Eagle Global Advisors LLC Cuts Position in Western Midstream Partners, LP $WES

Eagle Global Advisors LLC lowered its holdings in shares of Western Midstream Partners, LP (NYSE:WES) by 27.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,397,220 shares of the pipeline company’s stock after selling 528,730 shares during the quarter. Western Midstream Partners makes up 2.1% of Eagle Global Advisors LLC’s holdings, making the stock its 12th largest position. Eagle Global Advisors LLC owned about 0.37% of Western Midstream Partners worth $54,897,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Sound Income Strategies LLC purchased a new position in shares of Western Midstream Partners during the 2nd quarter valued at approximately $39,000. MTM Investment Management LLC acquired a new position in Western Midstream Partners during the second quarter worth $39,000. Allworth Financial LP purchased a new position in Western Midstream Partners during the second quarter valued at $43,000. Ameritas Advisory Services LLC acquired a new stake in shares of Western Midstream Partners in the second quarter valued at about $49,000. Finally, Mather Group LLC. purchased a new stake in shares of Western Midstream Partners during the third quarter worth about $49,000. 84.82% of the stock is currently owned by hedge funds and other institutional investors.

Western Midstream Partners Stock Up 0.1%

NYSE WES opened at $42.21 on Thursday. The business’s fifty day simple moving average is $39.47 and its 200-day simple moving average is $39.03. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 2.08. The firm has a market cap of $17.22 billion, a PE ratio of 12.49 and a beta of 0.76. Western Midstream Partners, LP has a 52 week low of $33.60 and a 52 week high of $43.33.

Western Midstream Partners (NYSE:WES) last issued its earnings results on Tuesday, November 4th. The pipeline company reported $0.87 EPS for the quarter, hitting analysts’ consensus estimates of $0.87. The company had revenue of $952.48 million for the quarter, compared to the consensus estimate of $965.55 million. Western Midstream Partners had a net margin of 35.18% and a return on equity of 39.37%. Western Midstream Partners’s quarterly revenue was up 7.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.74 earnings per share. As a group, equities analysts anticipate that Western Midstream Partners, LP will post 4.02 earnings per share for the current year.

Western Midstream Partners Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 14th. Shareholders of record on Friday, October 31st were paid a dividend of $0.91 per share. The ex-dividend date of this dividend was Friday, October 31st. This represents a $3.64 annualized dividend and a yield of 8.6%. Western Midstream Partners’s dividend payout ratio (DPR) is 107.69%.

Wall Street Analysts Forecast Growth

WES has been the topic of several research analyst reports. Stifel Nicolaus set a $43.00 price objective on Western Midstream Partners in a report on Thursday, November 6th. Citigroup assumed coverage on Western Midstream Partners in a research note on Monday, October 20th. They issued a “neutral” rating and a $39.00 price target on the stock. Wall Street Zen cut Western Midstream Partners from a “buy” rating to a “hold” rating in a research report on Saturday, December 27th. Wells Fargo & Company increased their price objective on Western Midstream Partners from $38.00 to $40.00 and gave the company an “equal weight” rating in a research note on Thursday, November 13th. Finally, Royal Bank Of Canada raised their price target on shares of Western Midstream Partners from $39.00 to $42.00 and gave the stock a “sector perform” rating in a research note on Friday, November 28th. One research analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $41.50.

Western Midstream Partners Company 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.