Spirit of America Management Corp NY Cuts Stock Holdings in Western Midstream Partners, LP (NYSE:WES)

Spirit of America Management Corp NY decreased its stake in shares of Western Midstream Partners, LP (NYSE:WES) by 9.9% during the 4th quarter, Holdings Channel reports. The institutional investor owned 161,650 shares of the pipeline company’s stock after selling 17,700 shares during the period. Western Midstream Partners makes up about 1.3% of Spirit of America Management Corp NY’s portfolio, making the stock its 22nd largest position. Spirit of America Management Corp NY’s holdings in Western Midstream Partners were worth $6,212,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Stifel Financial Corp boosted its position in shares of Western Midstream Partners by 42.1% during the third quarter. Stifel Financial Corp now owns 108,367 shares of the pipeline company’s stock valued at $4,146,000 after buying an additional 32,119 shares during the last quarter. BNP Paribas Financial Markets boosted its position in shares of Western Midstream Partners by 6.5% during the third quarter. BNP Paribas Financial Markets now owns 996,018 shares of the pipeline company’s stock valued at $38,108,000 after buying an additional 60,603 shares during the last quarter. MAI Capital Management boosted its position in shares of Western Midstream Partners by 293.1% during the third quarter. MAI Capital Management now owns 29,878 shares of the pipeline company’s stock valued at $1,143,000 after buying an additional 22,277 shares during the last quarter. Citigroup Inc. boosted its position in shares of Western Midstream Partners by 322.1% during the third quarter. Citigroup Inc. now owns 406,587 shares of the pipeline company’s stock valued at $15,556,000 after buying an additional 310,260 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its position in shares of Western Midstream Partners by 60.1% during the third quarter. JPMorgan Chase & Co. now owns 1,785,105 shares of the pipeline company’s stock valued at $68,298,000 after buying an additional 670,440 shares during the last quarter. Hedge funds and other institutional investors own 84.82% of the company’s stock.

Western Midstream Partners Stock Up 0.3 %

WES stock opened at $40.73 on Wednesday. The company has a debt-to-equity ratio of 2.05, a quick ratio of 1.11 and a current ratio of 1.11. The company has a market capitalization of $15.50 billion, a price-to-earnings ratio of 10.39, a PEG ratio of 1.38 and a beta of 2.88. Western Midstream Partners, LP has a fifty-two week low of $27.84 and a fifty-two week high of $43.33. The stock has a fifty day moving average of $40.12 and a 200-day moving average of $39.11.

Western Midstream Partners (NYSE:WES) last posted its quarterly earnings results on Wednesday, November 6th. The pipeline company reported $0.74 earnings per share for the quarter, missing the consensus estimate of $0.83 by ($0.09). Western Midstream Partners had a return on equity of 46.02% and a net margin of 42.99%. The firm had revenue of $883.36 million for the quarter, compared to the consensus estimate of $924.83 million. During the same quarter in the previous year, the company posted $0.70 EPS. The firm’s revenue was up 13.8% compared to the same quarter last year. As a group, equities research analysts predict that Western Midstream Partners, LP will post 4.02 earnings per share for the current year.

Western Midstream Partners Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Monday, February 3rd will be paid a $0.875 dividend. The ex-dividend date of this dividend is Monday, February 3rd. This represents a $3.50 annualized dividend and a yield of 8.59%. Western Midstream Partners’s dividend payout ratio is currently 89.29%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on WES shares. UBS Group cut their price objective on Western Midstream Partners from $40.00 to $37.00 and set a “neutral” rating on the stock in a research report on Friday, November 15th. StockNews.com cut Western Midstream Partners from a “strong-buy” rating to a “buy” rating in a research report on Monday, October 28th. US Capital Advisors raised Western Midstream Partners from a “hold” rating to a “moderate buy” rating in a research report on Tuesday, November 26th. Bank of America started coverage on Western Midstream Partners in a research report on Thursday, October 17th. They issued an “underperform” rating and a $37.00 price objective on the stock. Finally, Morgan Stanley cut Western Midstream Partners from an “equal weight” rating to an “underweight” rating and cut their price objective for the stock from $42.00 to $40.00 in a research report on Friday, October 25th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $37.88.

About Western Midstream Partners

Western Midstream Partners, LP, together with its subsidiaries, operates as a midstream energy company 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.