Western Midstream Partners (WES) Stock Overview
Operates as a midstream energy company primarily in the United States. More details
| Snowflake Score | |
|---|---|
| Valuation | 4/6 |
| Future Growth | 2/6 |
| Past Performance | 2/6 |
| Financial Health | 4/6 |
| Dividends | 4/6 |
WES Community Fair Values
Create NarrativeSee what 45 others think this stock is worth. Follow their fair value or set your own to get alerts.
Analyst Price Targets
Western Midstream Partners, LP Competitors
Price History & Performance
| Historical stock prices | |
|---|---|
| Current Share Price | US$46.03 |
| 52 Week High | US$46.98 |
| 52 Week Low | US$36.90 |
| Beta | 0.67 |
| 1 Month Change | 13.54% |
| 3 Month Change | 5.99% |
| 1 Year Change | 16.12% |
| 3 Year Change | 71.69% |
| 5 Year Change | 122.69% |
| Change since IPO | 64.39% |
Recent News & Updates
Seeking Alpha • May 16
Western Midstream Partners: I Prefer This MLP Over Enterprise Products Partners And Energy Transfer
Summary Western Midstream Partners offers an 8.35% yield, 5-8% targeted distribution growth, and a compelling risk-adjusted return at $45 per unit. WES’s Q1 results were strong, with a record $683.1M adjusted EBITDA, 15% YoY growth, and a 2.2% distribution increase. The $1.6B Brazos Delaware acquisition expands WES’s Delaware Basin footprint by 50%, is immediately accretive, and maintains pro forma leverage near 3.0x. WES stands ahead of EPD and ET on yield and growth, with total return expectations of 10-15% annualized, but carries higher commodity and customer concentration risk. Read the full article on Seeking Alpha
Narrative Update • May 10
WES: 2026 Distribution Guidance Will Support Steady Income At Current Levels
Analysts have slightly reduced their price target for Western Midstream Partners to about $41.83 from roughly $41.92, reflecting updated views on discount rates, expected revenue growth, profit margins, and future P/E assumptions. What's in the News Western Midstream Partners issued dividend guidance for 2026, outlining expectations for a full year distribution of at least $3.70 per unit.Recent updates
Seeking Alpha • May 16
Western Midstream Partners: I Prefer This MLP Over Enterprise Products Partners And Energy Transfer
Summary Western Midstream Partners offers an 8.35% yield, 5-8% targeted distribution growth, and a compelling risk-adjusted return at $45 per unit. WES’s Q1 results were strong, with a record $683.1M adjusted EBITDA, 15% YoY growth, and a 2.2% distribution increase. The $1.6B Brazos Delaware acquisition expands WES’s Delaware Basin footprint by 50%, is immediately accretive, and maintains pro forma leverage near 3.0x. WES stands ahead of EPD and ET on yield and growth, with total return expectations of 10-15% annualized, but carries higher commodity and customer concentration risk. Read the full article on Seeking AlphaNarrative Update • May 10
WES: 2026 Distribution Guidance Will Support Steady Income At Current Levels
Analysts have slightly reduced their price target for Western Midstream Partners to about $41.83 from roughly $41.92, reflecting updated views on discount rates, expected revenue growth, profit margins, and future P/E assumptions. What's in the News Western Midstream Partners issued dividend guidance for 2026, outlining expectations for a full year distribution of at least $3.70 per unit.Narrative Update • Apr 24
WES: 2026 Distribution Guidance And Fair Valuation Will Support Steady Income
Analysts have nudged their price target for Western Midstream Partners slightly lower to about $41.92 from $42. This reflects updated assumptions for fair value, discount rate, revenue growth, profit margin and future P/E.Narrative Update • Apr 03
WES: 2026 Distribution Guidance And Stable Metrics Will Support Steady Income
Analysts have nudged their price target on Western Midstream Partners slightly higher to $42.00. This reflects updated assumptions around discount rates, revenue growth, profit margins, and future P/E levels.Narrative Update • Mar 20
WES: Distribution Guidance And Payout Outlook Will Support Steady Income
Analysts have nudged their average price target for Western Midstream Partners slightly higher, from about $41.75 to roughly $41.83. This change reflects updated views on its discount rate, revenue growth assumptions, profit margin outlook, and future P/E expectations.Narrative Update • Mar 05
WES: Water Infrastructure And Iodine Project Will Support Steady Income Outlook
Analysts have maintained their $41.75 price target on Western Midstream Partners, citing updated assumptions that reflect a slightly higher discount rate, more moderate revenue growth and profit margins, and a lower future P/E multiple. What's in the News Western Midstream Partners issued dividend guidance for 2026, indicating a full year distribution of at least $3.70 per unit, with a planned quarterly distribution of $0.93 per unit starting with the first quarter payout in May.Narrative Update • Feb 19
WES: Iodine Partnership And Water Infrastructure Will Shape Steady Forward Outlook
