Allianz Asset Management GmbH Sells 3,000 Shares of Western Midstream Partners, LP $WES

Allianz Asset Management GmbH cut its stake in Western Midstream Partners, LP (NYSE:WES) by 0.8% in the 2nd quarter, Holdings Channel reports. The firm owned 374,364 shares of the pipeline company’s stock after selling 3,000 shares during the period. Allianz Asset Management GmbH’s holdings in Western Midstream Partners were worth $14,488,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of WES. Wealth Enhancement Advisory Services LLC raised its stake in Western Midstream Partners by 24.0% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 52,450 shares of the pipeline company’s stock worth $2,148,000 after buying an additional 10,156 shares in the last quarter. Janney Montgomery Scott LLC grew its holdings in shares of Western Midstream Partners by 28.1% during the 1st quarter. Janney Montgomery Scott LLC now owns 34,425 shares of the pipeline company’s stock worth $1,410,000 after acquiring an additional 7,555 shares during the period. Cambridge Investment Research Advisors Inc. raised its position in shares of Western Midstream Partners by 10.4% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 26,483 shares of the pipeline company’s stock worth $1,085,000 after acquiring an additional 2,485 shares in the last quarter. Daymark Wealth Partners LLC raised its position in shares of Western Midstream Partners by 8.6% in the 1st quarter. Daymark Wealth Partners LLC now owns 45,506 shares of the pipeline company’s stock worth $1,864,000 after acquiring an additional 3,605 shares in the last quarter. Finally, Bessemer Group Inc. purchased a new position in shares of Western Midstream Partners in the 1st quarter valued at approximately $41,000. 84.82% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently weighed in on WES shares. Citigroup assumed coverage on Western Midstream Partners in a research note on Monday. They issued a “neutral” rating and a $39.00 price target on the stock. Morgan Stanley dropped their target price on shares of Western Midstream Partners from $41.00 to $39.00 and set an “underweight” rating on the stock in a report on Tuesday, August 26th. Royal Bank Of Canada increased their price target on shares of Western Midstream Partners from $38.00 to $39.00 and gave the stock a “sector perform” rating in a research note on Tuesday, August 26th. Finally, Mizuho lifted their price target on shares of Western Midstream Partners from $44.00 to $46.00 and gave the company an “outperform” rating in a research report on Friday, August 29th. One investment analyst has rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $40.00.

Western Midstream Partners Trading Up 0.9%

NYSE WES opened at $38.10 on Tuesday. Western Midstream Partners, LP has a 12 month low of $33.60 and a 12 month high of $43.33. The company has a current ratio of 1.30, a quick ratio of 1.30 and a debt-to-equity ratio of 2.08. The stock’s fifty day moving average price is $38.42 and its 200-day moving average price is $38.43. The stock has a market cap of $14.53 billion, a P/E ratio of 11.72 and a beta of 1.12.

Western Midstream Partners (NYSE:WES) last posted its quarterly earnings results on Wednesday, August 6th. The pipeline company reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.82 by $0.05. Western Midstream Partners had a return on equity of 37.70% and a net margin of 34.45%.The firm had revenue of $942.32 million during the quarter, compared to analyst estimates of $954.17 million. During the same quarter in the previous year, the firm earned $0.97 EPS. Western Midstream Partners’s quarterly revenue was up 4.1% compared to the same quarter last year. As a group, equities analysts forecast that Western Midstream Partners, LP will post 4.02 EPS for the current fiscal year.

Western Midstream Partners Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Friday, October 31st will be issued a dividend of $0.91 per share. The ex-dividend date is Friday, October 31st. This represents a $3.64 dividend on an annualized basis and a dividend yield of 9.6%. Western Midstream Partners’s dividend payout ratio is presently 112.00%.

Western Midstream Partners Profile

Western Midstream Partners, LP, together with its subsidiaries, operates as a midstream energy company 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.