Western Midstream Partners (NYSE:WES) Announces Quarterly Earnings Results

Western Midstream Partners (NYSE:WES) issued its earnings results on Wednesday. The pipeline company reported $0.99 EPS for the quarter, beating analysts’ consensus estimates of $0.91 by $0.08, FiscalAI reports. The firm had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.13 billion. Western Midstream Partners had a return on equity of 34.79% and a net margin of 29.44%.Western Midstream Partners’s revenue for the quarter was up 30.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.87 earnings per share.

Western Midstream Partners Stock Up 0.7%

WES traded up $0.34 during trading on Friday, reaching $47.30. 281,056 shares of the stock were exchanged, compared to its average volume of 1,306,223. The stock’s 50 day moving average price is $44.88 and its two-hundred day moving average price is $43.06. The company has a debt-to-equity ratio of 2.34, a quick ratio of 1.09 and a current ratio of 1.09. The stock has a market cap of $19.54 billion, a P/E ratio of 14.87, a price-to-earnings-growth ratio of 1.91 and a beta of 0.68. Western Midstream Partners has a twelve month low of $36.90 and a twelve month high of $48.63.

Western Midstream Partners Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Friday, July 31st will be given a $0.93 dividend. This represents a $3.72 dividend on an annualized basis and a yield of 7.9%. The ex-dividend date of this dividend is Friday, July 31st. Western Midstream Partners’s dividend payout ratio (DPR) is currently 121.57%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on WES. Royal Bank Of Canada reissued a “sector perform” rating on shares of Western Midstream Partners in a report on Tuesday, July 21st. Stifel Nicolaus set a $46.00 target price on shares of Western Midstream Partners and gave the stock a “buy” rating in a research report on Thursday, May 7th. Wall Street Zen upgraded Western Midstream Partners from a “hold” rating to a “buy” rating in a report on Sunday, July 12th. UBS Group boosted their price target on Western Midstream Partners from $45.00 to $48.00 and gave the stock a “neutral” rating in a report on Friday, July 10th. Finally, Mizuho upped their target price on shares of Western Midstream Partners from $48.00 to $51.00 and gave the company an “outperform” rating in a report on Tuesday, July 14th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, Western Midstream Partners presently has an average rating of “Hold” and an average price target of $46.25.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of WES. Quadrant Capital Group LLC lifted its position in shares of Western Midstream Partners by 31.4% during the fourth quarter. Quadrant Capital Group LLC now owns 5,435 shares of the pipeline company’s stock worth $215,000 after acquiring an additional 1,300 shares in the last quarter. Steward Partners Investment Advisory LLC boosted its position in shares of Western Midstream Partners by 11.5% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 5,406 shares of the pipeline company’s stock valued at $214,000 after buying an additional 557 shares during the last quarter. State of Wyoming raised its stake in Western Midstream Partners by 68.2% during the 4th quarter. State of Wyoming now owns 5,266 shares of the pipeline company’s stock worth $208,000 after acquiring an additional 2,136 shares during the period. Ameriprise Financial Inc. boosted its position in shares of Western Midstream Partners by 13.2% during the 2nd quarter. Ameriprise Financial Inc. now owns 5,853 shares of the pipeline company’s stock valued at $227,000 after acquiring an additional 683 shares during the last quarter. Finally, Creative Planning raised its holdings in shares of Western Midstream Partners by 17.0% in the second quarter. Creative Planning now owns 6,878 shares of the pipeline company’s stock valued at $266,000 after acquiring an additional 999 shares in the last quarter. Institutional investors and hedge funds 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.