ELCO Management Co. LLC Buys 3,685 Shares of Western Midstream Partners, LP $WES

ELCO Management Co. LLC grew its holdings in Western Midstream Partners, LP (NYSE:WES) by 6.5% during the second quarter, Holdings Channel.com reports. The firm owned 60,075 shares of the pipeline company’s stock after acquiring an additional 3,685 shares during the period. Western Midstream Partners accounts for about 1.2% of ELCO Management Co. LLC’s portfolio, making the stock its 19th largest position. ELCO Management Co. LLC’s holdings in Western Midstream Partners were worth $2,325,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently bought and sold shares of WES. Cambridge Investment Research Advisors Inc. boosted its stake in Western Midstream Partners by 10.4% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 26,483 shares of the pipeline company’s stock worth $1,085,000 after purchasing an additional 2,485 shares in the last quarter. Bessemer Group Inc. acquired a new position in Western Midstream Partners in the first quarter worth $41,000. Sequoia Financial Advisors LLC acquired a new position in Western Midstream Partners in the first quarter worth $262,000. Creative Financial Designs Inc. ADV acquired a new position in Western Midstream Partners in the first quarter worth $72,000. Finally, Fiduciary Group LLC acquired a new position in Western Midstream Partners in the first quarter worth $208,000. Institutional investors and hedge funds own 84.82% of the company’s stock.

Western Midstream Partners Price Performance

Western Midstream Partners stock opened at $38.85 on Wednesday. Western Midstream Partners, LP has a 12-month low of $33.60 and a 12-month high of $43.33. The business’s 50-day simple moving average is $38.43 and its 200 day simple moving average is $38.55. The company has a quick ratio of 1.30, a current ratio of 1.30 and a debt-to-equity ratio of 2.08. The stock has a market cap of $14.82 billion, a price-to-earnings ratio of 11.96 and a beta of 1.12.

Western Midstream Partners (NYSE:WES) last released its earnings results on Wednesday, August 6th. The pipeline company reported $0.87 earnings per share for the quarter, beating 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 for the quarter, compared to analyst estimates of $954.17 million. During the same quarter in the prior year, the firm posted $0.97 earnings per share. The company’s quarterly revenue was up 4.1% on a year-over-year basis. As a group, research analysts anticipate that Western Midstream Partners, LP will post 4.02 earnings per share for the current year.

Western Midstream Partners Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Friday, October 31st will be paid a $0.91 dividend. The ex-dividend date of this dividend is Friday, October 31st. This represents a $3.64 annualized dividend and a yield of 9.4%. Western Midstream Partners’s dividend payout ratio is presently 112.00%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on WES shares. Royal Bank Of Canada boosted their price objective on 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. Mizuho boosted their price objective on Western Midstream Partners from $44.00 to $46.00 and gave the stock an “outperform” rating in a research note on Friday, August 29th. Morgan Stanley reduced their price objective on Western Midstream Partners from $41.00 to $39.00 and set an “underweight” rating on the stock in a research note on Tuesday, August 26th. Finally, Citigroup started coverage on Western Midstream Partners in a report on Monday, October 20th. They issued a “neutral” rating and a $39.00 price target on the stock. One equities research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Western Midstream Partners presently has an average rating of “Hold” and an average target price of $40.00.

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.