Western Midstream Partners (NYSE:WES) Downgraded by UBS Group

UBS Group lowered shares of Western Midstream Partners (NYSE:WES) from a buy rating to a neutral rating in a research note released on Friday morning, BenzingaRatingsTable reports. UBS Group currently has $27.00 target price on the pipeline company’s stock, down from their prior target price of $40.00.

Several other research firms have also recently issued reports on WES. Mitsubishi UFJ Financial Group restated a neutral rating and set a $37.00 price objective (down from $42.00) on shares of Western Midstream Partners in a research report on Thursday. Mizuho started coverage on shares of Western Midstream Partners in a research report on Friday, June 14th. They set a buy rating and a $34.00 price objective for the company. ValuEngine cut shares of Western Midstream Partners from a sell rating to a strong sell rating in a research report on Thursday. Finally, Citigroup restated a buy rating and set a $35.00 price objective on shares of Western Midstream Partners in a research report on Tuesday, April 9th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and four have given a buy rating to the company. Western Midstream Partners presently has a consensus rating of Hold and a consensus price target of $41.92.

Western Midstream Partners stock opened at $25.95 on Friday. Western Midstream Partners has a 12-month low of $25.64 and a 12-month high of $37.00. The firm has a market capitalization of $11.76 billion, a PE ratio of 10.34, a P/E/G ratio of 1.89 and a beta of 1.40. The stock’s 50-day moving average price is $30.27. The company has a current ratio of 0.67, a quick ratio of 0.13 and a debt-to-equity ratio of 2.15.

Western Midstream Partners (NYSE:WES) last released its quarterly earnings data on Tuesday, July 30th. The pipeline company reported $0.37 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.64 by ($0.27). Western Midstream Partners had a return on equity of 14.63% and a net margin of 18.98%. The firm had revenue of $685.10 million for the quarter, compared to analyst estimates of $709.39 million. During the same quarter in the previous year, the business posted ($0.32) earnings per share. Western Midstream Partners’s revenue for the quarter was up 32.2% on a year-over-year basis. Research analysts anticipate that Western Midstream Partners will post 2.02 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 13th. Shareholders of record on Wednesday, July 31st will be given a dividend of $0.618 per share. The ex-dividend date is Tuesday, July 30th. This is a boost from Western Midstream Partners’s previous quarterly dividend of $0.61. This represents a $2.47 dividend on an annualized basis and a dividend yield of 9.53%. Western Midstream Partners’s dividend payout ratio (DPR) is currently 98.41%.

Several institutional investors and hedge funds have recently made changes to their positions in WES. Neuberger Berman Group LLC increased its position in shares of Western Midstream Partners by 504.6% during the first quarter. Neuberger Berman Group LLC now owns 13,849,579 shares of the pipeline company’s stock valued at $434,323,000 after acquiring an additional 11,558,966 shares during the last quarter. Tortoise Capital Advisors L.L.C. increased its position in shares of Western Midstream Partners by 71.1% during the first quarter. Tortoise Capital Advisors L.L.C. now owns 27,003,514 shares of the pipeline company’s stock valued at $846,830,000 after acquiring an additional 11,224,350 shares during the last quarter. Alps Advisors Inc. increased its position in shares of Western Midstream Partners by 91.6% during the first quarter. Alps Advisors Inc. now owns 19,070,424 shares of the pipeline company’s stock valued at $598,048,000 after acquiring an additional 9,115,972 shares during the last quarter. Chickasaw Capital Management LLC increased its position in shares of Western Midstream Partners by 236.4% during the first quarter. Chickasaw Capital Management LLC now owns 9,307,744 shares of the pipeline company’s stock valued at $291,891,000 after acquiring an additional 6,540,816 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its position in shares of Western Midstream Partners by 84.4% during the first quarter. JPMorgan Chase & Co. now owns 6,598,326 shares of the pipeline company’s stock valued at $206,923,000 after acquiring an additional 3,020,395 shares during the last quarter. Institutional investors and hedge funds own 40.76% of the company’s stock.

About Western Midstream Partners

Western Midstream Partners, LP, together with its subsidiaries, engages in gathering, processing, compressing, treating, stabilizing, and transporting natural gas, condensate, natural gas liquids, and crude oil primarily in the United States. It is also involved in the gathering and disposing of produced water; and buying and selling of natural gas.

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Analyst Recommendations for Western Midstream Partners (NYSE:WES)

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