Analysts have increased their average price target for Western Midstream Partners by $0.08 to $41.75, reflecting minor adjustments to fair value, discount rate, profit margin, and forward P/E assumptions in their models. What's in the News Iofina plc agreed with Western Midstream Partners to develop a new IOsorb plant in the Permian Basin, using Western Midstream produced water as feedstock for iodine extraction.Narrative Update • Feb 05
WES: Future Outlook Will Reflect Iodine Project Partnership And Stable Operations
Analysts have made a slight trim to their price target for Western Midstream Partners to about US$41.67 from roughly US$41.83, citing updated assumptions around discount rates, revenue growth, profit margins and forward P/E multiples. What's in the News Iofina plc agreed with Western Midstream Partners to develop a new IOsorb plant in the Permian Basin, using Western Midstream's produced water to extract iodine for commercial sale.Narrative Update • Jan 20
WES: Future Outlook Will Reflect Iodine Water Project And Stable Operations
Analysts are keeping their price target for Western Midstream Partners steady at around US$41.83. This points to only small adjustments in inputs such as discount rate, expected revenue growth, profit margin, and future P/E assumptions, rather than a change in their overall view of the partnership’s valuation.Narrative Update • Jan 05
WES: Future Outlook Will Reflect Iodine Water Project And Steady Risk Profile
Analysts kept their blended fair value estimate for Western Midstream Partners steady at US$41.83, making only marginal adjustments to the discount rate, revenue growth, profit margin, and future P/E assumptions that support the unchanged price target view. What's in the News Iofina plc agreed to develop a new IOsorb plant in the Permian Basin that will use Western Midstream's produced water and WET IOsorb technology to extract iodine for commercial sale.Narrative Update • Dec 21
WES: Future Outlook Will Reflect Iodine Water Partnership And Steady Risk Profile
Narrative Update on Western Midstream Partners Analysts have modestly revised their price target on Western Midstream Partners higher to approximately 41.83 dollars per unit. They cite slightly lower perceived risk reflected in a marginally reduced discount rate and a nearly unchanged outlook for revenue growth, profit margins, and future valuation multiples.Narrative Update • Dec 07
WES: Future Outlook Will Reflect Water Partnership Upside And Mixed Throughput Trends
Analysts have nudged their price target for Western Midstream Partners slightly higher to approximately 42 dollars per unit from 41 dollars previously, citing modest improvements in long term revenue growth expectations, a marginally lower discount rate, and a slightly higher anticipated future earnings multiple, even as projected profit margins ease fractionally. What's in the News Iofina plc signed an agreement with Western Midstream to develop a new IOsorb plant in the Permian Basin that will use Western Midstream produced water as feedstock for iodine extraction (Client Announcements).Narrative Update • Nov 22
WES: Future Outlook Will Reflect Mixed Throughput Trends And Stable Fundamentals
Analysts have slightly raised their price target for Western Midstream Partners from $40.83 to $41.00, citing small adjustments in discount rates and projected growth fundamentals. What's in the News Reported third-quarter 2025 natural-gas throughput averaged 5.4 Bcf/d, a 2% increase over the prior quarter (Announcement of Operating Results).Narrative Update • Nov 07
WES: Future Margins And Cost Reductions Will Support Stable Outlook
Analysts have raised their price target for Western Midstream Partners slightly, from $40.67 to $40.83. They cite improved profit margins and lower discount rates as key factors supporting a modest increase in fair value estimates.Narrative Update • Oct 23
Analysts Lift Western Midstream Partners Price Target on Revenue Outlook and Lower Discount Rate
Analysts have raised their price target for Western Midstream Partners from $40.33 to $40.67, citing stronger projected revenue growth and a slight reduction in the assumed discount rate that supports the valuation. What's in the News Western Midstream Partners reported unaudited consolidated impairment charges for the quarter ended June 30, 2025.Seeking Alpha • Mar 27
Western Midstream Can Continue To Afford Its Leading Dividend
Summary Western Midstream, valued at over $15 billion, has shown strong performance with growing volumes and cash flow, making it a valuable investment. Occidental Petroleum owns nearly 45% of Western Midstream, which poses a risk due to its potential influence on public unitholders. In 2024, Western Midstream achieved double-digit growth in natural gas and produced water throughput, boosting adjusted EBITDA by 13% to $2.34 billion. The primary risk is Occidental Petroleum's potential to sell its stake at low prices, as seen during the 2020 market collapse. Read the full article on Seeking AlphaSeeking Alpha • Mar 17
