JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Western Midstream Partners (NYSE:WES) Stock

Western Midstream Partners (NYSE:WES) had its price target raised by research analysts at JPMorgan Chase & Co. from $46.00 to $47.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has a “neutral” rating on the pipeline company’s stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 1.68% from the stock’s current price.

A number of other research firms also recently commented on WES. Morgan Stanley raised Western Midstream Partners from an “underweight” rating to an “equal weight” rating and set a $51.00 price target for the company in a research note on Wednesday, June 10th. Wall Street Zen upgraded shares of Western Midstream Partners from a “hold” rating to a “buy” rating in a research note on Sunday. Stifel Nicolaus set a $46.00 target price on shares of Western Midstream Partners and gave the company a “buy” rating in a report on Thursday, May 7th. Wells Fargo & Company boosted their target price on shares of Western Midstream Partners from $41.00 to $43.00 and gave the company an “equal weight” rating in a research report on Wednesday, May 13th. Finally, Citigroup upped their price target on shares of Western Midstream Partners from $39.00 to $42.00 and gave the stock a “neutral” rating in a report on Tuesday, May 12th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Western Midstream Partners currently has a consensus rating of “Hold” and an average target price of $46.25.

Western Midstream Partners Price Performance

NYSE:WES traded up $0.48 during trading hours on Tuesday, reaching $46.22. 28,157 shares of the company were exchanged, compared to its average volume of 1,371,110. The business has a 50 day moving average of $44.22 and a 200 day moving average of $42.26. Western Midstream Partners has a 1-year low of $36.90 and a 1-year high of $48.01. The company has a debt-to-equity ratio of 2.34, a current ratio of 1.09 and a quick ratio of 1.09. The company has a market capitalization of $18.20 billion, a P/E ratio of 15.06, a P/E/G ratio of 1.88 and a beta of 0.68.

Western Midstream Partners (NYSE:WES) last announced its quarterly earnings data on Wednesday, May 6th. The pipeline company reported $0.85 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.11. The firm had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.01 billion. Western Midstream Partners had a return on equity of 33.89% and a net margin of 29.98%.The company’s quarterly revenue was up 22.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.79 EPS. Research analysts forecast that Western Midstream Partners will post 3.44 EPS for the current year.

Institutional Investors Weigh In On Western Midstream Partners

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Eagle Bay Advisors LLC bought a new position in Western Midstream Partners in the 4th quarter valued at approximately $27,000. Northwestern Mutual Wealth Management Co. acquired a new stake in Western Midstream Partners in the fourth quarter valued at approximately $27,000. Rothschild Investment LLC grew its stake in shares of Western Midstream Partners by 76.2% during the fourth quarter. Rothschild Investment LLC now owns 793 shares of the pipeline company’s stock worth $31,000 after buying an additional 343 shares during the last quarter. Garton & Associates Financial Advisors LLC bought a new stake in shares of Western Midstream Partners during the fourth quarter worth $32,000. Finally, Global Wealth Strategies & Associates acquired a new position in shares of Western Midstream Partners during the fourth quarter worth $35,000. 84.82% of the stock is owned by institutional investors.

About Western Midstream Partners

Western Midstream Partners, LP (NYSE: WES) is a midstream energy infrastructure company that owns, operates and develops an integrated network of crude oil, natural gas and produced water gathering, processing, transportation and storage assets in the United States. The partnership’s primary offerings include pipeline transportation, fractionation services, natural gas liquids (NGL) logistics and produced water handling. Through its fee-based and commodity-based contracts, Western Midstream provides its customers with essential services that support efficient energy production and distribution.

The company’s asset portfolio spans key onshore basins, including the Delaware Basin in West Texas and southeastern New Mexico, the San Juan Basin in New Mexico and Colorado, and the Denver-Julesburg Basin in Colorado.