JPMorgan Chase & Co. lowered shares of Western Midstream Partners (NYSE:WES) from an overweight rating to a neutral rating in a research report sent to investors on Tuesday morning, BenzingaRatingsTable reports. JPMorgan Chase & Co. currently has $31.00 price objective on the pipeline company’s stock, down from their previous price objective of $40.00.
WES has been the subject of a number of other reports. Mizuho initiated coverage on shares of Western Midstream Partners in a report on Friday, June 14th. They set a buy rating and a $34.00 price target for the company. Royal Bank of Canada lowered their price target on shares of Western Midstream Partners to $28.00 and set an outperform rating for the company in a report on Monday, August 5th. Mitsubishi UFJ Financial Group reaffirmed a neutral rating and set a $37.00 price target (down from $42.00) on shares of Western Midstream Partners in a report on Thursday, August 1st. Zacks Investment Research lowered shares of Western Midstream Partners from a buy rating to a hold rating in a report on Saturday, August 3rd. Finally, UBS Group lowered shares of Western Midstream Partners from a buy rating to a neutral rating and lowered their price target for the company from $40.00 to $27.00 in a report on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and three have assigned a buy rating to the company’s stock. Western Midstream Partners currently has an average rating of Hold and a consensus price target of $38.21.
Shares of WES stock opened at $23.02 on Tuesday. The company’s fifty day simple moving average is $28.87 and its 200-day simple moving average is $33.18. Western Midstream Partners has a 52 week low of $22.39 and a 52 week high of $36.16. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 2.15. The company has a market cap of $10.43 billion, a PE ratio of 9.17, a P/E/G ratio of 2.07 and a beta of 1.40.
Western Midstream Partners (NYSE:WES) last released its quarterly earnings results on Tuesday, July 30th. The pipeline company reported $0.37 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.64 by ($0.27). The firm had revenue of $685.10 million for the quarter, compared to analyst estimates of $709.39 million. Western Midstream Partners had a net margin of 18.98% and a return on equity of 14.63%. Western Midstream Partners’s revenue for the quarter was up 32.2% on a year-over-year basis. During the same period in the previous year, the business posted ($0.32) earnings per share. Equities research analysts expect that Western Midstream Partners will post 1.94 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 13th. Shareholders of record on Wednesday, July 31st were issued a dividend of $0.618 per share. This is a positive change from Western Midstream Partners’s previous quarterly dividend of $0.61. This represents a $2.47 annualized dividend and a yield of 10.74%. The ex-dividend date of this dividend was Tuesday, July 30th. Western Midstream Partners’s dividend payout ratio (DPR) is currently 98.41%.
Hedge funds have recently made changes to their positions in the business. Westside Investment Management Inc. acquired a new position in Western Midstream Partners during the 2nd quarter worth $27,000. Doyle Wealth Management acquired a new position in Western Midstream Partners during the 2nd quarter worth $47,000. Winslow Evans & Crocker Inc. grew its holdings in Western Midstream Partners by 52.6% during the 1st quarter. Winslow Evans & Crocker Inc. now owns 1,526 shares of the pipeline company’s stock worth $48,000 after acquiring an additional 526 shares in the last quarter. Advisor Group Inc. grew its holdings in Western Midstream Partners by 25.4% during the 4th quarter. Advisor Group Inc. now owns 1,234 shares of the pipeline company’s stock worth $52,000 after acquiring an additional 250 shares in the last quarter. Finally, Hall Laurie J Trustee grew its holdings in Western Midstream Partners by 52.4% during the 1st quarter. Hall Laurie J Trustee now owns 1,753 shares of the pipeline company’s stock worth $55,000 after acquiring an additional 603 shares in the last quarter. 40.98% of the stock is owned by institutional investors.
Western Midstream Partners Company 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.
Recommended Story: Compound Interest and Why It Matters When Investing
Receive News & Ratings for Western Midstream Partners Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Western Midstream Partners and related companies with MarketBeat.com's FREE daily email newsletter.