Exchange Traded Concepts LLC Sells 45,204 Shares of Western Midstream Partners, LP $WES

Exchange Traded Concepts LLC cut its holdings in Western Midstream Partners, LP (NYSE:WES) by 16.8% during the 2nd quarter, HoldingsChannel reports. The fund owned 224,453 shares of the pipeline company’s stock after selling 45,204 shares during the quarter. Exchange Traded Concepts LLC’s holdings in Western Midstream Partners were worth $9,822,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of the business. Northwestern Mutual Wealth Management Co. acquired a new stake in Western Midstream Partners in the 4th quarter worth about $27,000. Rothschild Investment LLC boosted its holdings in Western Midstream Partners by 76.2% in the 4th quarter. Rothschild Investment LLC now owns 793 shares of the pipeline company’s stock valued at $31,000 after purchasing an additional 343 shares during the period. Garton & Associates Financial Advisors LLC acquired a new position in shares of Western Midstream Partners during the 4th quarter worth approximately $32,000. Glen Eagle Advisors LLC grew its position in shares of Western Midstream Partners by 843.0% during the 4th quarter. Glen Eagle Advisors LLC now owns 943 shares of the pipeline company’s stock worth $37,000 after purchasing an additional 843 shares in the last quarter. Finally, International Assets Investment Management LLC bought a new position in shares of Western Midstream Partners during the fourth quarter worth approximately $40,000. 84.82% of the stock is owned by institutional investors.

Western Midstream Partners Price Performance

WES stock opened at $48.36 on Friday. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 2.34. Western Midstream Partners, LP has a 12 month low of $36.90 and a 12 month high of $48.84. The firm has a market cap of $19.98 billion, a P/E ratio of 15.21, a P/E/G ratio of 1.98 and a beta of 0.68. The company’s 50-day moving average price is $45.28 and its two-hundred day moving average price is $43.31.

Western Midstream Partners (NYSE:WES) last issued its quarterly earnings results on Wednesday, August 5th. The pipeline company reported $0.99 earnings per share for the quarter, topping analysts’ consensus estimates of $0.91 by $0.08. The company had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.13 billion. Western Midstream Partners had a net margin of 29.44% and a return on equity of 34.79%. The firm’s quarterly revenue was up 30.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.87 EPS. On average, analysts anticipate that Western Midstream Partners, LP will post 3.52 earnings per share for the current fiscal year.

Western Midstream Partners Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, July 31st will be given a dividend of $0.93 per share. This represents a $3.72 annualized dividend and a yield of 7.7%. The ex-dividend date is Friday, July 31st. Western Midstream Partners’s payout ratio is currently 116.98%.

Insider Buying and Selling

In other Western Midstream Partners news, Director Frederick A. Forthuber bought 5,140 shares of the business’s stock in a transaction on Wednesday, August 12th. The stock was purchased at an average cost of $48.62 per share, for a total transaction of $249,906.80. Following the completion of the purchase, the director directly owned 5,140 shares of the company’s stock, valued at approximately $249,906.80. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. 0.04% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

WES has been the subject of a number of analyst reports. US Capital Advisors upgraded shares of Western Midstream Partners from a “moderate buy” rating to a “strong-buy” rating in a research report on Friday, May 29th. JPMorgan Chase & Co. increased their price target on Western Midstream Partners from $46.00 to $47.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 14th. Wells Fargo & Company raised their price objective on Western Midstream Partners from $43.00 to $46.00 and gave the stock an “equal weight” rating in a research note on Monday. Wall Street Zen cut Western Midstream Partners from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Finally, Stifel Nicolaus set a $46.00 target price on Western Midstream Partners and gave the company a “buy” rating in a research report on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, Western Midstream Partners has an average rating of “Hold” and a consensus price target of $47.00.

Western Midstream Partners Profile

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.