Icon Wealth Advisors LLC Reduces Position in Western Midstream Partners, LP (NYSE:WES)

Icon Wealth Advisors LLC lessened its stake in Western Midstream Partners, LP (NYSE:WES) by 78.3% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 2,349 shares of the pipeline company’s stock after selling 8,474 shares during the period. Icon Wealth Advisors LLC’s holdings in Western Midstream Partners were worth $90,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also modified their holdings of WES. Chickasaw Capital Management LLC raised its position in Western Midstream Partners by 0.6% during the second quarter. Chickasaw Capital Management LLC now owns 6,711,006 shares of the pipeline company’s stock worth $266,628,000 after acquiring an additional 37,259 shares during the period. Kayne Anderson Capital Advisors LP boosted its holdings in Western Midstream Partners by 23.5% in the 3rd quarter. Kayne Anderson Capital Advisors LP now owns 6,228,448 shares of the pipeline company’s stock valued at $238,300,000 after purchasing an additional 1,184,597 shares during the last quarter. Fractal Investments LLC raised its position in Western Midstream Partners by 5.4% in the third quarter. Fractal Investments LLC now owns 1,465,706 shares of the pipeline company’s stock valued at $56,078,000 after purchasing an additional 75,145 shares during the period. Miller Howard Investments Inc. NY increased its position in shares of Western Midstream Partners by 2.8% during the second quarter. Miller Howard Investments Inc. NY now owns 1,458,530 shares of the pipeline company’s stock valued at $57,947,000 after acquiring an additional 39,827 shares during the last quarter. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its holdings in Western Midstream Partners by 10.1% in the 3rd quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,315,472 shares of the pipeline company’s stock valued at $50,330,000 after purchasing an additional 120,202 shares during the last quarter. Institutional investors and hedge funds own 42.94% of the company’s stock.

Wall Street Analysts Forecast Growth

WES has been the topic of a number of recent research reports. Royal Bank of Canada upped their price objective on Western Midstream Partners from $38.00 to $41.00 and gave the stock a “sector perform” rating in a research report on Wednesday, October 16th. Bank of America assumed coverage on Western Midstream Partners in a research report on Thursday, October 17th. They issued an “underperform” rating and a $37.00 target price for the company. Stifel Nicolaus raised their price target on Western Midstream Partners from $39.00 to $40.00 and gave the stock a “hold” rating in a report on Friday, August 9th. UBS Group reduced their target price on shares of Western Midstream Partners from $40.00 to $37.00 and set a “neutral” rating for the company in a research note on Friday, November 15th. Finally, Morgan Stanley cut Western Midstream Partners from an “equal weight” rating to an “underweight” rating and cut their price objective 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 assigned a buy rating to the company. Based on data from MarketBeat, Western Midstream Partners has an average rating of “Hold” and an average price target of $37.88.

Western Midstream Partners Price Performance

Shares of NYSE:WES opened at $38.87 on Monday. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 2.05. The company has a market cap of $14.79 billion, a PE ratio of 9.92, a P/E/G ratio of 1.04 and a beta of 2.88. Western Midstream Partners, LP has a fifty-two week low of $26.81 and a fifty-two week high of $42.80. The firm has a 50-day simple moving average of $38.33 and a 200 day simple moving average of $38.69.

Western Midstream Partners (NYSE:WES) last posted 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 company 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%. Western Midstream Partners’s quarterly revenue was up 13.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.70 EPS. On average, sell-side analysts anticipate that Western Midstream Partners, LP will post 4.09 EPS for the current year.

Western Midstream Partners Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Friday, November 1st were issued a $0.875 dividend. The ex-dividend date of this dividend was Friday, November 1st. This represents a $3.50 annualized dividend and a yield of 9.00%. Western Midstream Partners’s dividend payout ratio (DPR) is presently 89.29%.

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.