Tortoise Capital Advisors L.L.C. trimmed its position in shares of Western Midstream Partners LP (NYSE:WES) by 12.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 20,879,174 shares of the pipeline company’s stock after selling 3,072,902 shares during the period. Western Midstream Partners accounts for approximately 2.5% of Tortoise Capital Advisors L.L.C.’s portfolio, making the stock its 16th largest holding. Tortoise Capital Advisors L.L.C. owned 4.61% of Western Midstream Partners worth $411,111,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Cohen & Steers Inc. raised its position in shares of Western Midstream Partners by 93.7% in the fourth quarter. Cohen & Steers Inc. now owns 2,031,490 shares of the pipeline company’s stock worth $40,000,000 after buying an additional 982,752 shares in the last quarter. Americana Partners LLC bought a new position in shares of Western Midstream Partners during the fourth quarter valued at about $5,025,000. Adams Asset Advisors LLC bought a new position in shares of Western Midstream Partners during the fourth quarter valued at about $4,472,000. First Trust Advisors LP bought a new position in shares of Western Midstream Partners during the first quarter valued at about $5,321,000. Finally, FMR LLC grew its stake in shares of Western Midstream Partners by 83.4% during the first quarter. FMR LLC now owns 320,105 shares of the pipeline company’s stock valued at $10,038,000 after buying an additional 145,604 shares during the last quarter. 41.12% of the stock is owned by institutional investors and hedge funds.
In other Western Midstream Partners news, Director James R. Crane acquired 340,700 shares of the business’s stock in a transaction dated Tuesday, March 10th. The stock was purchased at an average price of $5.87 per share, with a total value of $1,999,909.00. Following the transaction, the director now directly owns 499,702 shares in the company, valued at approximately $2,933,250.74. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Michael Ure acquired 10,000 shares of the business’s stock in a transaction dated Tuesday, March 10th. The shares were acquired at an average cost of $5.45 per share, with a total value of $54,500.00. Following the transaction, the chief executive officer now owns 10,000 shares in the company, valued at $54,500. The disclosure for this purchase can be found here. Insiders own 0.01% of the company’s stock.
NYSE:WES traded down $0.28 during trading hours on Thursday, reaching $3.80. The company had a trading volume of 5,889,961 shares, compared to its average volume of 3,233,458. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 2.38. Western Midstream Partners LP has a 52 week low of $3.40 and a 52 week high of $35.75. The firm has a market cap of $1.85 billion, a price-to-earnings ratio of 2.44 and a beta of 1.48. The firm’s 50 day moving average price is $11.38 and its 200-day moving average price is $18.74.
Western Midstream Partners (NYSE:WES) last posted its earnings results on Thursday, February 27th. The pipeline company reported $0.62 EPS for the quarter, topping analysts’ consensus estimates of $0.46 by $0.16. Western Midstream Partners had a net margin of 24.32% and a return on equity of 19.41%. The business had revenue of $723.21 million during the quarter, compared to the consensus estimate of $698.34 million. During the same quarter in the previous year, the firm posted $0.55 EPS. On average, analysts forecast that Western Midstream Partners LP will post 1.96 earnings per share for the current fiscal year.
Several analysts recently issued reports on the company. Citigroup cut their target price on Western Midstream Partners from $26.00 to $23.00 and set a “buy” rating on the stock in a research note on Tuesday, December 3rd. Bank of America cut Western Midstream Partners from a “neutral” rating to an “underperform” rating in a research note on Wednesday, March 11th. Zacks Investment Research cut Western Midstream Partners from a “buy” rating to a “hold” rating in a research note on Thursday, March 12th. UBS Group upgraded shares of Western Midstream Partners from a “neutral” rating to a “buy” rating and lowered their price objective for the stock from $21.00 to $8.00 in a report on Monday, March 16th. Finally, Royal Bank of Canada lowered shares of Western Midstream Partners from an “outperform” rating to a “sector perform” rating and lowered their price objective for the stock from $19.00 to $7.00 in a report on Monday, March 16th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the company. Western Midstream Partners has a consensus rating of “Hold” and an average target price of $22.08.
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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