M&T Bank Corp Takes $765,000 Position in Western Midstream Partners, LP (NYSE:WES)

M&T Bank Corp bought a new position in Western Midstream Partners, LP (NYSE:WES - Free Report) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 20,000 shares of the pipeline company's stock, valued at approximately $765,000.

A number of other hedge funds also recently made changes to their positions in WES. Cedar Mountain Advisors LLC increased its holdings 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 grew its holdings in shares of Western Midstream Partners by 5.8% during 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 last quarter. Concurrent Investment Advisors LLC increased its stake in shares of Western Midstream Partners by 6.2% in 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. Truist Financial Corp raised its holdings in Western Midstream Partners by 1.9% in the 2nd quarter. Truist Financial Corp now owns 22,508 shares of the pipeline company's stock valued at $894,000 after buying an additional 421 shares during the last quarter. Finally, Albert D Mason Inc. raised its holdings in Western Midstream Partners by 1.0% in the 3rd quarter. Albert D Mason Inc. now owns 49,261 shares of the pipeline company's stock valued at $1,885,000 after buying an additional 501 shares during the last quarter. 84.82% of the stock is currently owned by institutional investors and hedge funds.

Western Midstream Partners Trading Up 0.1 %

WES traded up $0.05 during trading on Tuesday, hitting $39.24. The company's stock had a trading volume of 1,656,279 shares, compared to its average volume of 1,241,654. The firm has a market capitalization of $14.93 billion, a P/E ratio of 10.01, a PEG ratio of 1.08 and a beta of 2.90. Western Midstream Partners, LP has a twelve month low of $27.44 and a twelve month high of $42.80. 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's fifty day moving average price is $38.54 and its 200-day moving average price is $38.93.

Western Midstream Partners (NYSE:WES - Get Free Report) last issued its earnings results on Wednesday, November 6th. The pipeline company reported $0.74 earnings per share (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 for the quarter, compared to the consensus estimate of $924.83 million. During the same period in the prior year, the company earned $0.70 earnings per share. The firm's revenue was up 13.8% compared to the same quarter last year. Analysts anticipate that Western Midstream Partners, LP will post 4.03 EPS for the current year.

Western Midstream Partners Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Friday, November 1st were given a $0.875 dividend. This represents a $3.50 dividend on an annualized basis and a yield of 8.92%. The ex-dividend date was Friday, November 1st. Western Midstream Partners's payout ratio is 89.29%.

Wall Street Analysts Forecast Growth

WES has been the topic of a number of research reports. UBS Group decreased their price target 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. US Capital Advisors raised Western Midstream Partners from a "hold" rating to a "moderate buy" rating in a research report on Tuesday, November 26th. Morgan Stanley downgraded Western Midstream Partners from an "equal weight" rating to an "underweight" rating and cut their target price for the stock from $42.00 to $40.00 in a report on Friday, October 25th. StockNews.com cut Western Midstream Partners from a "strong-buy" rating to a "buy" rating in a research note on Monday, October 28th. 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 research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $37.88.

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.