Tortoise Index Solutions LLC Purchases 50,530 Shares of Western Midstream Partners LP (NYSE:WES)

Tortoise Index Solutions LLC raised its stake in Western Midstream Partners LP (NYSE:WES) by 137.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 87,229 shares of the pipeline company’s stock after purchasing an additional 50,530 shares during the quarter. Western Midstream Partners comprises about 0.8% of Tortoise Index Solutions LLC’s investment portfolio, making the stock its 26th biggest position. Tortoise Index Solutions LLC’s holdings in Western Midstream Partners were worth $2,736,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently added to or reduced their stakes in the company. Tortoise Capital Advisors L.L.C. grew its position in Western Midstream Partners by 71.1% in the first quarter. Tortoise Capital Advisors L.L.C. now owns 27,003,514 shares of the pipeline company’s stock valued at $846,830,000 after purchasing an additional 11,224,350 shares in the last quarter. Neuberger Berman Group LLC grew its position in Western Midstream Partners by 504.6% in the first quarter. Neuberger Berman Group LLC now owns 13,849,579 shares of the pipeline company’s stock valued at $434,323,000 after purchasing an additional 11,558,966 shares in the last quarter. Institutional & Family Asset Management LLC lifted its stake in Western Midstream Partners by 401.5% in the first quarter. Institutional & Family Asset Management LLC now owns 26,505 shares of the pipeline company’s stock valued at $831,000 after acquiring an additional 21,220 shares during the last quarter. Citigroup Inc. lifted its stake in Western Midstream Partners by 220.0% in the first quarter. Citigroup Inc. now owns 1,849,704 shares of the pipeline company’s stock valued at $58,006,000 after acquiring an additional 1,271,630 shares during the last quarter. Finally, OppenheimerFunds Inc. lifted its stake in shares of Western Midstream Partners by 48.0% during the 1st quarter. OppenheimerFunds Inc. now owns 7,523,885 shares of the pipeline company’s stock worth $235,949,000 after buying an additional 2,440,308 shares during the last quarter. 41.13% of the stock is currently owned by institutional investors.

Shares of Western Midstream Partners stock traded up $0.23 during trading on Friday, reaching $30.77. 833,863 shares of the company traded hands, compared to its average volume of 933,251. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 1.45. Western Midstream Partners LP has a 1-year low of $25.89 and a 1-year high of $37.69. The company has a 50 day moving average price of $29.68. The company has a market cap of $13.83 billion, a price-to-earnings ratio of 12.26, a PEG ratio of 2.22 and a beta of 1.48.

Western Midstream Partners (NYSE:WES) last announced its quarterly earnings results on Tuesday, April 30th. The pipeline company reported $0.30 EPS for the quarter, missing the Zacks’ consensus estimate of $0.47 by ($0.17). Western Midstream Partners had a net margin of 16.47% and a return on equity of 11.61%. The business had revenue of $671.88 million for the quarter, compared to the consensus estimate of $622.45 million. During the same quarter last year, the firm posted $0.46 EPS. The business’s revenue for the quarter was up 34.1% compared to the same quarter last year. As a group, equities research analysts forecast that Western Midstream Partners LP will post 2.3 earnings per share for the current year.

A number of analysts have recently issued reports on WES shares. ValuEngine cut shares of Western Midstream Partners from a “sell” rating to a “strong sell” rating in a research note on Tuesday, March 5th. Barclays started coverage on shares of Western Midstream Partners in a research note on Friday, March 22nd. They issued an “equal weight” rating and a $34.00 price objective for the company. Citigroup reiterated a “buy” rating and issued a $35.00 price objective on shares of Western Midstream Partners in a research note on Tuesday, April 9th. Mitsubishi UFJ Financial Group decreased their target price on shares of Western Midstream Partners from $55.00 to $42.00 and set an “overweight” rating on the stock in a report on Monday, April 15th. Finally, Mizuho began coverage on shares of Western Midstream Partners in a report on Friday, June 14th. They set a “buy” rating and a $34.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the stock. Western Midstream Partners has a consensus rating of “Hold” and an average target price of $45.00.

About Western Midstream Partners

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.

See Also: Preferred Stock

Institutional Ownership by Quarter for Western Midstream Partners (NYSE:WES)

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