Western Midstream Partners, LP (NYSE:WES) Position Lessened by Tortoise Capital Advisors L.L.C.

Tortoise Capital Advisors L.L.C. trimmed its holdings in shares of Western Midstream Partners, LP (NYSE:WES) by 0.6% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 8,537,870 shares of the pipeline company’s stock after selling 49,591 shares during the quarter. Western Midstream Partners accounts for about 4.5% of Tortoise Capital Advisors L.L.C.’s investment portfolio, making the stock its 8th biggest position. Tortoise Capital Advisors L.L.C. owned approximately 2.24% of Western Midstream Partners worth $339,210,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. American National Bank increased its position in shares of Western Midstream Partners by 34.5% during the first quarter. American National Bank now owns 1,190 shares of the pipeline company’s stock worth $42,000 after acquiring an additional 305 shares during the last quarter. Albert D Mason Inc. increased its holdings in Western Midstream Partners by 0.7% in the second quarter. Albert D Mason Inc. now owns 48,760 shares of the pipeline company’s stock valued at $1,937,000 after buying an additional 333 shares during the last quarter. Belfer Management LLC increased its holdings in Western Midstream Partners by 4.4% in the first quarter. Belfer Management LLC now owns 9,957 shares of the pipeline company’s stock valued at $354,000 after buying an additional 418 shares during the last quarter. Retirement Group LLC increased its holdings in Western Midstream Partners by 40.2% in the first quarter. Retirement Group LLC now owns 1,591 shares of the pipeline company’s stock valued at $57,000 after buying an additional 456 shares during the last quarter. Finally, B. Riley Wealth Advisors Inc. increased its holdings in Western Midstream Partners by 1.7% in the first quarter. B. Riley Wealth Advisors Inc. now owns 34,109 shares of the pipeline company’s stock valued at $1,213,000 after buying an additional 554 shares during the last quarter. 42.94% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Stifel Nicolaus boosted their price objective on Western Midstream Partners from $39.00 to $40.00 and gave the company a “hold” rating in a report on Friday, August 9th. StockNews.com raised Western Midstream Partners from a “buy” rating to a “strong-buy” rating in a report on Tuesday. Wells Fargo & Company boosted their price objective on Western Midstream Partners from $34.00 to $35.00 and gave the company an “equal weight” rating in a report on Tuesday, May 21st. Finally, Royal Bank of Canada boosted their price objective on Western Midstream Partners from $36.00 to $38.00 and gave the company a “sector perform” rating in a report on Tuesday, August 27th. One analyst has rated the stock with a sell rating, seven have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $34.38.

Western Midstream Partners Stock Down 0.2 %

NYSE:WES opened at $37.76 on Friday. The firm has a market capitalization of $14.37 billion, a PE ratio of 10.64, a price-to-earnings-growth ratio of 0.71 and a beta of 2.87. The stock has a 50 day moving average of $39.62 and a 200-day moving average of $37.24. Western Midstream Partners, LP has a 52 week low of $25.69 and a 52 week high of $42.80. The company has a current ratio of 1.68, a quick ratio of 1.68 and a debt-to-equity ratio of 2.08.

Western Midstream Partners (NYSE:WES) last issued its quarterly earnings data on Wednesday, August 7th. The pipeline company reported $0.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.09. The business had revenue of $905.63 million during the quarter, compared to the consensus estimate of $904.94 million. Western Midstream Partners had a return on equity of 47.19% and a net margin of 44.01%. The business’s revenue was up 22.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.64 earnings per share. Analysts predict that Western Midstream Partners, LP will post 4.16 EPS for the current year.

Western Midstream Partners Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Thursday, August 1st were given a dividend of $0.875 per share. The ex-dividend date was Thursday, August 1st. This represents a $3.50 annualized dividend and a dividend yield of 9.27%. Western Midstream Partners’s dividend payout ratio is presently 98.59%.

Insider Transactions at Western Midstream Partners

In other news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $35.75, for a total transaction of $697,125,000.00. Following the completion of the transaction, the insider now directly owns 165,681,578 shares in the company, valued at $5,923,116,413.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.04% of the company’s stock.

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.