Mirae Asset Global Investments Co. Ltd. boosted its stake in Western Midstream Partners, LP (NYSE:WES – Get Rating) by 6.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,318,993 shares of the pipeline company's stock after acquiring an additional 197,897 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned 0.82% of Western Midstream Partners worth $83,705,000 as of its most recent SEC filing.
Several other institutional investors have also added to or reduced their stakes in WES. MCF Advisors LLC bought a new stake in Western Midstream Partners in the 1st quarter valued at $33,000. Allworth Financial LP bought a new stake in Western Midstream Partners in the 1st quarter valued at $38,000. Farmers & Merchants Investments Inc. bought a new stake in Western Midstream Partners in the 1st quarter valued at $39,000. Fifth Third Bancorp lifted its position in Western Midstream Partners by 126.5% in the 1st quarter. Fifth Third Bancorp now owns 1,606 shares of the pipeline company's stock valued at $41,000 after acquiring an additional 897 shares in the last quarter. Finally, Blair William & Co. IL bought a new stake in Western Midstream Partners in the 4th quarter valued at $201,000. 92.76% of the stock is owned by institutional investors.
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Insider Buying and Selling
In related news, SVP Robert W. Bourne bought 2,500 shares of Western Midstream Partners stock in a transaction that occurred on Friday, June 17th. The stock was acquired at an average price of $22.90 per share, with a total value of $57,250.00. Following the acquisition, the senior vice president now owns 34,400 shares of the company's stock, valued at approximately $787,760. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Western Midstream Partners news, SVP Robert W. Bourne acquired 2,500 shares of the business's stock in a transaction on Friday, June 17th. The stock was purchased at an average price of $22.90 per share, with a total value of $57,250.00. Following the acquisition, the senior vice president now directly owns 34,400 shares of the company's stock, valued at approximately $787,760. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Petroleum Corp /De/ Occidental sold 10,000,000 shares of the business's stock in a transaction dated Thursday, July 21st. The shares were sold at an average price of $25.25, for a total transaction of $252,500,000.00. Following the completion of the sale, the insider now directly owns 190,281,578 shares of the company's stock, valued at approximately $4,804,609,844.50. The disclosure for this sale can be found here. 0.04% of the stock is currently owned by insiders.
Western Midstream Partners Stock Performance
Shares of WES stock traded up $0.52 during midday trading on Wednesday, hitting $28.12. 37,690 shares of the company were exchanged, compared to its average volume of 1,205,195. The firm has a market capitalization of $10.87 billion, a P/E ratio of 10.45 and a beta of 3.02. The company has a debt-to-equity ratio of 2.01, a quick ratio of 1.14 and a current ratio of 1.14. The firm's 50 day moving average price is $27.00 and its two-hundred day moving average price is $25.93. Western Midstream Partners, LP has a 52 week low of $18.89 and a 52 week high of $29.50.
Western Midstream Partners Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, August 12th. Investors of record on Monday, August 1st were issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 7.11%. The ex-dividend date of this dividend was Friday, July 29th. Western Midstream Partners's payout ratio is 74.63%.
Analyst Upgrades and Downgrades
WES has been the topic of several recent research reports. Morgan Stanley lifted their price target on shares of Western Midstream Partners from $31.00 to $35.00 and gave the company an "overweight" rating in a research note on Wednesday, July 20th. StockNews.com lowered shares of Western Midstream Partners from a "strong-buy" rating to a "buy" rating in a research note on Friday, July 22nd. Wolfe Research initiated coverage on shares of Western Midstream Partners in a research note on Monday, August 1st. They issued a "peer perform" rating on the stock. Finally, Barclays lifted their price target on shares of Western Midstream Partners from $29.00 to $31.00 and gave the company an "overweight" rating in a research note on Wednesday, July 20th. One analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, Western Midstream Partners presently has a consensus rating of "Moderate Buy" and an average target price of $31.00.
About Western Midstream Partners
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Western Midstream Partners, LP, a midstream energy company, together with its subsidiaries, acquires, owns, develops, and operates 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.
Further Reading
- Get a free copy of the StockNews.com research report on Western Midstream Partners (WES)
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