Short Interest in Western Midstream Partners LP (NYSE:WES) Drops By 10.9%

Western Midstream Partners LP (NYSE:WES) was the recipient of a significant decrease in short interest in January. As of January 31st, there was short interest totalling 5,720,000 shares, a decrease of 10.9% from the January 15th total of 6,420,000 shares. Approximately 2.7% of the shares of the company are sold short. Based on an average daily volume of 1,590,000 shares, the short-interest ratio is currently 3.6 days.

WES has been the subject of several analyst reports. Zacks Investment Research raised shares of Western Midstream Partners from a “hold” rating to a “buy” rating and set a $21.00 price target for the company in a report on Tuesday, January 28th. Citigroup dropped their target price on shares of Western Midstream Partners from $26.00 to $23.00 and set a “buy” rating for the company in a report on Tuesday, December 3rd. Finally, ValuEngine raised shares of Western Midstream Partners from a “sell” rating to a “hold” rating in a report on Wednesday, December 11th. Eleven research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Western Midstream Partners presently has a consensus rating of “Hold” and an average price target of $30.25.

In other news, Director James R. Crane purchased 71,041 shares of the business’s stock in a transaction that occurred on Wednesday, November 20th. The stock was purchased at an average cost of $18.19 per share, with a total value of $1,292,235.79. Following the completion of the acquisition, the director now directly owns 169,068 shares of the company’s stock, valued at approximately $3,075,346.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Institutional investors have recently modified their holdings of the business. Russell Investments Group Ltd. increased its stake in shares of Western Midstream Partners by 18.0% during the 3rd quarter. Russell Investments Group Ltd. now owns 297,281 shares of the pipeline company’s stock worth $7,399,000 after purchasing an additional 45,378 shares in the last quarter. Cadence Capital Management LLC boosted its position in Western Midstream Partners by 2.6% during the fourth quarter. Cadence Capital Management LLC now owns 713,126 shares of the pipeline company’s stock worth $14,041,000 after acquiring an additional 17,805 shares during the last quarter. Chicago Partners Investment Group LLC boosted its position in Western Midstream Partners by 16.7% during the fourth quarter. Chicago Partners Investment Group LLC now owns 39,285 shares of the pipeline company’s stock worth $831,000 after acquiring an additional 5,628 shares during the last quarter. Cerebellum GP LLC acquired a new stake in Western Midstream Partners during the fourth quarter worth approximately $553,000. Finally, Chickasaw Capital Management LLC boosted its position in Western Midstream Partners by 0.3% during the fourth quarter. Chickasaw Capital Management LLC now owns 5,633,740 shares of the pipeline company’s stock worth $110,928,000 after acquiring an additional 18,389 shares during the last quarter. 41.41% of the stock is owned by institutional investors.

Shares of Western Midstream Partners stock opened at $16.03 on Friday. Western Midstream Partners has a 12-month low of $15.46 and a 12-month high of $35.75. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 2.32. The stock has a market cap of $7.26 billion, a PE ratio of 11.70, a price-to-earnings-growth ratio of 1.29 and a beta of 1.41. The company has a 50-day moving average of $18.98 and a two-hundred day moving average of $21.54.

The business also recently announced a quarterly dividend, which was paid on Thursday, February 13th. Shareholders of record on Friday, January 31st were issued a $0.622 dividend. The ex-dividend date of this dividend was Thursday, January 30th. This is a boost from Western Midstream Partners’s previous quarterly dividend of $0.62. This represents a $2.49 dividend on an annualized basis and a yield of 15.52%. Western Midstream Partners’s dividend payout ratio (DPR) is 99.20%.

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.

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