Western Midstream Partners (NYSE:WES) Announces Quarterly Earnings Results, Beats Estimates By $0.08 EPS

Western Midstream Partners (NYSE:WES) issued 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 firm had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.13 billion.

Western Midstream Partners Price Performance

Shares of NYSE WES traded down $0.39 during midday trading on Wednesday, reaching $46.28. 887,158 shares of the company traded hands, compared to its average volume of 1,313,258. Western Midstream Partners has a 12 month low of $36.90 and a 12 month high of $48.63. The company has a debt-to-equity ratio of 2.34, a quick ratio of 1.09 and a current ratio of 1.09. The stock’s 50-day simple moving average is $44.77 and its 200-day simple moving average is $42.99. The firm has a market cap of $19.12 billion, a PE ratio of 15.12, a PEG ratio of 1.94 and a beta of 0.68.

Western Midstream Partners Dividend Announcement

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

Hedge Funds Weigh In On Western Midstream Partners

Several institutional investors have recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. bought a new stake in Western Midstream Partners during the fourth quarter worth about $27,000. Garton & Associates Financial Advisors LLC bought a new position in shares of Western Midstream Partners in the fourth quarter valued at approximately $32,000. Fulcrum Asset Management LLP acquired a new position in shares of Western Midstream Partners in the 3rd quarter worth approximately $41,000. Arax Advisory Partners grew its position in Western Midstream Partners by 618.1% during the 4th quarter. Arax Advisory Partners now owns 1,350 shares of the pipeline company’s stock worth $53,000 after acquiring an additional 1,162 shares during the last quarter. Finally, Larson Financial Group LLC bought a new stake in Western Midstream Partners during the 3rd quarter worth approximately $55,000. 84.82% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on WES shares. Mizuho lifted their target price on Western Midstream Partners from $48.00 to $51.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 14th. Royal Bank Of Canada reissued a “sector perform” rating on shares of Western Midstream Partners in a report on Tuesday, July 21st. US Capital Advisors upgraded Western Midstream Partners from a “moderate buy” rating to a “strong-buy” rating in a research note on Friday, May 29th. Citigroup lifted their price target on shares of Western Midstream Partners from $39.00 to $42.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 12th. Finally, 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 research note on Friday, July 10th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, Western Midstream Partners has a consensus 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.