PNC Financial Services Group Inc. boosted its position in Western Midstream Partners LP (NYSE:WES) by 45.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 145,254 shares of the pipeline company’s stock after purchasing an additional 45,125 shares during the quarter. PNC Financial Services Group Inc. owned approximately 0.07% of Western Midstream Partners worth $4,555,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Executive Wealth Management LLC bought a new position in shares of Western Midstream Partners in the fourth quarter worth about $25,000. Ffcm LLC raised its stake in Western Midstream Partners by 50.0% during the 4th quarter. Ffcm LLC now owns 717 shares of the pipeline company’s stock valued at $30,000 after purchasing an additional 239 shares during the period. Berman Capital Advisors LLC bought a new stake in Western Midstream Partners during the 4th quarter valued at approximately $33,000. Bessemer Group Inc. raised its stake in Western Midstream Partners by 61.0% during the 4th quarter. Bessemer Group Inc. now owns 800 shares of the pipeline company’s stock valued at $34,000 after purchasing an additional 303 shares during the period. Finally, Winslow Evans & Crocker Inc. raised its stake in Western Midstream Partners by 52.6% during the 1st quarter. Winslow Evans & Crocker Inc. now owns 1,526 shares of the pipeline company’s stock valued at $48,000 after purchasing an additional 526 shares during the period. Institutional investors and hedge funds own 41.13% of the company’s stock.
Several brokerages recently issued reports on WES. ValuEngine raised Western Midstream Partners from a “sell” rating to a “hold” rating in a research note on Saturday, April 13th. Mitsubishi UFJ Financial Group cut their price target on Western Midstream Partners from $55.00 to $42.00 and set an “overweight” rating for the company in a report on Monday, April 15th. Barclays began coverage on Western Midstream Partners in a report on Friday, March 22nd. They set an “equal weight” rating and a $34.00 price target for the company. Citigroup restated a “buy” rating and set a $35.00 price target on shares of Western Midstream Partners in a report on Tuesday, April 9th. Finally, Mizuho initiated coverage on Western Midstream Partners in a report on Friday, June 14th. They issued a “buy” rating and a $34.00 target price for the company. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the stock. Western Midstream Partners has an average rating of “Hold” and a consensus target price of $45.00.
Western Midstream Partners (NYSE:WES) last issued its earnings results on Tuesday, April 30th. The pipeline company reported $0.30 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.47 by ($0.17). The firm had revenue of $671.88 million for the quarter, compared to the consensus estimate of $622.45 million. Western Midstream Partners had a net margin of 16.47% and a return on equity of 11.61%. The company’s revenue for the quarter was up 34.1% on a year-over-year basis. During the same period last year, the firm earned $0.46 earnings per share. Sell-side analysts forecast that Western Midstream Partners LP will post 2.3 EPS for the current fiscal year.
Western Midstream Partners 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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