Western Midstream Partners (NYSE:WES) Upgraded to “Buy” by Zacks Investment Research

Western Midstream Partners (NYSE:WESGet Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Wednesday, Zacks.com reports. The brokerage presently has a $32.00 price objective on the pipeline company’s stock. Zacks Investment Research‘s price target points to a potential upside of 9.40% from the stock’s current price.

According to Zacks, “Western Gas Equity Partners, LP is formed to own, operate, acquire and develop midstream energy assets. Western Gas Equity Partners, LP is based in The Woodlands, Texas. “

A number of other analysts have also recently weighed in on WES. Mizuho raised their target price on shares of Western Midstream Partners from $31.00 to $32.00 in a report on Friday, May 13th. Morgan Stanley upped their price target on shares of Western Midstream Partners from $29.00 to $31.00 and gave the company an “overweight” rating in a research report on Tuesday, April 26th. Credit Suisse Group upped their price target on shares of Western Midstream Partners from $25.00 to $29.00 and gave the company an “outperform” rating in a research report on Thursday, March 10th. Finally, StockNews.com upgraded shares of Western Midstream Partners from a “buy” rating to a “strong-buy” rating in a research report on Monday, May 23rd. Six equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Western Midstream Partners currently has an average rating of “Buy” and an average price target of $29.29.

Shares of Western Midstream Partners stock traded down $0.23 on Wednesday, hitting $29.25. The company had a trading volume of 3,401 shares, compared to its average volume of 1,152,627. The business has a 50-day simple moving average of $25.88 and a 200-day simple moving average of $24.20. The company has a debt-to-equity ratio of 1.89, a current ratio of 0.68 and a quick ratio of 0.68. The company has a market cap of $11.80 billion, a PE ratio of 11.80 and a beta of 3.28. Western Midstream Partners has a 52 week low of $17.97 and a 52 week high of $29.48.

Western Midstream Partners (NYSE:WESGet Rating) last posted its quarterly earnings data on Tuesday, May 10th. The pipeline company reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.61 by $0.14. The business had revenue of $758.30 million during the quarter, compared to analysts’ expectations of $701.95 million. Western Midstream Partners had a net margin of 34.94% and a return on equity of 33.05%. The business’s revenue was up 12.3% on a year-over-year basis. During the same period last year, the firm posted $0.48 earnings per share. On average, equities research analysts predict that Western Midstream Partners will post 2.98 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. CWM LLC acquired a new position in Western Midstream Partners in the 4th quarter valued at approximately $28,000. MCF Advisors LLC acquired a new position in Western Midstream Partners in the 1st quarter valued at approximately $33,000. Allworth Financial LP acquired a new position in Western Midstream Partners in the 1st quarter valued at approximately $38,000. Farmers & Merchants Investments Inc. acquired a new position in Western Midstream Partners in the 1st quarter valued at approximately $39,000. Finally, Fifth Third Bancorp raised its holdings in Western Midstream Partners by 126.5% in the 1st quarter. Fifth Third Bancorp now owns 1,606 shares of the pipeline company’s stock valued at $41,000 after acquiring an additional 897 shares in the last quarter. 41.25% of the stock is owned by institutional investors and hedge funds.

About Western Midstream Partners (Get Rating)

Western Midstream Partners, LP, a midstream energy company, together with its subsidiaries, acquires, owns, develops, and operates 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.

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