CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Has $69.04 Million Position in Western Midstream Partners, LP $WES

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its position in shares of Western Midstream Partners, LP (NYSE:WES) by 8.8% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,676,900 shares of the pipeline company’s stock after buying an additional 136,000 shares during the quarter. Western Midstream Partners accounts for about 3.4% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s portfolio, making the stock its 12th biggest holding. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings in Western Midstream Partners were worth $69,038,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Eagle Bay Advisors LLC bought a new stake in Western Midstream Partners in the 4th quarter valued at approximately $27,000. Northwestern Mutual Wealth Management Co. acquired a new position in Western Midstream Partners during the 4th quarter worth approximately $27,000. Rothschild Investment LLC grew its stake in shares of Western Midstream Partners by 76.2% during the 4th quarter. Rothschild Investment LLC now owns 793 shares of the pipeline company’s stock worth $31,000 after acquiring an additional 343 shares in the last quarter. Garton & Associates Financial Advisors LLC bought a new position in shares of Western Midstream Partners during the 4th quarter worth approximately $32,000. Finally, Global Wealth Strategies & Associates acquired a new stake in shares of Western Midstream Partners in the fourth quarter valued at approximately $35,000. Institutional investors and hedge funds own 84.82% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. Mizuho initiated coverage on shares of Western Midstream Partners in a research report on Wednesday, June 17th. They issued an “outperform” rating and a $48.00 price objective on the stock. Stifel Nicolaus set a $46.00 target price on shares of Western Midstream Partners and gave the company a “buy” rating in a research report on Thursday, May 7th. Wall Street Zen lowered shares of Western Midstream Partners from a “buy” rating to a “hold” rating in a research note on Saturday. JPMorgan Chase & Co. cut their price target 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. Finally, UBS Group increased their price objective on shares of Western Midstream Partners from $40.00 to $45.00 and gave the stock a “neutral” rating in a research note on Thursday, May 21st. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, Western Midstream Partners has an average rating of “Hold” and a consensus target price of $45.00.

Western Midstream Partners Trading Up 0.1%

Shares of Western Midstream Partners stock opened at $43.72 on Monday. The stock has a market cap of $17.21 billion, a P/E ratio of 14.29, a P/E/G ratio of 1.84 and a beta of 0.68. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 2.34. Western Midstream Partners, LP has a 12-month low of $36.90 and a 12-month high of $48.01. The business’s 50 day moving average is $43.85 and its 200-day moving average is $42.02.

Western Midstream Partners (NYSE:WES) last released its earnings results on Wednesday, May 6th. The pipeline company reported $0.85 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.11. The business had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.01 billion. Western Midstream Partners had a net margin of 29.98% and a return on equity of 33.89%. The firm’s revenue was up 22.5% on a year-over-year basis. During the same period last year, the business earned $0.79 earnings per share. Equities research analysts predict that Western Midstream Partners, LP will post 3.44 earnings per share for the current fiscal year.

Western Midstream Partners Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Friday, May 1st were paid a $0.93 dividend. This is an increase from Western Midstream Partners’s previous quarterly dividend of $0.91. This represents a $3.72 dividend on an annualized basis and a yield of 8.5%. The ex-dividend date was Friday, May 1st. Western Midstream Partners’s dividend payout ratio is 121.57%.

Western Midstream Partners 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.