Icon Wealth Advisors LLC Sells 8,474 Shares of Western Midstream Partners, LP (NYSE:WES)

Icon Wealth Advisors LLC lowered its position in shares of Western Midstream Partners, LP (NYSE:WES) by 78.3% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,349 shares of the pipeline company’s stock after selling 8,474 shares during the period. Icon Wealth Advisors LLC’s holdings in Western Midstream Partners were worth $90,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Chickasaw Capital Management LLC lifted its position in shares of Western Midstream Partners by 0.6% in the 2nd quarter. Chickasaw Capital Management LLC now owns 6,711,006 shares of the pipeline company’s stock worth $266,628,000 after purchasing an additional 37,259 shares during the period. Kayne Anderson Capital Advisors LP lifted its holdings in shares of Western Midstream Partners by 23.5% in the 3rd quarter. Kayne Anderson Capital Advisors LP now owns 6,228,448 shares of the pipeline company’s stock worth $238,300,000 after purchasing an additional 1,184,597 shares in the last quarter. Fractal Investments LLC increased its position in shares of Western Midstream Partners by 5.4% during the third quarter. Fractal Investments LLC now owns 1,465,706 shares of the pipeline company’s stock worth $56,078,000 after acquiring an additional 75,145 shares in the last quarter. Miller Howard Investments Inc. NY raised its stake in shares of Western Midstream Partners by 2.8% in the second quarter. Miller Howard Investments Inc. NY now owns 1,458,530 shares of the pipeline company’s stock worth $57,947,000 after purchasing an additional 39,827 shares during the last quarter. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its position in Western Midstream Partners by 10.1% in the 3rd quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,315,472 shares of the pipeline company’s stock valued at $50,330,000 after buying an additional 120,202 shares during the last quarter. Institutional investors and hedge funds own 42.94% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on WES shares. Bank of America assumed coverage on Western Midstream Partners in a research note on Thursday, October 17th. They issued an “underperform” rating and a $37.00 target price on the stock. Morgan Stanley lowered Western Midstream Partners from an “equal weight” rating to an “underweight” rating and reduced their target price for the company from $42.00 to $40.00 in a report on Friday, October 25th. Stifel Nicolaus lifted their price objective on Western Midstream Partners from $39.00 to $40.00 and gave the company a “hold” rating in a research note on Friday, August 9th. StockNews.com lowered shares of Western Midstream Partners from a “strong-buy” rating to a “buy” rating in a report on Monday, October 28th. Finally, UBS Group dropped their target price on Western Midstream Partners from $40.00 to $37.00 and set a “neutral” rating for the company in a research report on Friday, November 15th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $37.88.

Western Midstream Partners Price Performance

Shares of WES opened at $38.87 on Monday. The firm has a fifty day simple moving average of $38.33 and a two-hundred day simple moving average of $38.69. The firm has a market cap of $14.79 billion, a PE ratio of 9.92, a P/E/G ratio of 1.04 and a beta of 2.88. Western Midstream Partners, LP has a 1-year low of $26.81 and a 1-year high of $42.80. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 2.05.

Western Midstream Partners (NYSE:WES) last announced its earnings results on Wednesday, November 6th. The pipeline company reported $0.74 EPS for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.09). The business had revenue of $883.36 million for the quarter, compared to analysts’ expectations of $924.83 million. Western Midstream Partners had a net margin of 42.99% and a return on equity of 46.02%. The firm’s quarterly revenue was up 13.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.70 earnings per share. On average, equities analysts anticipate that Western Midstream Partners, LP will post 4.09 EPS for the current year.

Western Midstream Partners Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Friday, November 1st were issued a dividend of $0.875 per share. This represents a $3.50 annualized dividend and a yield of 9.00%. The ex-dividend date of this dividend was Friday, November 1st. Western Midstream Partners’s dividend payout ratio is currently 89.29%.

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.