Western Midstream Partners: A Dividend-Paying Machine In A Time Of High Volatility
Summary Western Midstream Partners has shown steady growth and is a strong dividend-paying company, making it an attractive investment for stability in a volatile environment. The company operates primarily in Texas, Colorado, and Wyoming, with significant infrastructure for transporting oil, gas, and water, showing remarkable revenue and EBITDA growth. Despite some debt concerns, WES has significantly reduced its leverage ratio and plans to continue expanding, pursuing M&A projects, and increasing dividends. The sharp increase in dividend payments, from $1.27 per share in 2021 to an expected $3.605 per share in 2025, highlights management's pro-ownership vision. Read the full article on Seeking AlphaSeeking Alpha • Feb 11
Western Midstream: Scoop Up This Ultra-High-Yielding Deal Now
Summary Western Midstream is a couple of months away from likely upping its already huge quarterly distribution per unit. The partnership has plenty of options to continue driving steady growth for unitholders. WES' leverage ratio is now just below 3, which positions it well for the future. Units are conservatively trading at a 14% discount to fair value. WES could be poised to realistically generate 50%-plus cumulative total returns through 2027. Read the full article on Seeking AlphaSeeking Alpha • Jan 10
Western Midstream: Deeply Undervalued With An 8.7% Yield
Summary I recommend a 'Strong buy' for Western Midstream Partners LP due to its unmatched 8.7% forward distribution yield and 33% upside potential. WES's strategic positioning in key U.S. oil-rich regions and its multifaceted growth strategy, including M&A and organic growth, ensure robust future prospects. The company's healthy balance sheet, solid profitability, and favorable macroenvironment support the sustainability of its high yield and overall investment appeal. Read the full article on Seeking AlphaSeeking Alpha • Dec 16
Western Midstream: A 9% Yield, Undervalued, And Still Room To Grow
Summary By many measures, WES is undervalued for a Permian-focused midstream company. The company's growth rate may be slowing, but is far from a standstill. 2025 is projected to a respectable mid-single digit growth rate. This underpins my price target of $46/unit. For income-oriented investors, WES presents a compelling opportunity to harvest a nearly 9% yield with potential upside from special distributions and moderate distribution growth in 2025. I project 20% total returns through distributions and unit price appreciation. I continue to rate WES as a BUY. Read the full article on Seeking AlphaSeeking Alpha • Nov 19
Western Midstream: 9% Yield Looks Solid Despite Moderating Growth
Summary Western Midstream Partners continues to hit throughput records in the Delaware basin, but slower growth is expected going forward. With the moderation in growth, I am slightly reducing my projections for EBITDA and distributions next year. WES' 9.2% forward distribution yield remains sustainable and could grow to 10% by 2027. Despite lower growth expectations, WES continues to offer one of the best yields among midstream MLP peers, justifying its Buy rating. Read the full article on Seeking AlphaSeeking Alpha • Nov 08
Western Midstream: 9% Yield With Growth Tailwinds From Permian Gas Expansion
Summary Western Midstream offers a high 9% yield, benefiting from rising gas production in the Permian Basin. The company is expanding its gas gathering and processing capacity, particularly in the Delaware Basin, which is expected to drive long-term growth. Despite resilient earnings, Western Midstream's distribution coverage is low, making it a higher-risk investment compared to peers like Enterprise Products. Read the full article on Seeking AlphaSeeking Alpha • Oct 18
Western Midstream: Pumping Out A Massive 9% Yield
Summary Western Midstream Partners offers a high dividend yield of 9.1%, supported by a strong balance sheet and high demand for its pipeline capacity. The company boasts a return on assets of 13%, significantly higher than its peers, and maintains a low leverage ratio, enhancing its financial stability. Western Midstream's free cash flow is expected to grow by 19% this year, driven by ongoing investments and increasing transportation volumes. Trading at around 12x free cash flow and 9x earnings, WES is a low-risk, high-yield investment, making it a "Buy" at current prices. Read the full article on Seeking AlphaSeeking Alpha • Oct 06
Western Midstream: My Top 2 MLP Income Pick
Summary My top midstream picks are Energy Transfer, Enbridge, and Enterprise Products Partners, with EPD being the best for durable income. After dissecting the fundamentals of WES, I have concluded that WES definitely deserves a spot in my Top 2 income producing midstream list, ranking just below EPD. In this article, I explain in a detailed manner why I have become so bullish on WES. Read the full article on Seeking AlphaSeeking Alpha • Sep 13
