MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Makes New $300.26 Million Investment in Western Midstream Partners, LP $WES

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Western Midstream Partners, LP (NYSE:WES) in the 3rd quarter, Holdings Channel reports. The fund purchased 7,642,081 shares of the pipeline company’s stock, valued at approximately $300,257,000.

Several other institutional investors have also recently made changes to their positions in WES. Jones Financial Companies Lllp boosted its holdings in shares of Western Midstream Partners by 86.1% in the third quarter. Jones Financial Companies Lllp now owns 908 shares of the pipeline company’s stock worth $36,000 after buying an additional 420 shares during the last quarter. MTM Investment Management LLC purchased a new stake in Western Midstream Partners during the second quarter valued at approximately $39,000. Allworth Financial LP purchased a new stake in Western Midstream Partners during the second quarter valued at approximately $43,000. Mather Group LLC. bought a new position in Western Midstream Partners in the third quarter worth approximately $49,000. Finally, Larson Financial Group LLC bought a new position in Western Midstream Partners in the third quarter worth approximately $55,000. Institutional investors own 84.82% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on WES shares. JPMorgan Chase & Co. cut their price objective on shares of Western Midstream Partners from $44.00 to $43.00 and set a “neutral” rating for the company in a research report on Thursday, March 12th. Royal Bank Of Canada raised their target price on Western Midstream Partners from $39.00 to $42.00 and gave the stock a “sector perform” rating in a report on Friday, November 28th. Wells Fargo & Company lifted their target price on Western Midstream Partners from $39.00 to $41.00 and gave the company an “equal weight” rating in a research report on Friday. Stifel Nicolaus cut their price target on Western Midstream Partners from $43.00 to $42.00 and set a “hold” rating for the company in a report on Friday, February 20th. Finally, Wall Street Zen cut Western Midstream Partners from a “buy” rating to a “hold” rating in a research report on Saturday, December 27th. One investment analyst has rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Western Midstream Partners has an average rating of “Hold” and an average price target of $41.71.

Western Midstream Partners Stock Performance

NYSE:WES opened at $41.03 on Tuesday. The stock has a 50-day moving average price of $41.39 and a 200 day moving average price of $39.70. The stock has a market capitalization of $16.15 billion, a P/E ratio of 13.68 and a beta of 0.76. Western Midstream Partners, LP has a 12-month low of $33.60 and a 12-month high of $44.74. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.97.

Western Midstream Partners (NYSE:WES) last posted its quarterly earnings results on Wednesday, February 18th. The pipeline company reported $0.47 EPS for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.44). Western Midstream Partners had a return on equity of 33.14% and a net margin of 30.52%.The business had revenue of $1.03 billion during the quarter, compared to analysts’ expectations of $1.06 billion. During the same period in the prior year, the firm posted $0.85 earnings per share. The firm’s revenue for the quarter was up 11.1% on a year-over-year basis. Equities research analysts forecast that Western Midstream Partners, LP will post 4.02 EPS for the current fiscal year.

Western Midstream Partners Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Monday, February 2nd were issued a $0.91 dividend. This represents a $3.64 annualized dividend and a dividend yield of 8.9%. The ex-dividend date of this dividend was Monday, February 2nd. Western Midstream Partners’s payout ratio is 121.33%.

Insider Buying and Selling at Western Midstream Partners

In related news, SVP Christopher B. Dial sold 5,879 shares of the company’s stock in a transaction on Thursday, February 12th. The shares were sold at an average price of $42.35, for a total transaction of $248,975.65. Following the completion of the transaction, the senior vice president owned 185,011 shares in the company, valued at approximately $7,835,215.85. This represents a 3.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Robert G. Phillips bought 1,250 shares of the business’s stock in a transaction that occurred on Wednesday, March 11th. The shares were bought at an average cost of $40.19 per share, with a total value of $50,237.50. Following the completion of the purchase, the director directly owned 5,296 shares of the company’s stock, valued at $212,846.24. This represents a 30.89% increase in their position. The disclosure for this purchase is available in the SEC filing. 0.04% of the stock is currently owned by insiders.

About Western Midstream Partners

Western Midstream Partners, LP (NYSE: WES) is a midstream energy infrastructure company that owns, operates and develops an integrated network of crude oil, natural gas and produced water gathering, processing, transportation and storage assets in the United States. The partnership’s primary offerings include pipeline transportation, fractionation services, natural gas liquids (NGL) logistics and produced water handling. Through its fee-based and commodity-based contracts, Western Midstream provides its customers with essential services that support efficient energy production and distribution.

The company’s asset portfolio spans key onshore basins, including the Delaware Basin in West Texas and southeastern New Mexico, the San Juan Basin in New Mexico and Colorado, and the Denver-Julesburg Basin in Colorado.