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

Jennison Associates LLC lowered its position in shares of Western Midstream Partners, LP (NYSE:WES) by 0.4% in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 585,704 shares of the pipeline company’s stock after selling 2,334 shares during the quarter. Jennison Associates LLC owned 0.15% of Western Midstream Partners worth $22,667,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of the company. Alps Advisors Inc. increased its holdings in shares of Western Midstream Partners by 7.6% in the 1st quarter. Alps Advisors Inc. now owns 33,824,487 shares of the pipeline company’s stock valued at $1,385,451,000 after purchasing an additional 2,400,891 shares in the last quarter. Invesco Ltd. increased its holdings in shares of Western Midstream Partners by 7.1% in the 1st quarter. Invesco Ltd. now owns 24,417,770 shares of the pipeline company’s stock valued at $1,000,152,000 after purchasing an additional 1,608,609 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Western Midstream Partners by 1.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 8,658,988 shares of the pipeline company’s stock valued at $354,672,000 after purchasing an additional 149,833 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Western Midstream Partners by 2.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,428,847 shares of the pipeline company’s stock valued at $304,286,000 after purchasing an additional 155,661 shares in the last quarter. Finally, Chickasaw Capital Management LLC increased its holdings in shares of Western Midstream Partners by 1.1% in the 2nd quarter. Chickasaw Capital Management LLC now owns 6,794,472 shares of the pipeline company’s stock valued at $262,946,000 after purchasing an additional 72,459 shares in the last quarter. Hedge funds and other institutional investors own 84.82% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on WES. Morgan Stanley cut their price target on shares of Western Midstream Partners from $41.00 to $39.00 and set an “underweight” rating for the company in a report on Tuesday, August 26th. Royal Bank Of Canada lifted their price objective on Western Midstream Partners from $38.00 to $39.00 and gave the stock a “sector perform” rating in a report on Tuesday, August 26th. Mizuho lifted their price objective on Western Midstream Partners from $44.00 to $46.00 and gave the stock an “outperform” rating in a report on Friday, August 29th. Finally, Citigroup initiated coverage on Western Midstream Partners in a report on Monday, October 20th. They set a “neutral” rating and a $39.00 price objective for the company. One equities research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $40.00.

Western Midstream Partners Stock Performance

NYSE:WES opened at $38.48 on Friday. The company has a current ratio of 1.30, a quick ratio of 1.30 and a debt-to-equity ratio of 2.08. The firm has a 50-day moving average price of $38.44 and a two-hundred day moving average price of $38.56. Western Midstream Partners, LP has a twelve month low of $33.60 and a twelve month high of $43.33. The company has a market capitalization of $14.67 billion, a P/E ratio of 11.84 and a beta of 1.12.

Western Midstream Partners (NYSE:WES) last issued its quarterly earnings results on Wednesday, August 6th. The pipeline company reported $0.87 EPS for the quarter, topping analysts’ consensus estimates of $0.82 by $0.05. The business had revenue of $942.32 million during the quarter, compared to the consensus estimate of $954.17 million. Western Midstream Partners had a net margin of 34.45% and a return on equity of 37.70%. The company’s quarterly revenue was up 4.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.97 earnings per share. As a group, research analysts expect that Western Midstream Partners, LP will post 4.02 earnings per share for the current fiscal year.

Western Midstream Partners Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Friday, October 31st will be issued a dividend of $0.91 per share. The ex-dividend date is Friday, October 31st. This represents a $3.64 dividend on an annualized basis and a dividend yield of 9.5%. Western Midstream Partners’s payout ratio is 112.00%.

Western Midstream Partners Profile

Western Midstream Partners, LP, together with its subsidiaries, operates as a midstream energy company primarily in the United States. It is involved in gathering, compressing, treating, processing, and transporting natural gas; gathering, stabilizing, and transporting condensate, natural gas liquids (NGLs), and crude oil; and gathering and disposing produced water.