Kayne Anderson Capital Advisors LP lessened its stake in shares of Western Midstream Partners LP (NYSE:WES) by 4.8% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 9,182,851 shares of the pipeline company’s stock after selling 460,436 shares during the period. Western Midstream Partners accounts for approximately 3.7% of Kayne Anderson Capital Advisors LP’s investment portfolio, making the stock its 8th biggest position. Kayne Anderson Capital Advisors LP owned approximately 2.03% of Western Midstream Partners worth $228,553,000 at the end of the most recent reporting period.
A number of other hedge funds have also added to or reduced their stakes in the business. Tortoise Capital Advisors L.L.C. raised its holdings in Western Midstream Partners by 2.1% in the 2nd quarter. Tortoise Capital Advisors L.L.C. now owns 27,562,374 shares of the pipeline company’s stock valued at $848,094,000 after acquiring an additional 558,860 shares during the last quarter. Alps Advisors Inc. raised its holdings in Western Midstream Partners by 37.9% in the 3rd quarter. Alps Advisors Inc. now owns 24,293,298 shares of the pipeline company’s stock valued at $604,660,000 after acquiring an additional 6,677,468 shares during the last quarter. Invesco Ltd. raised its holdings in Western Midstream Partners by 7,463.7% in the 2nd quarter. Invesco Ltd. now owns 9,408,687 shares of the pipeline company’s stock valued at $289,505,000 after acquiring an additional 9,284,294 shares during the last quarter. Bank of America Corp DE raised its holdings in Western Midstream Partners by 12.2% in the 2nd quarter. Bank of America Corp DE now owns 3,877,743 shares of the pipeline company’s stock valued at $119,318,000 after acquiring an additional 420,611 shares during the last quarter. Finally, Brookfield Asset Management Inc. raised its holdings in Western Midstream Partners by 5.4% in the 2nd quarter. Brookfield Asset Management Inc. now owns 3,685,687 shares of the pipeline company’s stock valued at $113,409,000 after acquiring an additional 188,532 shares during the last quarter. Institutional investors own 41.03% of the company’s stock.
Shares of NYSE:WES traded up $0.23 during mid-day trading on Friday, reaching $20.03. 2,138,282 shares of the company were exchanged, compared to its average volume of 1,105,529. The company has a debt-to-equity ratio of 2.32, a current ratio of 0.66 and a quick ratio of 0.67. The firm has a market cap of $8.81 billion, a price-to-earnings ratio of 7.98, a P/E/G ratio of 2.21 and a beta of 1.43. The firm’s 50-day simple moving average is $23.63 and its 200 day simple moving average is $27.22. Western Midstream Partners LP has a 1 year low of $19.14 and a 1 year high of $35.75.
Western Midstream Partners (NYSE:WES) last posted its quarterly earnings data on Monday, November 4th. The pipeline company reported $0.27 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.47 by ($0.20). The company had revenue of $666.03 million for the quarter, compared to analysts’ expectations of $688.91 million. Western Midstream Partners had a return on equity of 15.32% and a net margin of 18.35%. The business’s revenue for the quarter was up 13.3% on a year-over-year basis. During the same period in the previous year, the business posted $0.39 EPS. On average, research analysts forecast that Western Midstream Partners LP will post 1.43 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 13th. Investors of record on Friday, November 1st will be given a dividend of $0.62 per share. The ex-dividend date is Thursday, October 31st. This represents a $2.48 dividend on an annualized basis and a dividend yield of 12.38%. This is a boost from Western Midstream Partners’s previous quarterly dividend of $0.62. Western Midstream Partners’s dividend payout ratio (DPR) is presently 98.80%.
A number of analysts have commented on WES shares. Royal Bank of Canada cut their price objective on shares of Western Midstream Partners to $28.00 and set an “outperform” rating for the company in a report on Monday, August 5th. UBS Group cut shares of Western Midstream Partners from a “buy” rating to a “neutral” rating and dropped their price target for the company from $40.00 to $27.00 in a research note on Friday, August 2nd. Citigroup dropped their price target on shares of Western Midstream Partners from $35.00 to $26.00 and set a “buy” rating for the company in a research note on Tuesday, October 1st. Scotiabank began coverage on shares of Western Midstream Partners in a research note on Tuesday, September 3rd. They issued a “sector perform” rating and a $28.00 price target for the company. Finally, Mitsubishi UFJ Financial Group reissued a “neutral” rating and issued a $37.00 price target (down previously from $42.00) on shares of Western Midstream Partners in a research note on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and three have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $32.08.
In related news, Director David J. Tudor sold 5,000 shares of the stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $27.00, for a total transaction of $135,000.00. Company insiders own 0.01% of the company’s stock.
Western Midstream Partners Profile
Western Midstream Partners, LP, together with its subsidiaries, engages in gathering, processing, compressing, treating, stabilizing, and transporting natural gas, condensate, natural gas liquids, and crude oil primarily in the United States. It is also involved in the gathering and disposing of produced water; and buying and selling of natural gas.
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