Western Midstream Partners (NYSE:WES) Releases Earnings Results

Western Midstream Partners (NYSE:WES) posted its earnings results on Wednesday. The pipeline company reported $0.78 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.92 by ($0.14), FiscalAI reports. The company had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.19 billion. Western Midstream Partners had a net margin of 29.44% and a return on equity of 33.13%. Western Midstream Partners’s revenue was up 25.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.87 EPS.

Western Midstream Partners Trading Down 3.9%

WES traded down $1.64 during trading hours on Thursday, reaching $40.90. 1,787,745 shares of the company’s stock traded hands, compared to its average volume of 1,230,410. The firm has a market capitalization of $16.90 billion, a PE ratio of 12.87, a PEG ratio of 1.18 and a beta of 0.75. Western Midstream Partners has a 52-week low of $37.75 and a 52-week high of $50.07. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 2.02. The firm has a 50-day moving average price of $46.18 and a 200 day moving average price of $44.18.

Western Midstream Partners Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Investors of record on Monday, November 2nd will be paid a dividend of $0.93 per share. This represents a $3.72 dividend on an annualized basis and a dividend yield of 9.1%. The ex-dividend date of this dividend is Monday, November 2nd. Western Midstream Partners’s dividend payout ratio (DPR) is currently 116.98%.

Insider Buying and Selling

In related news, Director Frederick Forthuber purchased 5,140 shares of Western Midstream Partners stock in a transaction that occurred on Wednesday, August 12th. The shares were bought at an average price of $48.62 per share, with a total value of $249,906.80. Following the purchase, the director directly owned 5,140 shares of the company’s stock, valued at approximately $249,906.80. This represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.04% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of analysts have commented on WES shares. Morgan Stanley lowered their price objective on Western Midstream Partners from $55.00 to $52.00 and set an “equal weight” rating on the stock in a research report on Wednesday, October 21st. Mizuho lifted their price target on shares of Western Midstream Partners from $48.00 to $51.00 and gave the company an “outperform” rating in a report on Tuesday, July 14th. Truist Financial initiated coverage on Western Midstream Partners in a report on Thursday, September 17th. They set a “buy” rating and a $55.00 price target on the stock. UBS Group increased their target price on Western Midstream Partners from $45.00 to $48.00 and gave the stock a “neutral” rating in a research report on Friday, July 10th. Finally, JPMorgan Chase & Co. assumed coverage on Western Midstream Partners in a research note on Tuesday, October 20th. They set a “neutral” rating and a $50.00 target price on the stock. Two investment analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, Western Midstream Partners presently has a consensus rating of “Moderate Buy” and an average price target of $49.89.

Western Midstream Partners Company Profile

Western Midstream Partners, L.P. (NYSE:WES) is a master limited partnership that owns and operates midstream energy infrastructure in the United States. The company provides gathering, processing, transportation, storage and treating services for natural gas, crude oil, natural gas liquids and produced water.

Western Midstream’s assets include gathering systems, processing plants, pipelines, storage facilities and water-handling infrastructure. These facilities connect oil and gas producers with downstream markets and are generally supported by long-term commercial arrangements.