Royal Bank of Canada Increases Western Midstream Partners (NYSE:WES) Price Target to $41.00

Western Midstream Partners (NYSE:WES) had its price objective upped by Royal Bank of Canada from $38.00 to $41.00 in a research report released on Wednesday, Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the pipeline company’s stock.

WES has been the topic of a number of other research reports. UBS Group raised their price target on shares of Western Midstream Partners from $38.00 to $39.00 and gave the company a “neutral” rating in a report on Wednesday, September 18th. Stifel Nicolaus raised their price target on shares of 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 downgraded shares of Western Midstream Partners from a “strong-buy” rating to a “buy” rating in a report on Saturday, October 12th. Finally, Morgan Stanley downgraded shares of Western Midstream Partners from an “overweight” rating to an “equal weight” rating and set a $42.00 price target on the stock. in a report on Monday, September 16th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, Western Midstream Partners has an average rating of “Hold” and an average price target of $37.13.

Western Midstream Partners Stock Up 1.4 %

NYSE:WES opened at $39.35 on Wednesday. The firm has a market cap of $14.97 billion, a P/E ratio of 11.08, a P/E/G ratio of 0.75 and a beta of 2.87. The company has a debt-to-equity ratio of 2.08, a quick ratio of 1.68 and a current ratio of 1.68. Western Midstream Partners has a fifty-two week low of $26.49 and a fifty-two week high of $42.80. The firm has a 50-day simple moving average of $38.61 and a two-hundred day simple moving average of $38.21.

Western Midstream Partners (NYSE:WES) last announced its quarterly earnings results on Wednesday, August 7th. The pipeline company reported $0.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.09. The firm had revenue of $905.63 million for the quarter, compared to the consensus estimate of $904.94 million. Western Midstream Partners had a net margin of 44.01% and a return on equity of 47.19%. The business’s quarterly revenue was up 22.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.64 EPS. Analysts predict that Western Midstream Partners will post 4.15 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $35.75, for a total value of $697,125,000.00. Following the transaction, the insider now owns 165,681,578 shares of the company’s stock, valued at approximately $5,923,116,413.50. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.04% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Western Midstream Partners

Large investors have recently added to or reduced their stakes in the company. Eagle Bay Advisors LLC purchased a new position in Western Midstream Partners during the first quarter valued at approximately $29,000. American National Bank lifted its holdings in Western Midstream Partners by 34.5% during the first quarter. American National Bank now owns 1,190 shares of the pipeline company’s stock valued at $42,000 after purchasing an additional 305 shares in the last quarter. Retirement Group LLC lifted its holdings in Western Midstream Partners by 40.2% during the first quarter. Retirement Group LLC now owns 1,591 shares of the pipeline company’s stock valued at $57,000 after purchasing an additional 456 shares in the last quarter. EverSource Wealth Advisors LLC purchased a new position in Western Midstream Partners during the second quarter valued at approximately $74,000. Finally, Triad Wealth Partners LLC purchased a new position in Western Midstream Partners during the second quarter valued at approximately $78,000. Hedge funds and other institutional investors own 42.94% of the company’s stock.

Western Midstream Partners Company 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.