Western Midstream Partners (NYSE:WES) Downgraded by JPMorgan Chase & Co.

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JPMorgan Chase & Co. downgraded shares of Western Midstream Partners (NYSE:WES) from an overweight rating to a neutral rating in a research report report published on Tuesday, BenzingaRatingsTable reports. The brokerage currently has $31.00 price objective on the pipeline company’s stock, down from their prior price objective of $40.00.

WES has been the subject of a number of other reports. Royal Bank of Canada reduced their price objective on shares of Western Midstream Partners to $28.00 and set an outperform rating for the company in a research note on Monday, August 5th. UBS Group cut shares of Western Midstream Partners from a buy rating to a neutral rating and reduced their price objective for the stock from $40.00 to $27.00 in a research note on Friday, August 2nd. ValuEngine cut shares of Western Midstream Partners from a sell rating to a strong sell rating in a research note on Thursday, August 1st. Zacks Investment Research cut shares of Western Midstream Partners from a buy rating to a hold rating in a research note on Saturday, August 3rd. Finally, Mizuho initiated coverage on shares of Western Midstream Partners in a research note on Friday, June 14th. They issued a buy rating and a $34.00 price objective for the company. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and three have issued a buy rating to the company’s stock. Western Midstream Partners presently has a consensus rating of Hold and an average price target of $38.21.

Shares of WES stock opened at $22.82 on Tuesday. Western Midstream Partners has a 12 month low of $22.39 and a 12 month high of $36.16. The stock has a market cap of $11.08 billion, a P/E ratio of 9.09, a P/E/G ratio of 2.10 and a beta of 1.40. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 2.15. The company has a 50 day simple moving average of $29.02 and a two-hundred day simple moving average of $33.24.

Western Midstream Partners (NYSE:WES) last announced its earnings results on Tuesday, July 30th. The pipeline company reported $0.37 EPS for the quarter, missing the Zacks’ consensus estimate of $0.64 by ($0.27). Western Midstream Partners had a net margin of 18.98% and a return on equity of 14.63%. The business had revenue of $685.10 million for the quarter, compared to analysts’ expectations of $709.39 million. During the same period in the prior year, the company posted ($0.32) earnings per share. The firm’s quarterly revenue was up 32.2% on a year-over-year basis. As a group, equities analysts forecast that Western Midstream Partners will post 1.94 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 13th. Stockholders of record on Wednesday, July 31st were paid a $0.618 dividend. The ex-dividend date was Tuesday, July 30th. This is a boost from Western Midstream Partners’s previous quarterly dividend of $0.61. This represents a $2.47 dividend on an annualized basis and a dividend yield of 10.83%. Western Midstream Partners’s dividend payout ratio is 98.41%.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Tortoise Capital Advisors L.L.C. boosted its position in shares of Western Midstream Partners by 2.1% during the second quarter. Tortoise Capital Advisors L.L.C. now owns 27,562,374 shares of the pipeline company’s stock worth $848,094,000 after acquiring an additional 558,860 shares during the last quarter. Alps Advisors Inc. boosted its position in shares of Western Midstream Partners by 91.6% during the first quarter. Alps Advisors Inc. now owns 19,070,424 shares of the pipeline company’s stock worth $598,048,000 after acquiring an additional 9,115,972 shares during the last quarter. Neuberger Berman Group LLC boosted its position in shares of Western Midstream Partners by 504.6% during the first quarter. Neuberger Berman Group LLC now owns 13,849,579 shares of the pipeline company’s stock worth $434,323,000 after acquiring an additional 11,558,966 shares during the last quarter. Kayne Anderson Capital Advisors LP boosted its position in shares of Western Midstream Partners by 30.2% during the first quarter. Kayne Anderson Capital Advisors LP now owns 11,240,049 shares of the pipeline company’s stock worth $352,474,000 after acquiring an additional 2,610,367 shares during the last quarter. Finally, Invesco Ltd. boosted its position in shares of Western Midstream Partners by 7,463.7% during the second quarter. Invesco Ltd. now owns 9,408,687 shares of the pipeline company’s stock worth $289,505,000 after acquiring an additional 9,284,294 shares during the last quarter. 40.98% of the stock is owned by hedge funds and other institutional investors.

Western Midstream Partners Company Profile

Western Midstream Partners, LP, together with its subsidiaries, engages in gathering, processing, compressing, treating, stabilizing, and transporting natural gas, condensate, natural gas liquids, and crude oil primarily in the United States. It is also involved in the gathering and disposing of produced water; and buying and selling of natural gas.

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Analyst Recommendations for Western Midstream Partners (NYSE:WES)

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