Western Midstream Partners (NYSE:WES) Sets New 52-Week High – Time to Buy?

Western Midstream Partners, LP (NYSE:WES) reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $44.78 and last traded at $44.6380, with a volume of 1192437 shares trading hands. The stock had previously closed at $43.95.

Analyst Ratings Changes

Several research analysts have recently commented on WES shares. Citigroup restated a “neutral” rating on shares of Western Midstream Partners in a research note on Tuesday. Stifel Nicolaus set a $46.00 target price on shares of Western Midstream Partners and gave the stock a “buy” rating in a research report on Thursday. JPMorgan Chase & Co. reduced their price target on Western Midstream Partners from $44.00 to $43.00 and set a “neutral” rating for the company in a research report on Thursday, March 12th. Finally, Wells Fargo & Company increased their price target on Western Midstream Partners from $39.00 to $41.00 and gave the company an “equal weight” rating in a report on Friday, March 13th. Two research analysts have rated the stock with a Buy rating, four have given 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 price target of $42.29.

Western Midstream Partners Price Performance

The stock has a market cap of $17.62 billion, a price-to-earnings ratio of 14.64 and a beta of 0.70. The stock has a fifty day simple moving average of $41.48 and a 200-day simple moving average of $40.53. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.97.

Western Midstream Partners (NYSE:WES) last announced its quarterly earnings data on Wednesday, May 6th. The pipeline company reported $0.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.11. Western Midstream Partners had a net margin of 29.98% and a return on equity of 33.65%. The business had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.01 billion. During the same quarter last year, the company posted $0.79 earnings per share. Western Midstream Partners’s quarterly revenue was up 22.5% on a year-over-year basis. As a group, equities research analysts expect that Western Midstream Partners, LP will post 3.25 EPS for the current year.

Western Midstream Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 15th. Stockholders of record on Friday, May 1st will be issued a dividend of $0.93 per share. This represents a $3.72 annualized dividend and a dividend yield of 8.3%. The ex-dividend date is Friday, May 1st. This is a positive change from Western Midstream Partners’s previous quarterly dividend of $0.91. Western Midstream Partners’s payout ratio is presently 121.57%.

Insider Transactions at Western Midstream Partners

In other news, SVP Christopher B. Dial sold 5,879 shares of Western Midstream Partners stock in a transaction that occurred on Thursday, February 12th. The stock was sold at an average price of $42.35, for a total transaction of $248,975.65. Following the sale, the senior vice president owned 185,011 shares of the company’s stock, valued at approximately $7,835,215.85. This trade represents a 3.08% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robert G. Phillips bought 1,250 shares of the business’s stock in a transaction that occurred on Wednesday, March 11th. The stock was purchased at an average price of $40.19 per share, with a total value of $50,237.50. Following the completion of the purchase, the director directly owned 5,296 shares of the company’s stock, valued at $212,846.24. This represents a 30.89% increase in their position. The disclosure for this purchase is available in the SEC filing. 0.04% of the stock is owned by company insiders.

Hedge Funds Weigh In On Western Midstream Partners

A number of hedge funds have recently made changes to their positions in WES. Howard Financial Services LTD. lifted its holdings in shares of Western Midstream Partners by 2.3% during the 4th quarter. Howard Financial Services LTD. now owns 10,947 shares of the pipeline company’s stock worth $432,000 after acquiring an additional 249 shares during the period. Whittier Trust Co. of Nevada Inc. grew its stake in shares of Western Midstream Partners by 0.9% in the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 30,784 shares of the pipeline company’s stock valued at $1,218,000 after purchasing an additional 284 shares during the period. Captrust Financial Advisors grew its stake in shares of Western Midstream Partners by 0.6% in the 4th quarter. Captrust Financial Advisors now owns 45,995 shares of the pipeline company’s stock valued at $1,817,000 after purchasing an additional 287 shares during the period. M&T Bank Corp lifted its holdings in shares of Western Midstream Partners by 3.5% during the fourth quarter. M&T Bank Corp now owns 8,540 shares of the pipeline company’s stock valued at $337,000 after acquiring an additional 288 shares during the period. Finally, Mutual Advisors LLC increased its position in shares of Western Midstream Partners by 1.9% during the 4th quarter. Mutual Advisors LLC now owns 15,453 shares of the pipeline company’s stock worth $610,000 after purchasing an additional 292 shares in the last quarter. Institutional investors and hedge funds own 84.82% of the company’s stock.

Western Midstream Partners Company Profile

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.