Western Midstream Partners (NYSE:WES) Releases Earnings Results, Beats Expectations By $0.08 EPS

Western Midstream Partners (NYSE:WES) announced its quarterly earnings results on Wednesday. The pipeline company reported $0.99 earnings per share for the quarter, beating analysts’ consensus estimates of $0.91 by $0.08, FiscalAI reports. Western Midstream Partners had a net margin of 29.98% and a return on equity of 33.89%. The business had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.13 billion. During the same period last year, the company posted $0.87 EPS. Western Midstream Partners’s revenue for the quarter was up 30.0% on a year-over-year basis.

Western Midstream Partners Stock Down 0.8%

Western Midstream Partners stock traded down $0.39 during mid-day trading on Wednesday, reaching $46.28. The company’s stock had a trading volume of 889,831 shares, compared to its average volume of 773,640. The company has a market capitalization of $19.12 billion, a price-to-earnings ratio of 15.25, a price-to-earnings-growth ratio of 1.93 and a beta of 0.68. Western Midstream Partners has a 12 month low of $36.90 and a 12 month high of $48.63. The business’s 50 day simple moving average is $44.81 and its 200 day simple moving average is $43.02. The company has a debt-to-equity ratio of 2.34, a quick ratio of 1.09 and a current ratio of 1.09.

Western Midstream Partners Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Friday, July 31st will be issued a dividend of $0.93 per share. The ex-dividend date is Friday, July 31st. This represents a $3.72 annualized dividend and a yield of 8.0%. Western Midstream Partners’s dividend payout ratio is presently 121.57%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on WES. Stifel Nicolaus set a $46.00 price target on shares of Western Midstream Partners and gave the company a “buy” rating in a report on Thursday, May 7th. Mizuho boosted their price objective on shares of Western Midstream Partners from $48.00 to $51.00 and gave the company an “outperform” rating in a research report on Tuesday, July 14th. Wall Street Zen raised shares of Western Midstream Partners from a “hold” rating to a “buy” rating in a research note on Sunday, July 12th. Citigroup increased their target price on Western Midstream Partners from $39.00 to $42.00 and gave the stock a “neutral” rating in a report on Tuesday, May 12th. Finally, Royal Bank Of Canada reissued a “sector perform” rating on shares of Western Midstream Partners in a research note on Tuesday, July 21st. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $46.25.

Institutional Investors Weigh In On Western Midstream Partners

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Geode Capital Management LLC increased its position in shares of Western Midstream Partners by 6.4% in the second quarter. Geode Capital Management LLC now owns 8,525 shares of the pipeline company’s stock valued at $330,000 after acquiring an additional 512 shares during the last quarter. Creative Planning boosted its position in Western Midstream Partners by 17.0% during the second quarter. Creative Planning now owns 6,878 shares of the pipeline company’s stock valued at $266,000 after purchasing an additional 999 shares during the last quarter. Guggenheim Capital LLC grew its stake in Western Midstream Partners by 6.0% in the second quarter. Guggenheim Capital LLC now owns 23,029 shares of the pipeline company’s stock valued at $891,000 after purchasing an additional 1,298 shares in the last quarter. Cerity Partners LLC grew its stake in Western Midstream Partners by 39.1% in the second quarter. Cerity Partners LLC now owns 25,003 shares of the pipeline company’s stock valued at $968,000 after purchasing an additional 7,032 shares in the last quarter. Finally, NewEdge Advisors LLC acquired a new position in shares of Western Midstream Partners during the 2nd quarter worth approximately $2,172,000. 84.82% of the stock is owned by institutional investors.

About Western Midstream Partners

Western Midstream Partners, LP (NYSE: WES) is a midstream energy infrastructure company that owns, operates and develops an integrated network of crude oil, natural gas and produced water gathering, processing, transportation and storage assets in the United States. The partnership’s primary offerings include pipeline transportation, fractionation services, natural gas liquids (NGL) logistics and produced water handling. Through its fee-based and commodity-based contracts, Western Midstream provides its customers with essential services that support efficient energy production and distribution.

The company’s asset portfolio spans key onshore basins, including the Delaware Basin in West Texas and southeastern New Mexico, the San Juan Basin in New Mexico and Colorado, and the Denver-Julesburg Basin in Colorado.