CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Purchases 71,000 Shares of Western Midstream Partners, LP $WES

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its holdings in Western Midstream Partners, LP (NYSE:WES) by 5.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,330,900 shares of the pipeline company’s stock after purchasing an additional 71,000 shares during the quarter. Western Midstream Partners makes up approximately 2.7% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings, making the stock its 14th largest holding. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings in Western Midstream Partners were worth $59,052,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of WES. Pension & Wealth Management Advisors Inc. bought a new position in shares of Western Midstream Partners during the third quarter worth $25,000. Continuum Advisory LLC bought a new stake in Western Midstream Partners in the 2nd quarter valued at $41,000. Farther Finance Advisors LLC increased its holdings in Western Midstream Partners by 37.9% in the 3rd quarter. Farther Finance Advisors LLC now owns 924 shares of the pipeline company’s stock valued at $41,000 after acquiring an additional 254 shares during the last quarter. Toth Financial Advisory Corp lifted its stake in Western Midstream Partners by 209.4% in the 2nd quarter. Toth Financial Advisory Corp now owns 1,835 shares of the pipeline company’s stock worth $80,000 after purchasing an additional 1,242 shares in the last quarter. Finally, Compass Financial Management LLC purchased a new stake in Western Midstream Partners in the 2nd quarter worth $132,000. Hedge funds and other institutional investors own 84.82% of the company’s stock.

Insider Buying and Selling

In other news, Director Frederick Forthuber acquired 5,140 shares of the company’s 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 completion of the purchase, the director directly owned 5,140 shares in the company, valued at $249,906.80. This trade represents a ∞ increase in their ownership of the stock. The transaction 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 Upgrades and Downgrades

Several research firms have commented on WES. UBS Group increased their price objective on shares of Western Midstream Partners from $45.00 to $48.00 and gave the company a “neutral” rating in a report on Friday, July 10th. Royal Bank Of Canada boosted their target price on Western Midstream Partners from $41.00 to $47.00 and gave the stock a “sector perform” rating in a research report on Monday, August 24th. Wells Fargo & Company increased their price target on Western Midstream Partners from $43.00 to $46.00 and gave the company an “equal weight” rating in a research note on Monday, August 10th. Stifel Nicolaus started coverage on Western Midstream Partners in a research note on Thursday, September 10th. They issued a “buy” rating and a $55.00 price objective on the stock. Finally, Citigroup upped their price objective on Western Midstream Partners from $42.00 to $45.00 and gave the stock a “neutral” rating in a report on Tuesday, August 11th. Two research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $49.89.

Western Midstream Partners Price Performance

Shares of WES stock opened at $45.14 on Tuesday. The firm has a market capitalization of $18.65 billion, a P/E ratio of 14.19, a P/E/G ratio of 1.22 and a beta of 0.74. Western Midstream Partners, LP has a 52-week low of $36.90 and a 52-week high of $50.07. The company has a debt-to-equity ratio of 2.02, a quick ratio of 0.91 and a current ratio of 0.91. The stock has a 50 day moving average price of $46.75 and a 200 day moving average price of $44.06.

Western Midstream Partners (NYSE:WES) last posted its quarterly earnings results on Wednesday, August 5th. The pipeline company reported $0.99 EPS for the quarter, topping analysts’ consensus estimates of $0.91 by $0.08. The firm had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.13 billion. Western Midstream Partners had a net margin of 29.44% and a return on equity of 33.13%. The business’s revenue for the quarter was up 30.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.87 earnings per share. As a group, sell-side analysts predict that Western Midstream Partners, LP will post 3.66 earnings per share for the current year.

Western Midstream Partners Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 13th. Shareholders of record on Monday, November 2nd will be given a $0.93 dividend. This represents a $3.72 annualized dividend and a yield of 8.2%. The ex-dividend date of this dividend is Monday, November 2nd. Western Midstream Partners’s payout ratio is 116.98%.

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.