Tortoise Index Solutions LLC Increases Position in Western Midstream Partners, LP (NYSE:WES)

Tortoise Index Solutions LLC lifted its holdings in shares of Western Midstream Partners, LP (NYSE:WESGet Rating) by 9.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 156,502 shares of the pipeline company’s stock after acquiring an additional 13,403 shares during the quarter. Western Midstream Partners accounts for about 0.8% of Tortoise Index Solutions LLC’s investment portfolio, making the stock its 29th biggest position. Tortoise Index Solutions LLC’s holdings in Western Midstream Partners were worth $3,485,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. UBS Group AG increased its position in shares of Western Midstream Partners by 15.8% during the third quarter. UBS Group AG now owns 4,250,138 shares of the pipeline company’s stock worth $89,083,000 after acquiring an additional 580,757 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Western Midstream Partners by 2.3% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,121,096 shares of the pipeline company’s stock worth $69,507,000 after acquiring an additional 70,174 shares during the last quarter. Bank of America Corp DE increased its holdings in Western Midstream Partners by 68.7% in the fourth quarter. Bank of America Corp DE now owns 2,406,879 shares of the pipeline company’s stock valued at $53,601,000 after buying an additional 980,260 shares during the last quarter. Morgan Stanley increased its holdings in Western Midstream Partners by 16.4% in the third quarter. Morgan Stanley now owns 2,098,748 shares of the pipeline company’s stock valued at $43,989,000 after buying an additional 295,325 shares during the last quarter. Finally, Eagle Global Advisors LLC increased its holdings in Western Midstream Partners by 4.8% in the fourth quarter. Eagle Global Advisors LLC now owns 1,906,849 shares of the pipeline company’s stock valued at $42,466,000 after buying an additional 86,500 shares during the last quarter. 41.25% of the stock is currently owned by institutional investors and hedge funds.

NYSE:WES opened at $26.05 on Friday. The firm has a market capitalization of $10.51 billion, a PE ratio of 10.46 and a beta of 3.29. The stock has a 50 day moving average of $25.07 and a 200-day moving average of $23.69. Western Midstream Partners, LP has a 52 week low of $17.97 and a 52 week high of $27.29. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 1.89.

Western Midstream Partners (NYSE:WESGet Rating) last posted its earnings results on Tuesday, May 10th. The pipeline company reported $0.75 EPS for the quarter, beating the consensus estimate of $0.61 by $0.14. The company had revenue of $758.30 million during the quarter, compared to analyst estimates of $701.95 million. Western Midstream Partners had a return on equity of 33.05% and a net margin of 34.94%. The business’s revenue was up 12.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.48 earnings per share. As a group, analysts predict that Western Midstream Partners, LP will post 2.81 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 13th. Stockholders of record on Monday, May 2nd were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Friday, April 29th. This is an increase from Western Midstream Partners’s previous quarterly dividend of $0.33. This represents a $2.00 annualized dividend and a dividend yield of 7.68%. Western Midstream Partners’s payout ratio is currently 80.32%.

Several analysts recently weighed in on the company. Credit Suisse Group boosted their price objective on Western Midstream Partners from $25.00 to $29.00 and gave the company an “outperform” rating in a report on Thursday, March 10th. StockNews.com assumed coverage on Western Midstream Partners in a report on Thursday, March 31st. They issued a “buy” rating for the company. Morgan Stanley boosted their price objective on Western Midstream Partners from $29.00 to $31.00 and gave the company an “overweight” rating in a report on Tuesday, April 26th. Mizuho boosted their price objective on Western Midstream Partners from $31.00 to $32.00 in a report on Friday, May 13th. Finally, Zacks Investment Research raised Western Midstream Partners from a “sell” rating to a “hold” rating in a report on Tuesday, April 26th. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, Western Midstream Partners presently has an average rating of “Buy” and a consensus target price of $29.00.

About Western Midstream Partners (Get Rating)

Western Midstream Partners, LP, a midstream energy company, together with its subsidiaries, acquires, owns, develops, and operates primarily in the United States. It is involved in gathering, compressing, treating, processing, and transporting natural gas; gathering, stabilizing, and transporting condensate, natural gas liquids (NGLs), and crude oil; and gathering and disposing produced water.

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Institutional Ownership by Quarter for Western Midstream Partners (NYSE:WES)

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