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

Western Midstream Partners (NYSE:WES – Get Rating) posted its earnings results on Tuesday. The pipeline company reported $0.75 earnings per share for the quarter, topping analysts’ consensus estimates of $0.61 by $0.14, MarketWatch Earnings reports. Western Midstream Partners had a net margin of 31.54% and a return on equity of 30.26%. The firm had revenue of $758.30 million for the quarter, compared to analyst estimates of $701.95 million. During the same period in the previous year, the firm posted $0.48 EPS. The company’s revenue for the quarter was up 12.3% compared to the same quarter last year.

WES stock traded down $0.18 during midday trading on Tuesday, reaching $24.18. 1,171,273 shares of the company’s stock traded hands, compared to its average volume of 1,311,820. The company has a market cap of $9.76 billion, a price-to-earnings ratio of 11.09 and a beta of 3.29. The firm’s fifty day moving average price is $24.93 and its 200-day moving average price is $23.47. The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 2.07. Western Midstream Partners has a 52 week low of $17.97 and a 52 week high of $27.29.

The business also recently announced a quarterly dividend, which will be paid on Friday, May 13th. Investors of record on Monday, May 2nd will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 8.27%. The ex-dividend date of this dividend is Friday, April 29th. This is an increase from Western Midstream Partners’s previous quarterly dividend of $0.33. Western Midstream Partners’s payout ratio is presently 91.74%.

Hedge funds have recently made changes to their positions in the business. Advisor Group Holdings Inc. increased its stake in Western Midstream Partners by 6.4% during the 1st quarter. Advisor Group Holdings Inc. now owns 11,853 shares of the pipeline company’s stock valued at $234,000 after purchasing an additional 710 shares in the last quarter. Geode Capital Management LLC increased its stake in Western Midstream Partners by 6.0% during the 3rd quarter. Geode Capital Management LLC now owns 12,586 shares of the pipeline company’s stock valued at $263,000 after purchasing an additional 717 shares in the last quarter. LPL Financial LLC increased its stake in Western Midstream Partners by 1.1% during the 4th quarter. LPL Financial LLC now owns 95,242 shares of the pipeline company’s stock valued at $2,121,000 after purchasing an additional 1,076 shares in the last quarter. Advisors Asset Management Inc. increased its stake in Western Midstream Partners by 13.6% during the 4th quarter. Advisors Asset Management Inc. now owns 147,612 shares of the pipeline company’s stock valued at $3,287,000 after purchasing an additional 17,664 shares in the last quarter. Finally, Vident Investment Advisory LLC increased its stake in Western Midstream Partners by 9.4% during the 4th quarter. Vident Investment Advisory LLC now owns 156,502 shares of the pipeline company’s stock valued at $3,485,000 after purchasing an additional 13,403 shares in the last quarter. Institutional investors and hedge funds own 41.25% of the company’s stock.

A number of research firms have weighed in on WES. StockNews.com began coverage on shares of Western Midstream Partners in a report on Thursday, March 31st. They set a “buy” rating on the stock. Zacks Investment Research raised shares of Western Midstream Partners from a “sell” rating to a “hold” rating in a report on Tuesday, April 26th. Mizuho boosted their price target on shares of Western Midstream Partners from $28.00 to $31.00 and gave the stock a “buy” rating in a research report on Friday, March 4th. Morgan Stanley boosted their price target on shares of Western Midstream Partners from $29.00 to $31.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 26th. Finally, Credit Suisse Group boosted their price target on shares of Western Midstream Partners from $25.00 to $29.00 and gave the stock an “outperform” rating in a research report on Thursday, March 10th. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $27.75.

Western Midstream Partners Company Profile (Get Rating)

Western Midstream Partners, LP, a midstream energy company, together with its subsidiaries, acquires, owns, develops, and operates 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.

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