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Western Midstream Partners

NYSE:WES
Snowflake Description

Slightly overvalued with limited growth.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
WES
NYSE
$13B
Market Cap
  1. Home
  2. US
  3. Energy
Company description

Western Midstream Partners, LP, together with its subsidiaries, engages in gathering, processing, compressing, treating, stabilizing, and transporting natural gas, condensate, natural gas liquids, and crude oil primarily in the United States. The last earnings update was 46 days ago. More info.


Add to Portfolio Compare Print
  • Western Midstream Partners is a fund or ETF! Currently our data availability for these is poor, we only recommend using them as part of a portfolio.
WES Share Price and Events
7 Day Returns
1.6%
NYSE:WES
-1%
US Oil and Gas
0.5%
US Market
1 Year Returns
-17.5%
NYSE:WES
-17.7%
US Oil and Gas
0.8%
US Market
WES Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Western Midstream Partners (WES) 1.6% -4.1% -9.4% -17.5% -20.5% -50.4%
US Oil and Gas -1% -6.3% -7.8% -17.7% -7.1% -40.8%
US Market 0.5% 0.2% 1.1% 0.8% 37.4% 37.5%
1 Year Return vs Industry and Market
  • WES underperformed the Market in United States of America which returned 0.8% over the past year.
Price Volatility
WES
Industry
5yr Volatility vs Market

Value

 Is Western Midstream Partners undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Western Midstream Partners to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Western Midstream Partners.

NYSE:WES Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 8 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 9.9%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:WES
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Oil and Gas Unlevered Beta Simply Wall St/ S&P Global 0.91
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.908 (1 + (1- 21%) (54.7%))
1.202
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.2
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.202 * 5.96%)
9.89%

Discounted Cash Flow Calculation for NYSE:WES using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Western Midstream Partners is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

NYSE:WES DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 9.89%)
2019 1,455.80 Analyst x1 1,324.76
2020 1,672.10 Analyst x1 1,384.64
2021 1,871.40 Analyst x1 1,410.19
2022 2,034.18 Est @ 8.7% 1,394.88
2023 2,174.70 Est @ 6.91% 1,357.01
2024 2,297.67 Est @ 5.65% 1,304.69
2025 2,407.43 Est @ 4.78% 1,243.97
2026 2,507.65 Est @ 4.16% 1,179.13
2027 2,601.27 Est @ 3.73% 1,113.05
2028 2,690.55 Est @ 3.43% 1,047.63
Present value of next 10 years cash flows $12,759.96
NYSE:WES DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $2,690.55 × (1 + 2.73%) ÷ (9.89% – 2.73%)
$38,596.48
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $38,596.48 ÷ (1 + 9.89%)10
$15,028.51
NYSE:WES Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $12,759.96 + $15,028.51
$27,788.47
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $27,788.47 / 452.99
$61.34
NYSE:WES Discount to Share Price
Calculation Result
Value per share (USD) From above. $61.34
Current discount Discount to share price of $29.31
= -1 x ($29.31 - $61.34) / $61.34
52.2%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Western Midstream Partners is available for.
Intrinsic value
>50%
Share price is $29.31 vs Future cash flow value of $61.34
Current Discount Checks
For Western Midstream Partners to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Western Midstream Partners's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Western Midstream Partners's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Western Midstream Partners's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Western Midstream Partners's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:WES PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $1.50
NYSE:WES Share Price ** NYSE (2019-06-14) in USD $29.31
United States of America Oil and Gas Industry PE Ratio Median Figure of 102 Publicly-Listed Oil and Gas Companies 12.63x
United States of America Market PE Ratio Median Figure of 3,091 Publicly-Listed Companies 17.68x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Western Midstream Partners.

