Wells Fargo & Company Issues Positive Forecast for Western Midstream Partners (NYSE:WES) Stock Price

Western Midstream Partners (NYSE:WES) had its target price hoisted by investment analysts at Wells Fargo & Company from $39.00 to $41.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has an “equal weight” rating on the pipeline company’s stock. Wells Fargo & Company‘s target price would suggest a potential upside of 0.67% from the company’s current price.

Several other brokerages have also recently weighed in on WES. JPMorgan Chase & Co. decreased their price objective on Western Midstream Partners from $44.00 to $43.00 and set a “neutral” rating for the company in a report on Thursday. Stifel Nicolaus decreased their price target on Western Midstream Partners from $43.00 to $42.00 and set a “hold” rating for the company in a research note on Friday, February 20th. Wall Street Zen lowered Western Midstream Partners from a “buy” rating to a “hold” rating in a research report on Saturday, December 27th. Finally, Royal Bank Of Canada increased their price objective on Western Midstream Partners from $39.00 to $42.00 and gave the company a “sector perform” rating in a report on Friday, November 28th. One analyst has rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Western Midstream Partners presently has an average rating of “Hold” and an average price target of $41.71.

Western Midstream Partners Stock Up 0.1%

Shares of NYSE WES traded up $0.06 during midday trading on Friday, reaching $40.73. The company’s stock had a trading volume of 508,325 shares, compared to its average volume of 1,450,094. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.97. Western Midstream Partners has a fifty-two week low of $33.60 and a fifty-two week high of $44.74. The stock has a market capitalization of $16.03 billion, a price-to-earnings ratio of 13.57 and a beta of 0.76. The stock has a 50 day simple moving average of $41.35 and a 200-day simple moving average of $39.64.

Western Midstream Partners (NYSE:WES) last announced its earnings results on Wednesday, February 18th. The pipeline company reported $0.47 EPS for the quarter, missing the consensus estimate of $0.91 by ($0.44). Western Midstream Partners had a return on equity of 33.14% and a net margin of 30.52%.The business had revenue of $1.03 billion for the quarter, compared to analyst estimates of $1.06 billion. During the same quarter in the previous year, the company posted $0.85 EPS. The business’s revenue for the quarter was up 11.1% compared to the same quarter last year. Equities research analysts predict that Western Midstream Partners will post 4.02 earnings per share for the current year.

Insider Activity at Western Midstream Partners

In other news, SVP Christopher B. Dial sold 5,879 shares of the firm’s stock in a transaction that occurred on Thursday, February 12th. The stock was sold at an average price of $42.35, for a total value of $248,975.65. Following the completion of the sale, the senior vice president directly owned 185,011 shares of the company’s stock, valued at $7,835,215.85. This trade represents a 3.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Robert G. Phillips bought 1,250 shares of Western Midstream Partners stock in a transaction dated Wednesday, March 11th. The shares were acquired at an average price of $40.19 per share, with a total value of $50,237.50. Following the completion of the purchase, the director directly owned 5,296 shares in the company, valued at $212,846.24. This trade represents a 30.89% increase in their position. The disclosure for this purchase is available in the SEC filing. 0.04% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Western Midstream Partners

Several institutional investors and hedge funds have recently modified their holdings of WES. Eagle Bay Advisors LLC acquired a new stake in shares of Western Midstream Partners during the 4th quarter worth about $27,000. Northwestern Mutual Wealth Management Co. acquired a new position in Western Midstream Partners in the 4th quarter valued at about $27,000. Rothschild Investment LLC raised 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 acquiring an additional 343 shares during the period. Garton & Associates Financial Advisors LLC acquired a new stake in Western Midstream Partners during the fourth quarter worth approximately $32,000. Finally, Global Wealth Strategies & Associates acquired a new stake in Western Midstream Partners during the fourth quarter worth approximately $35,000. 84.82% of the stock is currently owned by institutional investors and hedge funds.

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.