ALPS Advisors, Inc. recently announced the acquisition of new stake in Western Midstream Partners LP (NYSE:WES). The institutional investor has increased its shareholding in the Energy company by 8.00% to 26.09 million shares with purchase of 1.93 million shares. This fresh investment now brings its stake to 5.88% valued currently at $261.9 million. In addition, Neuberger Berman Investment Advis. raised its holdings by 2.19 million to 17.58 million shares. And Invesco Advisers, Inc. has lifted its position by 31.67% or 4.13 million shares – to 17.17 million shares.
With over 1.19 million Western Midstream Partners LP (WES) shares trading Wednesday and a closing price of $9.89 on the day, the dollar volume was approximately $11.73 million. The shares have shown a negative weekly performance of -9.71% and its price on 07/28/20 gained nearly 4.32%. Currently, there are 443.97M common shares owned by the public and among those 200.83M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 13 analysts who have offered their price forecasts for WES have a consensus price objective of $10.62. The analysts have set the share’s price value over the next 12 months at a high of $17.00 and a low of $7.00 should the stock experience a downside. Incidentally, analysts’ outlook for the Western Midstream Partners LP stock is 2.60 for the next 12 months. The average price target is 5.45% above its last price level and an upside to the estimated low will see the stock lose -41.29% over that period. But an upside of 41.82% will see the stock hit the forecast high price target while mean target price for the stock is $10.00.
Insiders at the company have transacted a total of 33 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 22 of these insider trades were purchases, accounting for 637,617 shares. Insider sales of the common stock occurred on 11 occasions, with total insider shares sold totaling 18,136,482 shares.
The top 3 mutual fund holders in Western Midstream Partners LP are Alerian MLP ETF, Invesco Oppenheimer SteelPath MLP, and Invesco Oppenheimer SteelPath MLP. Alerian MLP ETF owns 24.1 million shares of the company’s stock, all valued at over $241.94 million. Invesco Oppenheimer SteelPath MLP bought 1.15 million shares to see its total holdings expand to 7.73 million shares valued at over $77.56 million and representing 1.74% of the shares outstanding. Invesco Oppenheimer SteelPath MLP bought 2.58 million shares to bring its total holdings to over 6.03 million shares at a value of $60.56 million. Invesco Oppenheimer SteelPath MLP now owns shares totaling to 1.36% of the shares outstanding.
Shares of Western Midstream Partners LP (NYSE: WES) opened at $9.55, up $0.07 from a prior closing price of $9.48. However, the script later closed the day at $9.87, up 4.11%. The company’s stock has a 5-day price change of -9.71% and 24.25% over the past three months. WES shares are trading -51.85% year to date (YTD), with the 12-month market performance down to -69.08% lower. It has a 12-month low price of $2.90 and touched a high of $30.74 over the same period. Currently, 1.21 million shares have been traded, compared to an average intraday trading volume of 2.74 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 2.61%, -2.06%, and -26.61% respectively.
Institutional ownership of Western Midstream Partners LP (NYSE: WES) shares accounts for 39.40% of the company’s 443.97M shares outstanding. Mutual fund holders own 17.83%, while other institutional holders and individual stakeholders account for 54.74% and 17.20% respectively.
It has a market capitalization of $4.34B and a beta (3y monthly) value of 3.80. The stock’s trailing 12-month PE ratio is 13.66, while the earnings-per-share (ttm) stands at $0.69. Price movements for the stock have been influenced by the stock’s volatility, which stands at 4.72% over the week and 5.64% over the month.
Analysts forecast that Western Midstream Partners LP (WES) will achieve an EPS of $0.5 for the current quarter, $0.43 for the next quarter and $1.67 for 2021. The lowest estimate earnings-per-share for the quarter is $0.47 while analysts give the company a high EPS estimate of $0.52. Comparatively, EPS for the current quarter was $0.37 a year ago. Earnings per share for the fiscal year are expected to decrease by -5.60%, and 32.07% over the next financial year. EPS should shrink at an annualized rate of -3.70% over the next five years, compared to 9.40% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 13 brokerage firm advisors rate Western Midstream Partners LP (WES) as a “Moderate Buy” at a consensus score of 2.60. Specifically, 4 Wall Street analysts polled rate the stock as a buy, while 6 of the 13 advise that investors “hold,” and 1 rated it as a “Sell.”
Looking at the support for the WES, a number of firms have released research notes about the stock. CapitalOne stated their Overweight rating for the stock in a research note on May 29, 2020, with the firm’s price target at. UBS coverage for the Western Midstream Partners LP (WES) stock in a research note released on May 04, 2020 offered a Neutral rating with a price target of $7.50. Wells Fargo was of a view on March 23, 2020 that the stock is Underweight, while UBS gave the stock Buy rating on March 16, 2020, issuing a price target of $21- $8. RBC Capital Mkts on their part issued Sector Perform rating on March 16, 2020.