NYSE:WES PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:WES Share Price ÷ EPS (both in USD)

= 29.31 ÷ 1.50

19.58x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Western Midstream Partners is overvalued based on earnings compared to the US Oil and Gas industry average.
  • Western Midstream Partners is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Western Midstream Partners's expected growth come at a high price?
Raw Data
NYSE:WES PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 19.58x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts
13.3%per year
United States of America Oil and Gas Industry PEG Ratio Median Figure of 78 Publicly-Listed Oil and Gas Companies 0.36x
United States of America Market PEG Ratio Median Figure of 2,125 Publicly-Listed Companies 1.52x

*Line of best fit is calculated by linear regression .

NYSE:WES PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 19.58x ÷ 13.3%

1.47x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Western Midstream Partners is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Western Midstream Partners's assets?
Raw Data
NYSE:WES PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $7.59
NYSE:WES Share Price * NYSE (2019-06-14) in USD $29.31
United States of America Oil and Gas Industry PB Ratio Median Figure of 196 Publicly-Listed Oil and Gas Companies 0.97x
United States of America Market PB Ratio Median Figure of 5,244 Publicly-Listed Companies 1.79x
NYSE:WES PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:WES Share Price ÷ Book Value per Share (both in USD)

= 29.31 ÷ 7.59

3.86x

* Primary Listing of Western Midstream Partners.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Western Midstream Partners is overvalued based on assets compared to the US Oil and Gas industry average.
X
Value checks
We assess Western Midstream Partners's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Oil and Gas industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Oil and Gas industry average (and greater than 0)? (1 check)
  5. Western Midstream Partners has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Western Midstream Partners expected to perform in the next 1 to 3 years based on estimates from 8 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
13.3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Western Midstream Partners expected to grow at an attractive rate?
  • Western Midstream Partners's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Western Midstream Partners's earnings growth is positive but not above the United States of America market average.
  • Western Midstream Partners's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:WES Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:WES Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts 13.3%
NYSE:WES Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 8 Analysts 7.2%
United States of America Oil and Gas Industry Earnings Growth Rate Market Cap Weighted Average 12.4%
United States of America Oil and Gas Industry Revenue Growth Rate Market Cap Weighted Average 3.9%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.9%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:WES Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:WES Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31
2022-12-31 3,378 1,918 738 1
2021-12-31 3,204 1,933 1,195 4
2020-12-31 3,212 1,787 1,218 7
2019-12-31 2,919 1,537 918 7
NYSE:WES Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 2,161 1,060 358
2018-12-31 1,990 1,017 369
2018-09-30 2,128 1,064 376
2018-06-30 2,195 1,039 364
2018-03-31 2,233 1,006 402
2017-12-31 2,248 897 377
2017-09-30 2,127 901 361
2017-06-30 2,034 953 356
2017-03-31 1,937 869 340
2016-12-31 1,804 913 334
2016-09-30 1,710 842 220
2016-06-30 1,661 803 218

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Western Midstream Partners's earnings are expected to grow by 13.3% yearly, however this is not considered high growth (20% yearly).
  • Western Midstream Partners's revenue is expected to grow by 7.2% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:WES Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below

All data from Western Midstream Partners Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:WES Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31 1.63 1.63 1.63 1.00
2021-12-31 2.90 3.09 2.65 4.00
2020-12-31 2.63 2.81 2.38 8.00
2019-12-31 2.11 2.27 1.88 8.00
NYSE:WES Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 1.50
2018-12-31 1.69
2018-09-30 1.72
2018-06-30 1.66
2018-03-31 1.83
2017-12-31 1.72
2017-09-30 1.65
2017-06-30 1.63
2017-03-31 1.55
2016-12-31 1.53
2016-09-30 1.00
2016-06-30 1.00

