Western Midstream Partners (NYSE:WES) Raised to Strong-Buy at Zacks Research

Western Midstream Partners (NYSE:WES) was upgraded by research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Thursday,Zacks.com reports.

WES has been the topic of a number of other research reports. Royal Bank Of Canada reissued a “sector perform” rating on shares of Western Midstream Partners in a research report on Tuesday, July 21st. Wall Street Zen downgraded shares of Western Midstream Partners from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Wells Fargo & Company upped their price target on shares of Western Midstream Partners from $43.00 to $46.00 and gave the company an “equal weight” rating in a report on Monday. UBS Group raised their price target on Western Midstream Partners from $45.00 to $48.00 and gave the company a “neutral” rating in a research report on Friday, July 10th. Finally, Citigroup lifted their price objective on Western Midstream Partners from $42.00 to $45.00 and gave the stock a “neutral” rating in a research note on Tuesday. Two research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, Western Midstream Partners has a consensus rating of “Moderate Buy” and a consensus target price of $47.00.

Western Midstream Partners Stock Performance

WES opened at $48.94 on Thursday. The company has a debt-to-equity ratio of 2.02, a quick ratio of 1.09 and a current ratio of 0.91. The company has a market cap of $20.22 billion, a PE ratio of 15.39, a price-to-earnings-growth ratio of 1.96 and a beta of 0.68. The stock has a 50-day moving average of $45.37 and a 200-day moving average of $43.35. Western Midstream Partners has a 52-week low of $36.90 and a 52-week high of $49.00.

Western Midstream Partners (NYSE:WES) last issued its quarterly earnings data on Wednesday, August 5th. The pipeline company reported $0.99 earnings per share for the quarter, beating analysts’ consensus estimates of $0.91 by $0.08. Western Midstream Partners had a return on equity of 33.13% and a net margin of 29.44%.The business had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.13 billion. During the same period last year, the business earned $0.87 EPS. The firm’s revenue was up 30.0% compared to the same quarter last year. As a group, equities research analysts forecast that Western Midstream Partners will post 3.58 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Frederick A. Forthuber acquired 5,140 shares of the company’s stock in a transaction dated Wednesday, August 12th. The shares were bought at an average price of $48.62 per share, for a total transaction of $249,906.80. Following the acquisition, the director owned 5,140 shares in the company, valued at $249,906.80. This trade represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.04% of the company’s stock.

Institutional Investors Weigh In On Western Midstream Partners

A number of institutional investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC raised its holdings in Western Midstream Partners by 6.4% in the 2nd quarter. Geode Capital Management LLC now owns 8,525 shares of the pipeline company’s stock valued at $330,000 after acquiring an additional 512 shares in the last quarter. Creative Planning grew its holdings in shares of Western Midstream Partners by 17.0% during the 2nd quarter. Creative Planning now owns 6,878 shares of the pipeline company’s stock worth $266,000 after purchasing an additional 999 shares in the last quarter. Guggenheim Capital LLC increased its position in shares of Western Midstream Partners by 6.0% during the second quarter. Guggenheim Capital LLC now owns 23,029 shares of the pipeline company’s stock valued at $891,000 after purchasing an additional 1,298 shares during the period. Cerity Partners LLC increased its position in shares of Western Midstream Partners by 39.1% during the second quarter. Cerity Partners LLC now owns 25,003 shares of the pipeline company’s stock valued at $968,000 after purchasing an additional 7,032 shares during the period. Finally, NewEdge Advisors LLC acquired a new position in shares of Western Midstream Partners in the second quarter valued at $2,172,000. 84.82% of the stock is owned by institutional investors and hedge funds.

Western Midstream Partners Company Profile

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.