Evergreen Capital Management LLC Cuts Position in Western Midstream Partners, LP (NYSE:WES)

Evergreen Capital Management LLC lessened its stake in Western Midstream Partners, LP (NYSE:WES) by 0.9% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 181,938 shares of the pipeline company’s stock after selling 1,700 shares during the quarter. Evergreen Capital Management LLC’s holdings in Western Midstream Partners were worth $7,228,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the stock. Blackstone Inc. increased its holdings 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 in the last quarter. Chickasaw Capital Management LLC grew its stake in Western Midstream Partners by 0.6% in the 2nd quarter. Chickasaw Capital Management LLC now owns 6,711,006 shares of the pipeline company’s stock valued at $266,628,000 after acquiring an additional 37,259 shares during the last quarter. Kayne Anderson Capital Advisors LP grew its stake in Western Midstream Partners by 27.4% in the 1st quarter. Kayne Anderson Capital Advisors LP now owns 4,165,829 shares of the pipeline company’s stock valued at $148,095,000 after acquiring an additional 895,715 shares during the last quarter. BROOKFIELD Corp ON grew its stake in Western Midstream Partners by 2.7% in the 1st quarter. BROOKFIELD Corp ON now owns 2,953,510 shares of the pipeline company’s stock valued at $104,997,000 after acquiring an additional 77,942 shares during the last quarter. Finally, Jennison Associates LLC grew its stake in 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 acquiring an additional 944,494 shares during the last quarter. Hedge funds and other institutional investors own 42.94% of the company’s stock.

Insider Activity

In other news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of Western Midstream Partners 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.04% of the company’s stock.

Western Midstream Partners Trading Down 0.6 %

NYSE WES opened at $38.75 on Monday. Western Midstream Partners, LP has a one year low of $26.14 and a one year high of $42.80. The company’s 50 day moving average price is $39.21 and its 200 day moving average price is $37.69. The company has a debt-to-equity ratio of 2.08, a quick ratio of 1.68 and a current ratio of 1.68. The firm has a market capitalization of $14.74 billion, a price-to-earnings ratio of 10.92, a PEG ratio of 0.75 and a beta of 2.87.

Western Midstream Partners (NYSE:WES) last posted its quarterly earnings results on Wednesday, August 7th. The pipeline company reported $0.97 EPS for the quarter, beating the consensus estimate of $0.88 by $0.09. Western Midstream Partners had a net margin of 44.01% and a return on equity of 47.19%. The firm had revenue of $905.63 million for the quarter, compared to analyst estimates of $904.94 million. During the same quarter last year, the firm posted $0.64 earnings per share. Western Midstream Partners’s revenue for the quarter was up 22.7% compared to the same quarter last year. On average, sell-side analysts predict that Western Midstream Partners, LP will post 4.16 EPS for the current year.

Western Midstream Partners Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Thursday, August 1st were paid a dividend of $0.875 per share. The ex-dividend date of this dividend was Thursday, August 1st. This represents a $3.50 dividend on an annualized basis and a dividend yield of 9.03%. Western Midstream Partners’s dividend payout ratio is currently 98.59%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. StockNews.com cut shares of Western Midstream Partners from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, September 17th. UBS Group increased their price objective on shares of Western Midstream Partners from $38.00 to $39.00 and gave the company a “neutral” rating in a research note on Wednesday, September 18th. Royal Bank of Canada raised their price target on shares of Western Midstream Partners from $36.00 to $38.00 and gave the stock a “sector perform” rating in a research note on Tuesday, August 27th. Stifel Nicolaus raised their price target on shares of Western Midstream Partners from $39.00 to $40.00 and gave the stock a “hold” rating in a research note on Friday, August 9th. Finally, Morgan Stanley cut 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 research note on Monday, September 16th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $36.75.

About Western Midstream Partners

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.