Pekin Hardy Strauss Inc. Sells 3,900 Shares of Western Midstream Partners, LP $WES

Pekin Hardy Strauss Inc. lessened its holdings in Western Midstream Partners, LP (NYSE:WES) by 5.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 66,400 shares of the pipeline company’s stock after selling 3,900 shares during the period. Pekin Hardy Strauss Inc.’s holdings in Western Midstream Partners were worth $2,570,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the business. Financial Network Wealth Advisors LLC lifted its holdings in shares of Western Midstream Partners by 1,856.4% in the first quarter. Financial Network Wealth Advisors LLC now owns 763 shares of the pipeline company’s stock worth $31,000 after acquiring an additional 724 shares during the last quarter. Sound Income Strategies LLC acquired a new stake in Western Midstream Partners in the second quarter valued at approximately $39,000. Ameritas Advisory Services LLC bought a new stake in shares of Western Midstream Partners during the second quarter worth $49,000. Iron Horse Wealth Management LLC acquired a new position in shares of Western Midstream Partners during the second quarter worth $58,000. Finally, Militia Capital Partners LP bought a new position in shares of Western Midstream Partners in the 1st quarter valued at $123,000. Institutional investors and hedge funds own 84.82% of the company’s stock.

Wall Street Analyst Weigh In

WES has been the topic of a number of research reports. 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 report on Friday, August 29th. Citigroup started coverage on Western Midstream Partners in a research note on Monday, October 20th. They set a “neutral” rating and a $39.00 price target on the stock. Royal Bank Of Canada upped their price objective on Western Midstream Partners from $38.00 to $39.00 and gave the company a “sector perform” rating in a research note on Tuesday, August 26th. Stifel Nicolaus set a $43.00 target price on shares of Western Midstream Partners in a research report on Thursday. Finally, Morgan Stanley decreased their price target on shares of Western Midstream Partners from $41.00 to $39.00 and set an “underweight” rating for the company in a research report on Tuesday, August 26th. One research analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $40.50.

Western Midstream Partners Stock Performance

Shares of WES stock opened at $38.49 on Friday. The business’s 50 day simple moving average is $38.38 and its 200 day simple moving average is $38.56. Western Midstream Partners, LP has a one year low of $33.60 and a one year high of $43.33. The stock has a market capitalization of $14.68 billion, a PE ratio of 11.84 and a beta of 1.14. The company has a debt-to-equity ratio of 2.08, a current ratio of 1.30 and a quick ratio of 1.30.

Western Midstream Partners (NYSE:WES) last released its quarterly earnings results on Tuesday, November 4th. The pipeline company reported $0.87 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.87. Western Midstream Partners had a net margin of 34.45% and a return on equity of 37.70%. The firm had revenue of $952.48 million during the quarter, compared to analyst estimates of $965.55 million. During the same quarter last year, the business earned $0.74 EPS. The company’s revenue was up 7.8% compared to the same quarter last year. As a group, research analysts forecast that Western Midstream Partners, LP will post 4.02 earnings per share for the current year.

Western Midstream Partners Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Friday, October 31st will be issued a dividend of $0.91 per share. This represents a $3.64 dividend on an annualized basis and a yield of 9.5%. The ex-dividend date is Friday, October 31st. Western Midstream Partners’s dividend payout ratio (DPR) is presently 107.69%.

About Western Midstream Partners

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.