Western Midstream Partners LP (NYSE:WES) Sees Large Decrease in Short Interest

Western Midstream Partners LP (NYSE:WES) was the target of a significant decrease in short interest in the month of December. As of December 31st, there was short interest totalling 6,420,000 shares, a decrease of 10.8% from the December 15th total of 7,200,000 shares. Currently, 3.2% of the company’s stock are short sold. Based on an average daily volume of 1,580,000 shares, the days-to-cover ratio is presently 4.1 days.

In other Western Midstream Partners news, Director James R. Crane acquired 71,041 shares of the business’s stock in a transaction on Wednesday, November 20th. The shares were acquired at an average price of $18.19 per share, for a total transaction of $1,292,235.79. Following the completion of the acquisition, the director now owns 169,068 shares in the company, valued at $3,075,346.92. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website.

Large investors have recently bought and sold shares of the company. Invesco Ltd. lifted its position in Western Midstream Partners by 7,463.7% during the second quarter. Invesco Ltd. now owns 9,408,687 shares of the pipeline company’s stock valued at $289,505,000 after purchasing an additional 9,284,294 shares during the period. Alps Advisors Inc. lifted its position in Western Midstream Partners by 37.9% during the third quarter. Alps Advisors Inc. now owns 24,293,298 shares of the pipeline company’s stock valued at $604,660,000 after purchasing an additional 6,677,468 shares during the period. Morgan Stanley lifted its position in Western Midstream Partners by 50.5% during the second quarter. Morgan Stanley now owns 2,445,741 shares of the pipeline company’s stock valued at $75,255,000 after purchasing an additional 820,262 shares during the period. CIBC Private Wealth Group LLC lifted its position in Western Midstream Partners by 34.7% during the third quarter. CIBC Private Wealth Group LLC now owns 2,937,110 shares of the pipeline company’s stock valued at $73,105,000 after purchasing an additional 756,133 shares during the period. Finally, Tortoise Capital Advisors L.L.C. lifted its position in Western Midstream Partners by 2.1% during the second quarter. Tortoise Capital Advisors L.L.C. now owns 27,562,374 shares of the pipeline company’s stock valued at $848,094,000 after purchasing an additional 558,860 shares during the period. Hedge funds and other institutional investors own 41.44% of the company’s stock.

WES has been the topic of a number of recent research reports. Zacks Investment Research cut shares of Western Midstream Partners from a “hold” rating to a “strong sell” rating in a report on Saturday. ValuEngine upgraded shares of Western Midstream Partners from a “sell” rating to a “hold” rating in a report on Wednesday, December 11th. Citigroup cut their price objective on shares of Western Midstream Partners from $26.00 to $23.00 and set a “buy” rating on the stock in a report on Tuesday, December 3rd. Finally, Barclays set a $26.00 price objective on shares of Western Midstream Partners and gave the stock a “hold” rating in a report on Tuesday, October 15th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and three have assigned a buy rating to the stock. Western Midstream Partners currently has an average rating of “Hold” and a consensus target price of $30.75.

Shares of NYSE:WES traded up $0.37 during trading on Tuesday, reaching $21.56. 1,007,458 shares of the stock traded hands, compared to its average volume of 2,060,848. The stock has a 50-day moving average of $19.54 and a two-hundred day moving average of $23.63. Western Midstream Partners has a 52-week low of $17.46 and a 52-week high of $35.75. The company has a debt-to-equity ratio of 2.32, a quick ratio of 0.66 and a current ratio of 0.66. The stock has a market cap of $9.62 billion, a P/E ratio of 8.59, a price-to-earnings-growth ratio of 1.75 and a beta of 1.38.

Western Midstream Partners (NYSE:WES) last posted its quarterly earnings results on Monday, November 4th. The pipeline company reported $0.27 EPS for the quarter, missing the Zacks’ consensus estimate of $0.47 by ($0.20). Western Midstream Partners had a net margin of 18.35% and a return on equity of 15.32%. The firm had revenue of $666.03 million for the quarter, compared to analysts’ expectations of $688.91 million. During the same quarter in the previous year, the company earned $0.39 EPS. The company’s quarterly revenue was up 13.3% compared to the same quarter last year. Sell-side analysts expect that Western Midstream Partners will post 1.35 earnings per share for the current year.

Western Midstream Partners Company 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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