PNC Financial Services Group Inc. Sells 400 Shares of Western Midstream Partners, LP $WES

PNC Financial Services Group Inc. reduced its position in Western Midstream Partners, LP (NYSE:WES) by 6.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 5,600 shares of the pipeline company’s stock after selling 400 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Western Midstream Partners were worth $229,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Princeton Global Asset Management LLC raised its stake in Western Midstream Partners by 133.3% during the first quarter. Princeton Global Asset Management LLC now owns 700 shares of the pipeline company’s stock worth $29,000 after acquiring an additional 400 shares in the last quarter. Bessemer Group Inc. bought a new position in Western Midstream Partners in the first quarter valued at about $41,000. Cary Street Partners Financial LLC bought a new position in shares of Western Midstream Partners in the 4th quarter valued at about $39,000. Creative Financial Designs Inc. ADV bought a new position in shares of Western Midstream Partners in the 1st quarter valued at about $72,000. Finally, State of Wyoming boosted its stake in shares of Western Midstream Partners by 40.6% in the 4th quarter. State of Wyoming now owns 3,323 shares of the pipeline company’s stock valued at $128,000 after purchasing an additional 960 shares during the last quarter. 84.82% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Separately, Mizuho reduced their target price on Western Midstream Partners from $45.00 to $44.00 and set an “outperform” rating on the stock in a report on Tuesday, May 20th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $39.80.

Western Midstream Partners Trading Down 0.3%

NYSE WES opened at $38.53 on Monday. The stock’s 50-day moving average is $39.14 and its 200-day moving average is $39.11. Western Midstream Partners, LP has a one year low of $33.60 and a one year high of $43.33. The firm has a market cap of $14.69 billion, a P/E ratio of 11.86 and a beta of 1.13. The company has a debt-to-equity ratio of 2.08, a current ratio of 1.30 and a quick ratio of 1.30.

Western Midstream Partners (NYSE:WES) last announced its earnings results on Wednesday, August 6th. The pipeline company reported $0.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.82 by $0.05. Western Midstream Partners had a return on equity of 37.70% and a net margin of 34.45%. The business had revenue of $942.32 million for the quarter, compared to analyst estimates of $954.17 million. During the same quarter last year, the firm earned $0.97 EPS. Western Midstream Partners’s revenue for the quarter was up 4.1% compared to the same quarter last year. Sell-side analysts anticipate that Western Midstream Partners, LP will post 4.02 earnings per share for the current fiscal year.

Western Midstream Partners Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 14th. Shareholders of record on Friday, August 1st were given a dividend of $0.91 per share. The ex-dividend date of this dividend was Friday, August 1st. This represents a $3.64 annualized dividend and a dividend yield of 9.4%. Western Midstream Partners’s payout ratio is 112.00%.

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.