First Horizon Advisors Inc. Sells 2,395 Shares of Western Midstream Partners, LP (NYSE:WES)

First Horizon Advisors Inc. trimmed its position in Western Midstream Partners, LP (NYSE:WES) by 61.7% during the third quarter, HoldingsChannel reports. The institutional investor owned 1,487 shares of the pipeline company’s stock after selling 2,395 shares during the period. First Horizon Advisors Inc.’s holdings in Western Midstream Partners were worth $57,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of WES. Cedar Mountain Advisors LLC lifted its stake in Western Midstream Partners by 16.1% in the 3rd quarter. Cedar Mountain Advisors LLC now owns 2,158 shares of the pipeline company’s stock worth $83,000 after purchasing an additional 299 shares in the last quarter. Bleakley Financial Group LLC increased its holdings in shares of Western Midstream Partners by 5.8% in the third quarter. Bleakley Financial Group LLC now owns 5,711 shares of the pipeline company’s stock worth $218,000 after purchasing an additional 311 shares during the period. Albert D Mason Inc. raised its position in shares of 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 worth $1,937,000 after buying an additional 333 shares in the last quarter. Concurrent Investment Advisors LLC boosted its stake in Western Midstream Partners by 6.2% during the third quarter. Concurrent Investment Advisors LLC now owns 6,053 shares of the pipeline company’s stock valued at $232,000 after buying an additional 352 shares during the period. Finally, Truist Financial Corp grew its position in Western Midstream Partners by 1.9% during the second quarter. Truist Financial Corp now owns 22,508 shares of the pipeline company’s stock worth $894,000 after buying an additional 421 shares in the last quarter. 42.94% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

WES has been the topic of several recent analyst reports. Bank of America began coverage on Western Midstream Partners in a report on Thursday, October 17th. They issued an “underperform” rating and a $37.00 price target on the stock. UBS Group dropped their target price on shares of 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. Stifel Nicolaus increased their price target on shares of Western Midstream Partners from $39.00 to $40.00 and gave the stock a “hold” rating in a report on Friday, August 9th. Royal Bank of Canada lifted their price objective on shares of Western Midstream Partners from $38.00 to $41.00 and gave the stock a “sector perform” rating in a report on Wednesday, October 16th. Finally, Morgan Stanley cut 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 research note on Friday, October 25th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $37.88.

Western Midstream Partners Price Performance

Shares of NYSE:WES opened at $38.87 on Monday. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 2.05. The stock has a market cap of $14.79 billion, a PE ratio of 9.92, a PEG ratio of 1.04 and a beta of 2.88. The company’s fifty day moving average is $38.33 and its 200 day moving average is $38.69. Western Midstream Partners, LP has a 52 week low of $26.81 and a 52 week high of $42.80.

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

Western Midstream Partners Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Friday, November 1st were paid a $0.875 dividend. The ex-dividend date of this dividend was Friday, November 1st. This represents a $3.50 dividend on an annualized basis and a yield of 9.00%. Western Midstream Partners’s dividend payout ratio (DPR) 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.