Jennison Associates LLC Sells 204,365 Shares of Western Midstream Partners, LP (NYSE:WES)

Jennison Associates LLC reduced its position in Western Midstream Partners, LP (NYSE:WES) by 10.5% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,746,247 shares of the pipeline company’s stock after selling 204,365 shares during the period. Jennison Associates LLC owned 0.46% of Western Midstream Partners worth $66,811,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Farther Finance Advisors LLC grew its holdings in Western Midstream Partners by 287.3% in the third quarter. Farther Finance Advisors LLC now owns 1,437 shares of the pipeline company’s stock worth $55,000 after purchasing an additional 1,066 shares during the last quarter. EverSource Wealth Advisors LLC purchased a new position in Western Midstream Partners during the 2nd quarter worth $74,000. Triad Wealth Partners LLC acquired a new position in Western Midstream Partners during the 2nd quarter valued at about $78,000. Cedar Mountain Advisors LLC increased its holdings in shares of Western Midstream Partners by 16.1% during the third quarter. Cedar Mountain Advisors LLC now owns 2,158 shares of the pipeline company’s stock valued at $83,000 after acquiring an additional 299 shares in the last quarter. Finally, Farmers & Merchants Investments Inc. grew its position in Western Midstream Partners by 63.9% during the 2nd quarter. Farmers & Merchants Investments Inc. now owns 2,566 shares of the pipeline company’s stock worth $102,000 after purchasing an additional 1,000 shares during the last quarter. Hedge funds and other institutional investors own 42.94% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on WES. StockNews.com cut shares of Western Midstream Partners from a “strong-buy” rating to a “buy” rating in a report on Monday, October 28th. Stifel Nicolaus raised their target price on Western Midstream Partners from $39.00 to $40.00 and gave the stock a “hold” rating in a research note on Friday, August 9th. Morgan Stanley downgraded Western Midstream Partners from an “equal weight” rating to an “underweight” rating and dropped their price target for the company from $42.00 to $40.00 in a research note on Friday, October 25th. UBS Group reduced their price objective on Western Midstream Partners from $40.00 to $37.00 and set a “neutral” rating for the company in a research note on Friday, November 15th. Finally, Royal Bank of Canada lifted their target price on Western Midstream Partners from $38.00 to $41.00 and gave the stock a “sector perform” rating in a report on Wednesday, October 16th. 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $37.88.

Western Midstream Partners Stock Down 1.0 %

Shares of WES stock opened at $37.44 on Thursday. 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, LP has a twelve month low of $26.81 and a twelve month high of $42.80. The stock has a 50 day moving average of $38.36 and a 200 day moving average of $38.63. The stock has a market cap of $14.25 billion, a P/E ratio of 9.55, a P/E/G ratio of 0.72 and a beta of 2.88.

Western Midstream Partners (NYSE:WES) last posted its earnings results on Wednesday, November 6th. The pipeline company reported $0.74 earnings per share for the quarter, missing the consensus estimate of $0.83 by ($0.09). Western Midstream Partners had a net margin of 42.99% and a return on equity of 46.02%. The firm had revenue of $883.36 million for the quarter, compared to analysts’ expectations of $924.83 million. During the same period last year, the firm earned $0.70 earnings per share. Western Midstream Partners’s revenue for the quarter was up 13.8% compared to the same quarter last year. As a group, sell-side analysts expect that Western Midstream Partners, LP will post 4.11 EPS for the current year.

Western Midstream Partners Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Friday, November 1st were issued a $0.875 dividend. This represents a $3.50 annualized dividend and a yield of 9.35%. The ex-dividend date of this dividend was Friday, November 1st. Western Midstream Partners’s payout ratio is presently 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.