Jennison Associates LLC Cuts Holdings in Western Midstream Partners, LP $WES

Jennison Associates LLC decreased its stake in Western Midstream Partners, LP (NYSE:WES) by 14.8% during the first quarter, Holdings Channel.com reports. The institutional investor owned 319,415 shares of the pipeline company’s stock after selling 55,503 shares during the quarter. Jennison Associates LLC’s holdings in Western Midstream Partners were worth $13,150,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Pavion Blue Capital LLC purchased a new position in Western Midstream Partners in the first quarter worth $201,000. Catalyst Capital Advisors LLC increased its stake in Western Midstream Partners by 8.6% in the first quarter. Catalyst Capital Advisors LLC now owns 401,812 shares of the pipeline company’s stock valued at $16,543,000 after acquiring an additional 31,820 shares during the last quarter. Independent Financial Group LLC purchased a new stake in Western Midstream Partners during the first quarter valued at about $1,306,000. Westover Capital Advisors LLC raised its position in Western Midstream Partners by 64.9% during the first quarter. Westover Capital Advisors LLC now owns 12,700 shares of the pipeline company’s stock valued at $523,000 after purchasing an additional 5,000 shares in the last quarter. Finally, D.A. Davidson & CO. lifted its stake in Western Midstream Partners by 0.8% during the first quarter. D.A. Davidson & CO. now owns 72,449 shares of the pipeline company’s stock worth $2,983,000 after purchasing an additional 568 shares during the last quarter. Hedge funds and other institutional investors own 84.82% of the company’s stock.

Western Midstream Partners Stock Down 0.0%

Shares of NYSE:WES opened at $46.59 on Wednesday. Western Midstream Partners, LP has a 1 year low of $36.90 and a 1 year high of $48.01. The company has a market cap of $18.35 billion, a PE ratio of 15.23, a P/E/G ratio of 1.95 and a beta of 0.68. The company has a debt-to-equity ratio of 2.34, a current ratio of 1.09 and a quick ratio of 1.09. The stock’s 50-day moving average is $44.57 and its 200 day moving average is $42.53.

Western Midstream Partners (NYSE:WES) last released its quarterly earnings results on Wednesday, May 6th. The pipeline company reported $0.85 EPS for the quarter, beating analysts’ consensus estimates of $0.74 by $0.11. Western Midstream Partners had a return on equity of 33.89% and a net margin of 29.98%.The business had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.01 billion. During the same quarter in the prior year, the company posted $0.79 EPS. Western Midstream Partners’s quarterly revenue was up 22.5% compared to the same quarter last year. Sell-side analysts anticipate that Western Midstream Partners, LP will post 3.46 EPS for the current year.

Western Midstream Partners Announces Dividend

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. This represents a $3.72 dividend on an annualized basis and a dividend yield of 8.0%. The ex-dividend date is Friday, July 31st. Western Midstream Partners’s dividend payout ratio is currently 121.57%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on WES shares. Wall Street Zen upgraded Western Midstream Partners from a “hold” rating to a “buy” rating in a report on Sunday, July 12th. Royal Bank Of Canada reissued a “sector perform” rating on shares of Western Midstream Partners in a report on Tuesday. JPMorgan Chase & Co. boosted their target price on Western Midstream Partners from $46.00 to $47.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 14th. Stifel Nicolaus set a $46.00 target price on Western Midstream Partners and gave the stock a “buy” rating in a research note on Thursday, May 7th. Finally, Wells Fargo & Company increased their price target on shares of Western Midstream Partners from $41.00 to $43.00 and gave the company an “equal weight” rating in a research report on Wednesday, May 13th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $46.25.

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.