Western Midstream Partners (NYSE:WES) Price Target Increased to $35.00 by Analysts at Morgan Stanley

Western Midstream Partners (NYSE:WES) had its price target boosted by Morgan Stanley from $34.00 to $35.00 in a research note issued on Tuesday, Benzinga reports. The brokerage currently has an “overweight” rating on the pipeline company’s stock. Morgan Stanley’s price objective would suggest a potential upside of 33.08% from the stock’s previous close.

Other equities analysts also recently issued reports about the company. UBS Group initiated coverage on Western Midstream Partners in a research report on Monday, June 26th. They set a “neutral” rating and a $27.00 target price on the stock. Wells Fargo & Company cut shares of Western Midstream Partners from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $31.00 to $30.00 in a research report on Thursday, August 10th. Wolfe Research lowered shares of Western Midstream Partners from a “peer perform” rating to an “underperform” rating and set a $25.00 price target for the company. in a research report on Wednesday, July 12th. Raymond James cut their price target on shares of Western Midstream Partners from $34.00 to $32.00 and set an “outperform” rating on the stock in a research note on Friday, July 21st. Finally, JPMorgan Chase & Co. cut shares of Western Midstream Partners from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $31.00 to $29.00 in a research note on Wednesday, August 9th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Western Midstream Partners currently has an average rating of “Moderate Buy” and an average price target of $30.60.

Western Midstream Partners Trading Up 0.7 %

Shares of NYSE:WES traded up $0.18 during trading on Tuesday, reaching $26.30. The stock had a trading volume of 506,126 shares, compared to its average volume of 924,359. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 2.26. The stock has a market cap of $10.12 billion, a P/E ratio of 9.85 and a beta of 2.76. The business has a fifty day moving average price of $27.29 and a 200-day moving average price of $26.59. Western Midstream Partners has a fifty-two week low of $23.24 and a fifty-two week high of $29.18.

Western Midstream Partners (NYSE:WES) last issued its quarterly earnings results on Tuesday, August 8th. The pipeline company reported $0.64 earnings per share for the quarter, missing the consensus estimate of $0.65 by ($0.01). Western Midstream Partners had a net margin of 34.08% and a return on equity of 34.41%. The business had revenue of $738.90 million during the quarter, compared to analyst estimates of $795.73 million. During the same quarter last year, the firm posted $0.74 earnings per share. The company’s revenue was down 15.7% on a year-over-year basis. As a group, analysts anticipate that Western Midstream Partners will post 2.52 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Western Midstream Partners

Several institutional investors and hedge funds have recently modified their holdings of the stock. Alps Advisors Inc. raised its holdings in shares of Western Midstream Partners by 7.4% during the 4th quarter. Alps Advisors Inc. now owns 25,442,166 shares of the pipeline company’s stock valued at $683,122,000 after buying an additional 1,760,145 shares during the period. Goldman Sachs Group Inc. raised its stake in shares of Western Midstream Partners by 6.4% during the second quarter. Goldman Sachs Group Inc. now owns 8,345,798 shares of the pipeline company’s stock valued at $202,887,000 after purchasing an additional 500,806 shares during the period. Chickasaw Capital Management LLC raised its stake in shares of Western Midstream Partners by 5.7% during the first quarter. Chickasaw Capital Management LLC now owns 8,044,777 shares of the pipeline company’s stock valued at $212,141,000 after purchasing an additional 434,250 shares during the period. Clearbridge Investments LLC lifted its position in shares of Western Midstream Partners by 14.2% during the first quarter. Clearbridge Investments LLC now owns 5,012,565 shares of the pipeline company’s stock worth $126,417,000 after purchasing an additional 623,000 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Western Midstream Partners by 5.2% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,675,629 shares of the pipeline company’s stock valued at $123,998,000 after purchasing an additional 229,730 shares during the period. Hedge funds and other institutional investors own 42.02% of the company’s stock.

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.