Recurrent Investment Advisors LLC Buys 71,210 Shares of Western Midstream Partners, LP (NYSE:WES)

Recurrent Investment Advisors LLC lifted its holdings in shares of Western Midstream Partners, LP (NYSE:WES - Free Report) by 5.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,397,140 shares of the pipeline company's stock after purchasing an additional 71,210 shares during the quarter. Western Midstream Partners accounts for about 5.3% of Recurrent Investment Advisors LLC's portfolio, making the stock its 8th biggest position. Recurrent Investment Advisors LLC owned about 0.37% of Western Midstream Partners worth $53,455,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. Farther Finance Advisors LLC boosted its stake in Western Midstream Partners by 287.3% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,437 shares of the pipeline company's stock worth $55,000 after purchasing an additional 1,066 shares during the period. EverSource Wealth Advisors LLC bought a new stake in shares of Western Midstream Partners in the second quarter valued at about $74,000. Triad Wealth Partners LLC acquired a new position in shares of Western Midstream Partners during the second quarter worth about $78,000. Cedar Mountain Advisors LLC grew its holdings in shares of Western Midstream Partners by 16.1% during the third quarter. Cedar Mountain Advisors LLC now owns 2,158 shares of the pipeline company's stock worth $83,000 after buying an additional 299 shares in the last quarter. Finally, Millburn Ridgefield Corp acquired a new stake in Western Midstream Partners in the 3rd quarter valued at approximately $86,000. Institutional investors own 42.94% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on WES shares. Bank of America assumed coverage on Western Midstream Partners in a research report on Thursday, October 17th. They set an "underperform" rating and a $37.00 price target for the company. StockNews.com cut shares of Western Midstream Partners from a "strong-buy" rating to a "buy" rating in a report on Monday, October 28th. Royal Bank of Canada lifted their price target 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. US Capital Advisors upgraded shares of Western Midstream Partners from a "hold" rating to a "moderate buy" rating in a research note on Tuesday, November 26th. Finally, Morgan Stanley lowered Western Midstream Partners from an "equal weight" rating to an "underweight" rating and lowered their price target for the stock from $42.00 to $40.00 in a research report on Friday, October 25th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat, Western Midstream Partners currently has an average rating of "Hold" and an average target price of $37.88.

Western Midstream Partners Stock Performance

WES stock traded up $0.36 during mid-day trading on Thursday, hitting $40.38. 582,341 shares of the company were exchanged, compared to its average volume of 1,240,029. Western Midstream Partners, LP has a 1-year low of $26.81 and a 1-year high of $42.80. The business has a 50 day simple moving average of $38.44 and a 200-day simple moving average of $38.82. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 2.05. The stock has a market capitalization of $15.37 billion, a PE ratio of 10.30, a price-to-earnings-growth ratio of 1.09 and a beta of 2.90.

Western Midstream Partners (NYSE:WES - Get Free Report) last released its quarterly 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). The firm had revenue of $883.36 million during the quarter, compared to the consensus estimate of $924.83 million. Western Midstream Partners had a net margin of 42.99% and a return on equity of 46.02%. The business's revenue for the quarter was up 13.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.70 earnings per share. On average, equities analysts forecast that Western Midstream Partners, LP will post 4.05 earnings per share for the current year.

Western Midstream Partners Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Friday, November 1st were given a dividend of $0.875 per share. This represents a $3.50 dividend on an annualized basis and a yield of 8.67%. The ex-dividend date was Friday, November 1st. Western Midstream Partners's dividend payout ratio is 89.29%.

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.