PNC Financial Services Group Inc. Reduces Stock Position in Western Midstream Partners, LP (NYSE:WES)

PNC Financial Services Group Inc. lessened its stake in shares of Western Midstream Partners, LP (NYSE:WES) by 7.4% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 30,537 shares of the pipeline company’s stock after selling 2,452 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Western Midstream Partners were worth $641,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Newbridge Financial Services Group Inc. boosted its holdings in shares of Western Midstream Partners by 8.1% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 9,309 shares of the pipeline company’s stock valued at $199,000 after acquiring an additional 701 shares during the last quarter. The Manufacturers Life Insurance Company purchased a new stake in shares of Western Midstream Partners during the 2nd quarter valued at about $202,000. Segall Bryant & Hamill LLC purchased a new position in shares of Western Midstream Partners in the second quarter worth approximately $206,000. CFM Wealth Partners LLC purchased a new position in shares of Western Midstream Partners in the third quarter worth approximately $207,000. Finally, Activest Wealth Management purchased a new position in shares of Western Midstream Partners in the third quarter worth approximately $210,000. 41.25% of the stock is currently owned by hedge funds and other institutional investors.

WES has been the topic of a number of research reports. Bank of America initiated coverage on shares of Western Midstream Partners in a report on Tuesday, September 28th. They issued a “buy” rating on the stock. Zacks Investment Research downgraded shares of Western Midstream Partners from a “buy” rating to a “hold” rating in a report on Friday, September 17th. Finally, Wells Fargo & Company raised their price objective on shares of Western Midstream Partners from $27.00 to $28.00 and gave the stock an “overweight” rating in a report on Thursday, December 16th. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $24.00.

Shares of NYSE:WES opened at $24.04 on Friday. The company has a debt-to-equity ratio of 2.07, a current ratio of 0.58 and a quick ratio of 0.58. Western Midstream Partners, LP has a 1-year low of $14.09 and a 1-year high of $24.42. The company has a market capitalization of $9.93 billion, a P/E ratio of 10.83 and a beta of 3.77. The firm’s 50 day simple moving average is $21.30 and its two-hundred day simple moving average is $20.84.

Western Midstream Partners (NYSE:WES) last issued its quarterly earnings results on Tuesday, November 9th. The pipeline company reported $0.61 earnings per share for the quarter, missing the consensus estimate of $0.63 by ($0.02). The firm had revenue of $763.84 million for the quarter. Western Midstream Partners had a net margin of 33.07% and a return on equity of 31.45%. During the same quarter in the prior year, the company earned $0.55 earnings per share. On average, sell-side analysts anticipate that Western Midstream Partners, LP will post 2.25 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 12th. Stockholders of record on Monday, November 1st were given a dividend of $0.323 per share. This represents a $1.29 annualized dividend and a dividend yield of 5.37%. The ex-dividend date was Friday, October 29th. Western Midstream Partners’s payout ratio is currently 58.11%.

In other news, major shareholder Petroleum Corp /De/ Occidental sold 2,500,000 shares of Western Midstream Partners stock in a transaction that occurred on Monday, December 13th. The shares were sold at an average price of $20.09, for a total transaction of $50,225,000.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 0.04% of the company’s stock.

Western Midstream Partners Company Profile

Western Midstream Partners LP owns, operates, acquires and develops midstream energy assets. It engages in the business of gathering, processing, compressing, treating, and transporting natural gas, condensate, natural gas liquids, and crude oil for Anadarko, as well as third-party producers and customers.

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Institutional Ownership by Quarter for Western Midstream Partners (NYSE:WES)

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