Western Midstream Partners (NYSE:WES) Releases Earnings Results, Misses Expectations By $0.08 EPS

07 Nov 2024, 19:48 by Mitch Edgeman · The Markets Daily

Western Midstream Partners (NYSE:WES – Get Free Report) released its quarterly earnings results on Wednesday. The pipeline company reported $0.74 earnings per share for the quarter, missing analysts’ consensus estimates of $0.82 by ($0.08), Briefing.com reports. Western Midstream Partners had a net margin of 44.01% and a return on equity of 47.19%. The business had revenue of $883.36 million for the quarter, compared to the consensus estimate of $924.83 million. During the same period last year, the firm posted $0.70 EPS. The business’s quarterly revenue was up 13.8% on a year-over-year basis.

Western Midstream Partners Trading Down 3.1 %

WES traded down $1.20 during trading on Thursday, reaching $37.33. The company had a trading volume of 2,352,875 shares, compared to its average volume of 1,213,646. 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 12-month low of $26.81 and a 12-month high of $42.80. The company has a market cap of $14.20 billion, a price-to-earnings ratio of 9.63, a PEG ratio of 0.69 and a beta of 2.88. The firm’s 50-day simple moving average is $38.54 and its 200 day simple moving average is $38.51.

Western Midstream Partners Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Investors of record on Friday, November 1st will be given a $0.875 dividend. The ex-dividend date is Friday, November 1st. This represents a $3.50 dividend on an annualized basis and a dividend yield of 9.38%. Western Midstream Partners’s dividend payout ratio (DPR) is 90.21%.

Analyst Ratings Changes

WES has been the subject of several recent analyst reports. Stifel Nicolaus increased their price target 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. UBS Group increased their target price on shares of Western Midstream Partners from $38.00 to $39.00 and gave the company a “neutral” rating in a research report on Wednesday, September 18th. Morgan Stanley lowered shares of Western Midstream Partners from an “equal weight” rating to an “underweight” rating and reduced their price target for the stock from $42.00 to $40.00 in a research note on Friday, October 25th. Royal Bank of Canada raised their price objective on shares of Western Midstream Partners from $38.00 to $41.00 and gave the company a “sector perform” rating in a research note on Wednesday, October 16th. Finally, Bank of America started coverage on Western Midstream Partners in a research note on Thursday, October 17th. They issued an “underperform” rating and a $37.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Western Midstream Partners has a consensus rating of “Hold” and an average price target of $38.13.

View Our Latest Report on WES

Insider Buying and Selling 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 shares were 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 in the company, valued at $5,923,116,413.50. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.04% of the company’s stock.

Western Midstream Partners Company Profile

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