Western Midstream Partners (NYSE:WES) Releases Quarterly Earnings Results, Misses Expectations By $0.14 EPS

Western Midstream Partners (NYSE:WES) posted its quarterly earnings results on Wednesday. The pipeline company reported $0.78 EPS for the quarter, missing the consensus estimate of $0.92 by ($0.14), FiscalAI reports. The business had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.19 billion. Western Midstream Partners had a net margin of 29.44% and a return on equity of 33.13%.

Western Midstream Partners Stock Down 3.1%

NYSE WES traded down $1.35 on Wednesday, hitting $42.52. 2,288,284 shares of the stock traded hands, compared to its average volume of 1,231,360. The stock has a 50-day moving average of $46.29 and a 200 day moving average of $44.17. Western Midstream Partners has a twelve month low of $37.01 and a twelve month high of $50.07. The company has a market capitalization of $17.57 billion, a P/E ratio of 13.37, a price-to-earnings-growth ratio of 1.19 and a beta of 0.75. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 2.02.

Western Midstream Partners Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 13th. Stockholders of record on Monday, November 2nd will be given a $0.93 dividend. The ex-dividend date of this dividend is Monday, November 2nd. This represents a $3.72 annualized dividend and a dividend yield of 8.7%. Western Midstream Partners’s payout ratio is presently 116.98%.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. Mizuho lifted their price target on Western Midstream Partners from $48.00 to $51.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 14th. JPMorgan Chase & Co. initiated coverage on shares of Western Midstream Partners in a research note on Tuesday, October 20th. They issued a “neutral” rating and a $50.00 price objective on the stock. Morgan Stanley dropped their target price on shares of Western Midstream Partners from $55.00 to $52.00 and set an “equal weight” rating for the company in a report on Wednesday, October 21st. Royal Bank Of Canada lifted their target price on shares of Western Midstream Partners from $41.00 to $47.00 and gave the stock a “sector perform” rating in a research report on Monday, August 24th. Finally, UBS Group upped their price target on shares of Western Midstream Partners from $45.00 to $48.00 and gave the company a “neutral” rating in a report on Friday, July 10th. Two investment analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, Western Midstream Partners currently has a consensus rating of “Moderate Buy” and an average target price of $49.89.

Insider Buying and Selling

In other Western Midstream Partners news, Director Frederick Forthuber purchased 5,140 shares of the firm’s stock in a transaction dated Wednesday, August 12th. The stock was acquired at an average cost of $48.62 per share, with a total value of $249,906.80. Following the acquisition, the director owned 5,140 shares of the company’s stock, valued at approximately $249,906.80. This represents a ∞ increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. 0.04% of the stock is currently owned by corporate insiders.

About Western Midstream Partners

Western Midstream Partners, L.P. (NYSE:WES) is a master limited partnership that owns and operates midstream energy infrastructure in the United States. The company provides gathering, processing, transportation, storage and treating services for natural gas, crude oil, natural gas liquids and produced water.

Western Midstream’s assets include gathering systems, processing plants, pipelines, storage facilities and water-handling infrastructure. These facilities connect oil and gas producers with downstream markets and are generally supported by long-term commercial arrangements.