Western Midstream Partners, LP (NYSE:WES) Sees Significant Decline in Short Interest


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Western Midstream Partners, LP (NYSE:WES) was the recipient of a large decline in short interest in the month of April. As of April 15th, there was short interest totalling 3,600,000 shares, a decline of 19.8% from the March 31st total of 4,490,000 shares. Approximately 1.8% of the shares of the company are short sold. Based on an average daily trading volume, of 1,850,000 shares, the days-to-cover ratio is currently 1.9 days.

NYSE:WES traded up $0.12 on Tuesday, hitting $20.03. 814,764 shares of the stock were exchanged, compared to its average volume of 1,726,510. The stock has a market capitalization of $8.27 billion, a price-to-earnings ratio of 21.64 and a beta of 3.77. Western Midstream Partners has a 52 week low of $6.32 and a 52 week high of $20.90. The company has a debt-to-equity ratio of 2.57, a quick ratio of 0.63 and a current ratio of 0.63. The company’s 50-day moving average price is $19.03 and its 200 day moving average price is $15.43.

Western Midstream Partners (NYSE:WES) last announced its quarterly earnings data on Tuesday, February 23rd. The pipeline company reported $0.62 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.59 by $0.03. The firm had revenue of $647.50 million during the quarter, compared to analysts’ expectations of $655.07 million. Western Midstream Partners had a return on equity of 32.94% and a net margin of 14.99%. The company’s quarterly revenue was down 10.5% compared to the same quarter last year. During the same period in the previous year, the business posted $0.62 EPS. As a group, equities research analysts predict that Western Midstream Partners will post 2.31 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, May 14th. Stockholders of record on Friday, April 30th will be paid a $0.315 dividend. The ex-dividend date of this dividend is Thursday, April 29th. This represents a $1.26 dividend on an annualized basis and a dividend yield of 6.29%. Western Midstream Partners’s dividend payout ratio (DPR) is presently 79.25%.

In other Western Midstream Partners news, major shareholder Petroleum Corp /De/ Occidental sold 11,500,000 shares of the business’s stock in a transaction on Thursday, March 25th. The shares were sold at an average price of $17.25, for a total value of $198,375,000.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.01% of the company’s stock.

Several hedge funds have recently made changes to their positions in WES. TFO TDC LLC increased its stake in shares of Western Midstream Partners by 217.6% in the 1st quarter. TFO TDC LLC now owns 1,426 shares of the pipeline company’s stock valued at $27,000 after acquiring an additional 977 shares during the last quarter. Fieldpoint Private Securities LLC bought a new stake in shares of Western Midstream Partners in the 4th quarter valued at about $28,000. First Horizon Advisors Inc. increased its stake in shares of Western Midstream Partners by 24.6% in the 4th quarter. First Horizon Advisors Inc. now owns 3,484 shares of the pipeline company’s stock valued at $48,000 after acquiring an additional 688 shares during the last quarter. Captrust Financial Advisors increased its stake in shares of Western Midstream Partners by 305.5% in the 4th quarter. Captrust Financial Advisors now owns 5,162 shares of the pipeline company’s stock valued at $71,000 after acquiring an additional 3,889 shares during the last quarter. Finally, Van ECK Associates Corp increased its stake in shares of Western Midstream Partners by 12.5% in the 3rd quarter. Van ECK Associates Corp now owns 21,506 shares of the pipeline company’s stock valued at $172,000 after acquiring an additional 2,396 shares during the last quarter. 34.87% of the stock is owned by institutional investors.

WES has been the topic of several recent analyst reports. US Capital Advisors upgraded shares of Western Midstream Partners from a “hold” rating to an “overweight” rating in a research note on Wednesday, March 10th. JPMorgan Chase & Co. upgraded shares of Western Midstream Partners from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $17.00 to $25.00 in a research note on Thursday, March 18th. Morgan Stanley boosted their target price on shares of Western Midstream Partners from $15.00 to $20.00 and gave the company an “underweight” rating in a research note on Monday, March 29th. Zacks Investment Research downgraded shares of Western Midstream Partners from a “buy” rating to a “hold” rating in a research note on Wednesday, February 3rd. Finally, Bank of America upgraded shares of Western Midstream Partners from an “underperform” rating to a “neutral” rating and set a $16.00 target price on the stock in a research note on Tuesday, January 26th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $17.40.

Western Midstream Partners Company Profile

Western Midstream Partners, LP, together with its subsidiaries, acquire, own, develop, and operate midstream assets primarily in the United States. It is involved in gathering, compressing, treating, processing, and transporting of natural gas; gathering, stabilizing, and transporting of condensate, natural gas liquids, and crude oil; and gathering and disposing of produced water.

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