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

by · The Cerbat Gem

Western Midstream Partners (NYSE:WES – Get Free Report) had its price objective raised by analysts at Royal Bank of Canada from $38.00 to $41.00 in a research note issued on Wednesday, Benzinga reports. The firm currently has a “sector perform” rating on the pipeline company’s stock. Royal Bank of Canada’s target price suggests a potential upside of 3.93% from the stock’s current price.

Other analysts have also recently issued research reports about the stock. Stifel Nicolaus increased their price target on shares of Western Midstream Partners from $39.00 to $40.00 and gave the company a “hold” rating in a research note on Friday, August 9th. Morgan Stanley downgraded shares of Western Midstream Partners from an “overweight” rating to an “equal weight” rating and set a $42.00 target price for the company. in a research note on Monday, September 16th. UBS Group upped their price objective on Western Midstream Partners from $38.00 to $39.00 and gave the company a “neutral” rating in a research note on Wednesday, September 18th. Finally, StockNews.com downgraded Western Midstream Partners from a “strong-buy” rating to a “buy” rating in a research note on Saturday. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, Western Midstream Partners presently has an average rating of “Hold” and a consensus target price of $37.13.

Check Out Our Latest Stock Analysis on Western Midstream Partners

Western Midstream Partners Stock Up 1.7 %

Shares of NYSE:WES traded up $0.65 during midday trading on Wednesday, reaching $39.45. The company had a trading volume of 323,649 shares, compared to its average volume of 1,212,151. Western Midstream Partners has a 1-year low of $26.49 and a 1-year high of $42.80. The stock has a market cap of $15.01 billion, a PE ratio of 10.15, a P/E/G ratio of 0.75 and a beta of 2.87. The company has a quick ratio of 1.68, a current ratio of 1.68 and a debt-to-equity ratio of 2.08. The business’s 50 day moving average price is $38.62 and its 200 day moving average price is $38.19.

Western Midstream Partners (NYSE:WES – Get Free Report) last posted its quarterly earnings results on Wednesday, August 7th. The pipeline company reported $0.97 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.09. The firm had revenue of $905.63 million for the quarter, compared to analyst estimates 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 quarterly revenue was up 22.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.64 EPS. Research analysts forecast that Western Midstream Partners will post 4.15 EPS for the current fiscal year.

Insider Activity

In related news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the 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 sale, the insider now owns 165,681,578 shares of the company’s stock, valued at $5,923,116,413.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.04% of the stock is owned by company insiders.

Institutional Investors Weigh In On Western Midstream Partners

Institutional investors and hedge funds have recently bought and sold shares of the company. Jennison Associates LLC raised its position in shares of Western Midstream Partners by 96.0% in the 1st quarter. Jennison Associates LLC now owns 1,928,179 shares of the pipeline company’s stock valued at $68,547,000 after buying an additional 944,494 shares in the last quarter. Kayne Anderson Capital Advisors LP lifted its stake in Western Midstream Partners by 27.4% during the first quarter. Kayne Anderson Capital Advisors LP now owns 4,165,829 shares of the pipeline company’s stock worth $148,095,000 after purchasing an additional 895,715 shares during the last quarter. BNP Paribas Financial Markets boosted its holdings in shares of Western Midstream Partners by 174.3% in the 1st quarter. BNP Paribas Financial Markets now owns 417,302 shares of the pipeline company’s stock valued at $14,835,000 after purchasing an additional 265,143 shares in the last quarter. Blackstone Inc. increased its stake in shares of Western Midstream Partners by 2.0% in the 1st quarter. Blackstone Inc. now owns 12,980,724 shares of the pipeline company’s stock valued at $461,465,000 after purchasing an additional 259,928 shares during the last quarter. Finally, BROOKFIELD Corp ON raised its holdings in shares of Western Midstream Partners by 2.7% during the 1st quarter. BROOKFIELD Corp ON now owns 2,953,510 shares of the pipeline company’s stock worth $104,997,000 after buying an additional 77,942 shares in the last quarter. Institutional investors own 42.94% of the company’s stock.

Western Midstream Partners Company Profile

(Get Free Report)

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.

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