PNC Financial Services Group Inc. Makes New Investment in Western Midstream Partners, LP (NYSE:WES)

PNC Financial Services Group Inc. bought a new position in Western Midstream Partners, LP (NYSE:WES) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 6,000 shares of the pipeline company’s stock, valued at approximately $231,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Stifel Financial Corp lifted its position in Western Midstream Partners by 42.1% in the 3rd quarter. Stifel Financial Corp now owns 108,367 shares of the pipeline company’s stock worth $4,146,000 after buying an additional 32,119 shares in the last quarter. BNP Paribas Financial Markets raised its holdings in shares of Western Midstream Partners by 6.5% during the 3rd quarter. BNP Paribas Financial Markets now owns 996,018 shares of the pipeline company’s stock valued at $38,108,000 after purchasing an additional 60,603 shares in the last quarter. Citigroup Inc. raised its holdings in shares of Western Midstream Partners by 322.1% during the 3rd quarter. Citigroup Inc. now owns 406,587 shares of the pipeline company’s stock valued at $15,556,000 after purchasing an additional 310,260 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Western Midstream Partners by 60.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,785,105 shares of the pipeline company’s stock valued at $68,298,000 after purchasing an additional 670,440 shares in the last quarter. Finally, Duff & Phelps Investment Management Co. raised its holdings in shares of Western Midstream Partners by 6,986.8% during the 3rd quarter. Duff & Phelps Investment Management Co. now owns 708,683 shares of the pipeline company’s stock valued at $27,114,000 after purchasing an additional 698,683 shares in the last quarter. Hedge funds and other institutional investors own 84.82% of the company’s stock.

Western Midstream Partners Price Performance

Shares of Western Midstream Partners stock opened at $41.24 on Friday. The firm has a market cap of $15.72 billion, a P/E ratio of 10.52, a price-to-earnings-growth ratio of 1.40 and a beta of 2.88. The company has a debt-to-equity ratio of 2.05, a quick ratio of 1.11 and a current ratio of 1.11. Western Midstream Partners, LP has a twelve month low of $33.64 and a twelve month high of $43.33. The firm’s 50-day simple moving average is $40.80 and its 200-day simple moving average is $39.44.

Western Midstream Partners Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Monday, February 3rd were paid a dividend of $0.875 per share. The ex-dividend date of this dividend was Monday, February 3rd. This represents a $3.50 annualized dividend and a yield of 8.49%. Western Midstream Partners’s dividend payout ratio is currently 86.85%.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the stock. US Capital Advisors upgraded shares of Western Midstream Partners from a “hold” rating to a “moderate buy” rating in a report on Tuesday, November 26th. StockNews.com upgraded shares of Western Midstream Partners from a “hold” rating to a “buy” rating in a research note on Saturday, March 8th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $41.00 target price on shares of Western Midstream Partners in a research note on Monday, December 9th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $38.43.

Western Midstream Partners Company 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.