Western Midstream: Time To Buy This Ultra-High-Yielding Bargain
Summary Western Midstream provides an outsized, safe, and growing distribution to unitholders. The company's Mentone Train III project is online, and the North Loving cryogenic processing plant is going to be placed into service soon. WES is set to reach its targeted leverage ratio ahead of schedule. Units of the MLP appear to be priced at a 19% discount to fair value. WES looks primed to produce 20% annual total returns for the next couple of years. Read the full article on Seeking Alpha
New Narrative • Aug 21
Strategic Expansion And Cost-Saving Innovations Fuel Growth In Natural Gas Sector
Enhanced revenue prospects through volume expansion in key basins and strategic cost savings aim to improve net margins.Seeking Alpha • Aug 09
Western Midstream Partners: High Yield Supported By Growth
Summary WES continues to set new volume records in key basins. The completion of projects for new capacity over the next year and new deals for more volume with upstream producers underpin further growth. Distributions are among the best in the industry, with strong growth and the potential for special distributions each year. Read the full article on Seeking AlphaSeeking Alpha • Jul 30
8.8% Yield And Investment Grade? I'm All In - Western Midstream
Summary Western Midstream is growing its distribution while reducing its unit count, a wonderful sign of health. You can benefit today and tomorrow from this type of opportunity. Income provided by your portfolio can unlock potentially limitless possibilities. Read the full article on Seeking AlphaSeeking Alpha • Jul 08
Western Midstream: One Of The Highest Energy Yields
Summary Western Midstream Partners offers a high dividend yield of 8.5%, making it an attractive choice for investors seeking income. The company operates in both natural gas and liquids, primarily working with Occidental Petroleum, and is benefiting from strong macro trends in the energy industry. Despite a 53% share price increase over the last year, Western Midstream Partners remains attractively priced with strong growth and a high yield. Read the full article on Seeking AlphaSeeking Alpha • Jun 20
Western Midstream: This 9%-Yielding MLP May Be Worth Buying Now
Summary Done properly, income investing can address the age-old dilemma of having to continuously work to make ends meet. Western Midstream topped the analyst consensus for revenue in the first quarter. The company is making progress to bring its net leverage ratio to its 3x target. Units of Western Midstream could be trading at a 16% discount to fair value. The MLP could be poised to generate 50%+ cumulative total returns through the end of 2026. Read the full article on Seeking AlphaSeeking Alpha • Jun 07
9.3% Yield And Investment-Grade Rating Yes! Western Midstream
Summary Midstream MLPs represent the utilities of the oil and gas world, with predictable cash flows and long-term contracts. Bond King Bill Gross calls Western Midstream Partners, LP the best-of-breed in an undervalued sector. The market has yet to appreciate Western Midstream's substantial 52% distribution increase fully. Western Midstream Partners is self-funding its asset expansion, driving toward operational excellence while prioritizing shareholder returns. Read the full article on Seeking AlphaSeeking Alpha • May 20
Shopping For Income? Don't Ignore 9%-Yielding Western Midstream Partners
Summary Western Midstream Partners, LP is an undervalued midstream MLP with a 9.1% distribution yield. The company benefits from its strategic position in the Permian Basin and strong financials backed by Occidental Petroleum. Western Midstream Partners offers a high distribution yield, steady cash flow, and potential for capital appreciation, making it an attractive opportunity for income-focused investors. Read the full article on Seeking AlphaSeeking Alpha • May 13
Western Midstream Continues To Drive Reliable Returns
Summary Western Midstream has an impressive portfolio of assets and is managing to continue growth volumes. The company has an almost 10% dividend yield that it can comfortably afford. Despite the Occidental Petroleum risk, we expect the company to keep growing and generating strong returns, making it a valuable investment. Read the full article on Seeking AlphaSeeking Alpha • Apr 03
Western Midstream: 10% Forward Yield Plus Capital Appreciation From Investment Grade Company
Summary Western Midstream Partners' parent company, Occidental Petroleum, is exploring a sale of WES to reduce debt. WES distribution hike is likely to be influenced by OXY. If OXY sells WES towards the end of 2024, investors will likely pocket close to 20% return in 9 months. If the sale does not occur, investors will keep receiving 10% tax-deferred distributions plus capital appreciation a year from now. Read the full article on Seeking AlphaSeeking Alpha • Mar 16
Western Midstream: Redlining The Balance Sheet
