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Chickasaw Capital Management LLC Has $222.97 Million Stock Holdings in Western Midstream Partners, LP (NYSE:WES)

Financial News Live ·  Sep 21, 2022 17:21

Chickasaw Capital Management LLC lowered its stake in Western Midstream Partners, LP (NYSE:WES – Get Rating) by 2.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 9,171,859 shares of the pipeline company's stock after selling 187,000 shares during the quarter. Western Midstream Partners comprises about 11.5% of Chickasaw Capital Management LLC's portfolio, making the stock its biggest holding. Chickasaw Capital Management LLC owned 2.27% of Western Midstream Partners worth $222,968,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also bought and sold shares of the company. MCF Advisors LLC acquired a new stake in Western Midstream Partners in the first quarter worth about $33,000. Allworth Financial LP acquired a new stake in Western Midstream Partners in the first quarter worth about $38,000. Farmers & Merchants Investments Inc. acquired a new stake in Western Midstream Partners in the first quarter worth about $39,000. Fifth Third Bancorp lifted its holdings 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 during the last quarter. Finally, Trek Financial LLC acquired a new stake in Western Midstream Partners in the 1st quarter valued at about $215,000. Institutional investors and hedge funds own 92.76% of the company's stock.

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Analyst Ratings Changes

A number of equities research analysts have weighed in on WES shares. Barclays upped their price target on shares of Western Midstream Partners from $29.00 to $31.00 and gave the company an "overweight" rating in a report on Wednesday, July 20th. Wolfe Research started coverage on shares of Western Midstream Partners in a report on Monday, August 1st. They issued a "peer perform" rating for the company. StockNews.com downgraded shares of Western Midstream Partners from a "strong-buy" rating to a "buy" rating in a report on Friday, July 22nd. Finally, Morgan Stanley upped their price target on shares of Western Midstream Partners from $31.00 to $35.00 and gave the company an "overweight" rating in a report on Wednesday, July 20th. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, Western Midstream Partners currently has an average rating of "Moderate Buy" and a consensus target price of $31.00.

Insider Activity

In other news, major shareholder Petroleum Corp /De/ Occidental sold 10,000,000 shares of the company's stock in a transaction dated Thursday, July 21st. The stock was sold at an average price of $25.25, for a total value of $252,500,000.00. Following the transaction, the insider now owns 190,281,578 shares in the company, valued at approximately $4,804,609,844.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.04% of the stock is owned by corporate insiders.

Western Midstream Partners Trading Down 2.2 %

WES stock traded down $0.60 during mid-day trading on Wednesday, reaching $26.74. 482,389 shares of the stock traded hands, compared to its average volume of 1,190,535. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 2.01. Western Midstream Partners, LP has a 52-week low of $18.95 and a 52-week high of $29.50. The company has a market cap of $10.33 billion, a P/E ratio of 10.20 and a beta of 3.02. The stock's fifty day moving average is $27.28 and its 200-day moving average is $25.98.

Western Midstream Partners Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 12th. Shareholders of record on Monday, August 1st were paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 7.48%. The ex-dividend date was Friday, July 29th. Western Midstream Partners's dividend payout ratio is presently 74.63%.

About Western Midstream Partners

(Get Rating)

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.

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