Peapack Gladstone Financial Corp Buys New Holdings in Western Midstream Partners, LP (NYSE:WES)

Peapack Gladstone Financial Corp bought a new stake in shares of Western Midstream Partners, LP (NYSE:WESFree Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 8,482 shares of the pipeline company’s stock, valued at approximately $248,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Alps Advisors Inc. grew its holdings in Western Midstream Partners by 13.0% during the 3rd quarter. Alps Advisors Inc. now owns 33,519,544 shares of the pipeline company’s stock valued at $912,737,000 after buying an additional 3,855,558 shares in the last quarter. Invesco Ltd. grew its holdings in Western Midstream Partners by 13.8% during the 3rd quarter. Invesco Ltd. now owns 20,746,835 shares of the pipeline company’s stock valued at $564,936,000 after buying an additional 2,520,712 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in Western Midstream Partners by 14.7% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,280,595 shares of the pipeline company’s stock valued at $183,770,000 after buying an additional 802,709 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in Western Midstream Partners by 15.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 4,571,428 shares of the pipeline company’s stock valued at $124,480,000 after buying an additional 622,108 shares in the last quarter. Finally, Infrastructure Capital Advisors LLC boosted its holdings in shares of Western Midstream Partners by 7.6% in the 3rd quarter. Infrastructure Capital Advisors LLC now owns 1,548,917 shares of the pipeline company’s stock worth $42,177,000 after purchasing an additional 109,048 shares during the period. Institutional investors own 42.94% of the company’s stock.

Western Midstream Partners Trading Up 1.0 %

Shares of NYSE WES opened at $38.25 on Friday. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 2.15. The business has a fifty day simple moving average of $36.22 and a two-hundred day simple moving average of $32.25. The firm has a market cap of $14.55 billion, a PE ratio of 10.77, a price-to-earnings-growth ratio of 0.71 and a beta of 2.85. Western Midstream Partners, LP has a twelve month low of $25.47 and a twelve month high of $38.79.

Western Midstream Partners (NYSE:WESGet Free Report) last issued its earnings results on Wednesday, May 8th. The pipeline company reported $1.47 earnings per share for the quarter, beating analysts’ consensus estimates of $0.85 by $0.62. The business had revenue of $887.73 million during the quarter, compared to analyst estimates of $868.22 million. Western Midstream Partners had a return on equity of 44.76% and a net margin of 42.50%. Western Midstream Partners’s revenue was up 20.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.52 EPS. Analysts expect that Western Midstream Partners, LP will post 3.93 earnings per share for the current fiscal year.

Western Midstream Partners Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 15th. Shareholders of record on Wednesday, May 1st were given a dividend of $0.875 per share. The ex-dividend date of this dividend was Tuesday, April 30th. This is a positive change from Western Midstream Partners’s previous quarterly dividend of $0.58. This represents a $3.50 dividend on an annualized basis and a yield of 9.15%. Western Midstream Partners’s payout ratio is 98.59%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on WES. StockNews.com upgraded Western Midstream Partners from a “buy” rating to a “strong-buy” rating in a report on Monday, May 27th. Mizuho lifted their target price on Western Midstream Partners from $34.00 to $39.00 and gave the stock a “buy” rating in a report on Tuesday, May 7th. Wells Fargo & Company lifted their target price on Western Midstream Partners from $34.00 to $35.00 and gave the stock an “equal weight” rating in a report on Tuesday, May 21st. Wolfe Research upgraded Western Midstream Partners from an “underperform” rating to a “peer perform” rating in a report on Thursday, April 18th. Finally, Stifel Nicolaus lifted their target price on Western Midstream Partners from $35.00 to $36.00 and gave the stock a “buy” rating in a report on Friday, February 23rd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Western Midstream Partners presently has an average rating of “Hold” and an average price target of $31.55.

View Our Latest Report on Western Midstream Partners

Western Midstream Partners Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Western Midstream Partners (NYSE:WES)

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