CIBC Bancorp USA Inc. Makes New $32.15 Million Investment in Western Midstream Partners, LP $WES

CIBC Bancorp USA Inc. acquired a new stake in Western Midstream Partners, LP (NYSE:WES) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 818,344 shares of the pipeline company’s stock, valued at approximately $32,153,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. ProShare Advisors LLC raised its stake in shares of Western Midstream Partners by 20.2% during the 2nd quarter. ProShare Advisors LLC now owns 15,602 shares of the pipeline company’s stock worth $604,000 after buying an additional 2,625 shares during the period. Allworth Financial LP purchased a new stake in Western Midstream Partners in the 2nd quarter worth $43,000. Geode Capital Management LLC increased its holdings in Western Midstream Partners by 6.4% in the 2nd quarter. Geode Capital Management LLC now owns 8,525 shares of the pipeline company’s stock worth $330,000 after acquiring an additional 512 shares in the last quarter. Creative Planning raised its position in Western Midstream Partners by 17.0% during the second quarter. Creative Planning now owns 6,878 shares of the pipeline company’s stock worth $266,000 after acquiring an additional 999 shares during the period. Finally, Cetera Investment Advisers lifted its holdings in Western Midstream Partners by 55.3% during the second quarter. Cetera Investment Advisers now owns 89,419 shares of the pipeline company’s stock valued at $3,460,000 after purchasing an additional 31,843 shares in the last quarter. 84.82% of the stock is currently owned by hedge funds and other institutional investors.

Western Midstream Partners Trading Down 1.3%

Shares of WES opened at $40.94 on Thursday. Western Midstream Partners, LP has a 52-week low of $33.60 and a 52-week high of $44.74. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.97. The firm’s fifty day moving average is $41.46 and its two-hundred day moving average is $39.72. The stock has a market cap of $16.11 billion, a PE ratio of 13.65 and a beta of 0.76.

Western Midstream Partners (NYSE:WES) last issued its earnings results on Wednesday, February 18th. The pipeline company reported $0.47 EPS for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.44). The business had revenue of $1.03 billion during the quarter, compared to analyst estimates of $1.06 billion. Western Midstream Partners had a net margin of 30.52% and a return on equity of 33.14%. Western Midstream Partners’s quarterly revenue was up 11.1% on a year-over-year basis. During the same quarter last year, the company earned $0.85 earnings per share. Research analysts forecast that Western Midstream Partners, LP will post 4.02 earnings per share for the current fiscal year.

Western Midstream Partners Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Monday, February 2nd were issued a $0.91 dividend. The ex-dividend date was Monday, February 2nd. This represents a $3.64 dividend on an annualized basis and a yield of 8.9%. Western Midstream Partners’s dividend payout ratio is presently 121.33%.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. JPMorgan Chase & Co. dropped their target price on shares of Western Midstream Partners from $44.00 to $43.00 and set a “neutral” rating on the stock in a research report on Thursday, March 12th. Wall Street Zen downgraded shares of Western Midstream Partners from a “buy” rating to a “hold” rating in a research report on Saturday, December 27th. Stifel Nicolaus decreased their price target on shares of Western Midstream Partners from $43.00 to $42.00 and set a “hold” rating on the stock in a research note on Friday, February 20th. Royal Bank Of Canada lifted their price objective on Western Midstream Partners from $39.00 to $42.00 and gave the stock a “sector perform” rating in a report on Friday, November 28th. Finally, Wells Fargo & Company boosted their price objective on Western Midstream Partners from $39.00 to $41.00 and gave the stock an “equal weight” rating in a research note on Friday, March 13th. One research analyst has rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Western Midstream Partners has a consensus rating of “Hold” and a consensus target price of $41.71.

Insider Transactions at Western Midstream Partners

In related news, Director Robert G. Phillips bought 1,250 shares of the stock in a transaction dated Wednesday, March 11th. The shares were acquired at an average cost of $40.19 per share, for a total transaction of $50,237.50. Following the acquisition, the director directly owned 5,296 shares in the company, valued at approximately $212,846.24. This trade represents a 30.89% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Christopher B. Dial sold 5,879 shares of the company’s stock in a transaction that occurred on Thursday, February 12th. The shares were 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 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 disclosure for this sale is available in the SEC filing. 0.04% of the stock is currently owned by corporate insiders.

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.