Saturday. Citigroup raised their target price on Western Midstream Partners from $39.00 to $42.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 12th. Wells Fargo & Company boosted their price target on Western Midstream Partners from $41.00 to $43.00 and gave the company an “equal weight” rating in a research note on Wednesday, May 13th. JPMorgan Chase & Co. cut their price target on Western Midstream Partners from $44.00 to $43.00 and set a “neutral” rating on the stock in a report on Thursday, March 12th. Finally, Stifel Nicolaus set a $46.00 price objective on shares of Western Midstream Partners and gave the company a “buy” rating in a research note on Thursday, May 7th. Two research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $43.00.

Western Midstream Partners Trading Up 0.8%

The business has a 50 day moving average of $41.97 and a two-hundred day moving average of $40.84. The firm has a market capitalization of $18.78 billion, a price-to-earnings ratio of 15.53 and a beta of 0.70. The company has a debt-to-equity ratio of 2.34, a quick ratio of 1.09 and a current ratio of 1.09.

Western Midstream Partners (NYSE:WES) last released its quarterly earnings data on Wednesday, May 6th. The pipeline company reported $0.85 EPS for the quarter, beating the consensus estimate of $0.74 by $0.11. Western Midstream Partners had a return on equity of 33.89% and a net margin of 29.98%.The firm had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.01 billion. During the same quarter in the previous year, the company posted $0.79 earnings per share. The company’s quarterly revenue was up 22.5% on a year-over-year basis. Equities analysts predict that Western Midstream Partners, LP will post 3.38 EPS for the current year.

Western Midstream Partners Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Friday, May 1st were issued a dividend of $0.93 per share. The ex-dividend date was Friday, May 1st. This is a positive change from Western Midstream Partners’s previous quarterly dividend of $0.91. This represents a $3.72 annualized dividend and a yield of 7.8%. Western Midstream Partners’s dividend payout ratio is currently 121.57%.

Insider Buying and Selling at Western Midstream Partners

In other Western Midstream Partners news, Director Robert G. Phillips acquired 1,250 shares of Western Midstream Partners stock in a transaction dated Wednesday, March 11th. The stock was purchased at an average cost of $40.19 per share, for a total transaction of $50,237.50. Following the completion of the acquisition, the director directly owned 5,296 shares of the company’s stock, valued at $212,846.24. This represents a 30.89% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.04% of the company’s stock.

Hedge Funds Weigh In On Western Midstream Partners

Several large investors have recently added to or reduced their stakes in WES. Howard Financial Services LTD. increased its holdings in Western Midstream Partners by 2.3% during the 4th quarter. Howard Financial Services LTD. now owns 10,947 shares of the pipeline company’s stock worth $432,000 after purchasing an additional 249 shares in the last quarter. Whittier Trust Co. of Nevada Inc. boosted its position in shares of Western Midstream Partners by 0.9% during the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 30,784 shares of the pipeline company’s stock valued at $1,218,000 after buying an additional 284 shares during the last quarter. Captrust Financial Advisors boosted its position in shares of Western Midstream Partners by 0.6% during the fourth quarter. Captrust Financial Advisors now owns 45,995 shares of the pipeline company’s stock valued at $1,817,000 after buying an additional 287 shares during the last quarter. M&T Bank Corp grew its holdings in Western Midstream Partners by 3.5% during the fourth quarter. M&T Bank Corp now owns 8,540 shares of the pipeline company’s stock worth $337,000 after buying an additional 288 shares in the last quarter. Finally, Mutual Advisors LLC raised its position in Western Midstream Partners by 1.9% in the 4th quarter. Mutual Advisors LLC now owns 15,453 shares of the pipeline company’s stock valued at $610,000 after buying an additional 292 shares during the last quarter. Institutional investors own 84.82% of the company’s stock.

About Western Midstream Partners

Western Midstream Partners, LP (NYSE: WES) is a midstream energy infrastructure company that owns, operates and develops an integrated network of crude oil, natural gas and produced water gathering, processing, transportation and storage assets in the United States. The partnership’s primary offerings include pipeline transportation, fractionation services, natural gas liquids (NGL) logistics and produced water handling. Through its fee-based and commodity-based contracts, Western Midstream provides its customers with essential services that support efficient energy production and distribution.

The company’s asset portfolio spans key onshore basins, including the Delaware Basin in West Texas and southeastern New Mexico, the San Juan Basin in New Mexico and Colorado, and the Denver-Julesburg Basin in Colorado.