Summary Western Midstream's recent 50% distribution increase is impressive. This increase may raise some eyebrows due to the unusually large increase. The company's financials show adequate amounts of free cash flow to sustain the raise but project to create a slight cash burn in 2024. Any operational disruptions could cause the company to have to take on debt to cover the negative cash flow. The risk versus reward is an asymmetric bet which leads me to rate the company as a BUY. Read the full article on Seeking AlphaSeeking Alpha • Mar 05
Western Midstream's Recent Strength Doesn't Change The Thesis
Summary Western Midstream Partners, LP has outperformed the market by roughly 50% and has the ability to drive strong returns. The company has started non-core divestitures to increase the overall value of its assets and has raised almost $800 million from non-controlling stake sales. Western Midstream focuses on increasing returns through share buybacks and has consistently reduced leverage, enabling it to put more cash towards buybacks and increase dividend savings. Read the full article on Seeking AlphaSeeking Alpha • Feb 28
My Income Climbed 52%, More Capital Gains Ahead: Western Midstream
Summary Western Midstream Partners, LP knocked it out of the park in FY 2023 with record volumes and profitability. A massive 10.2% yield from this midstream MLP as we wait for the exciting growth opportunities lined up for FY 2024. Occidental Petroleum Corporation’s sale of Western Midstream Partners assets can trigger a significant valuation reset, offering double-digit capital upside potential amidst massive consolidation in the industry. Read the full article on Seeking AlphaSeeking Alpha • Feb 22
Western Midstream: The Breakout Is Here And It's Likely Not Over
Summary Western Midstream Partners, LP finally broke above its trading range in the $20s and is forecasting strong EBITDA growth of around 11%. This breakout should continue, supported by Western Midstream increasing quarterly distributions over 50% to $0.875 from $0.575. Throughput of gas, oil, and water all grew, even before completion of two new gas processing plants in the Delaware basin this year. The partnership's EBITDA growth and investment grade rating reducing the need for deleveraging should sustain the higher distributions going forward. The only thing that should keep Western Midstream Partners from yielding over 10% is an increase in the unit price. The units are a Strong Buy. Read the full article on Seeking AlphaShareholder Returns
| WES | US Oil and Gas | US Market | |
|---|---|---|---|
| 7D | 5.8% | 6.4% | -0.3% |
| 1Y | 16.1% | 33.1% | 24.0% |
Return vs Industry: WES underperformed the US Oil and Gas industry which returned 32.9% over the past year.
Return vs Market: WES underperformed the US Market which returned 24.4% over the past year.
Price Volatility
| WES volatility | |
|---|---|
| WES Average Weekly Movement | 3.4% |
| Oil and Gas Industry Average Movement | 6.1% |
| Market Average Movement | 7.2% |
| 10% most volatile stocks in US Market | 16.2% |
| 10% least volatile stocks in US Market | 3.1% |
Stable Share Price: WES has not had significant price volatility in the past 3 months compared to the US market.
Volatility Over Time: WES's weekly volatility (3%) has been stable over the past year.
About the Company
| Founded | Employees | CEO | Website |
|---|---|---|---|
| 2007 | 1,704 | Oscar Brown | www.westernmidstream.com |
Western Midstream Partners, LP, together with its subsidiaries, operates as a midstream energy company primarily in the United States. The company 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 of produced water. It also buys and sells residue, NGLs, and condensates.
Western Midstream Partners, LP Fundamentals Summary
| WES fundamental statistics | |
|---|---|
| Market cap | US$18.12b |
| Earnings (TTM) | US$1.20b |
| Revenue (TTM) | US$4.05b |
15.2x
P/E Ratio4.5x
P/S RatioIs WES overvalued?
See Fair Value and valuation analysisEarnings & Revenue
| WES income statement (TTM) | |
|---|---|
| Revenue | US$4.05b |
| Cost of Revenue | US$1.22b |
| Gross Profit | US$2.83b |
| Other Expenses | US$1.63b |
| Earnings | US$1.20b |
Last Reported Earnings
Mar 31, 2026
Next Earnings Date
n/a
| Earnings per share (EPS) | 3.04 |
| Gross Margin | 69.83% |
| Net Profit Margin | 29.51% |
| Debt/Equity Ratio | 246.4% |
How did WES perform over the long term?
See historical performance and comparisonDividends
8.1%
Current Dividend Yield119%
Payout RatioCompany Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/05/17 07:12 |
| End of Day Share Price | 2026/05/15 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
| |
| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
| |
| Ownership | 10 years |
| |
| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the world class team who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Western Midstream Partners, LP is covered by 25 analysts. 5 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Marc Solecitto | Barclays |
| Jean Ann Salisbury | BofA Global Research |
| Akil Marsh | Brean Capital Historical (Janney Montgomery) |