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Western Midstream Partners is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess Western Midstream Partners's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Western Midstream Partners has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Western Midstream Partners performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Western Midstream Partners's growth in the last year to its industry (Oil and Gas).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Western Midstream Partners has delivered over 20% year on year earnings growth in the past 5 years.
  • Western Midstream Partners's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Western Midstream Partners's 1-year earnings growth is negative, it can't be compared to the US Oil and Gas industry average.
Earnings and Revenue History
Western Midstream Partners's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Western Midstream Partners Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:WES Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 2,161.11 357.97 70.75
2018-12-31 1,990.28 369.43 63.74
2018-09-30 2,128.39 375.58 58.79
2018-06-30 2,195.32 364.31 56.56
2018-03-31 2,233.22 401.67 53.02
2017-12-31 2,248.36 376.61 50.67
2017-09-30 2,127.16 360.78 50.33
2017-06-30 2,034.11 355.98 49.52
2017-03-31 1,937.32 339.90 50.21
2016-12-31 1,804.27 334.45 49.25
2016-09-30 1,710.01 219.98 47.96
2016-06-30 1,660.88 217.95 46.73
2016-03-31 1,698.21 198.02 45.03
2015-12-31 1,752.07 86.12 44.43
2015-09-30 1,702.23 174.06 44.23
2015-06-30 1,627.24 144.64 42.46
2015-03-31 1,518.63 130.96 41.48
2014-12-31 1,533.38 222.87 41.78
2014-09-30 1,295.24 214.50 36.56
2014-06-30 1,211.23 198.89 35.40
2014-03-31 1,105.25 179.11 34.41
2013-12-31 1,085.48 155.53 35.07
2013-09-30 977.65 54.50 89.21
2013-06-30 934.79 29.47 96.28
2013-03-31 899.57 12.67 98.38
2012-12-31 894.48 2.81 99.73
2012-09-30 878.38 71.24 50.11

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Western Midstream Partners has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Western Midstream Partners used its assets less efficiently than the US Oil and Gas industry average last year based on Return on Assets.
  • Western Midstream Partners has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Western Midstream Partners's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Oil and Gas industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Western Midstream Partners has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Western Midstream Partners's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Western Midstream Partners's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Western Midstream Partners's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Western Midstream Partners's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Western Midstream Partners's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Western Midstream Partners Company Filings, last reported 2 months ago.

NYSE:WES Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 3,591.54 7,262.91 100.05
2018-12-31 3,504.67 4,815.38 92.14
2018-09-30 3,616.64 4,594.46 132.88
2018-06-30 3,675.66 4,205.35 55.32
2018-03-31 3,849.10 4,204.35 523.69
2017-12-31 3,944.88 3,492.71 79.59
2017-09-30 3,993.93 3,371.89 153.04
2017-06-30 4,036.46 3,281.07 188.83
2017-03-31 4,042.16 3,120.26 122.65
2016-12-31 4,110.77 3,119.46 359.07
2016-09-30 4,152.33 2,935.40 146.35
2016-06-30 4,133.79 2,960.00 159.67
2016-03-31 3,725.11 3,049.33 111.46
2015-12-31 3,920.10 2,690.65 99.69
2015-09-30 3,795.89 2,587.19 74.84
2015-06-30 3,761.44 2,677.02 89.26
2015-03-31 3,759.13 2,533.00 59.82
2014-12-31 4,133.86 2,424.10 67.21
2014-09-30 2,693.96 2,082.91 78.22
2014-06-30 2,694.34 2,022.88 122.14
2014-03-31 2,622.84 1,912.84 94.12
2013-12-31 2,904.03 1,418.17 113.09
2013-09-30 2,286.61 1,518.11 57.08
2013-06-30 2,286.24 1,418.36 92.41
2013-03-31 1,845.48 1,553.32 91.46
2012-12-31 2,280.38 1,168.28 422.56
2012-09-30 1,141.61 1,010.44 47.49
  • Western Midstream Partners's level of debt (201.9%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (73% vs 201.9% today).
  • Debt is not well covered by operating cash flow (14.6%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 3.3x coverage).
X
Financial health checks
We assess Western Midstream Partners's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Western Midstream Partners has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Western Midstream Partners's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
8.32%
Current annual income from Western Midstream Partners dividends. Estimated to be 9.26% next year.
If you bought $2,000 of Western Midstream Partners shares you are expected to receive $166 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Western Midstream Partners's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.47%).
  • Western Midstream Partners's dividend is above the markets top 25% of dividend payers in United States of America (3.71%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:WES Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
United States of America Oil and Gas Industry Average Dividend Yield Market Cap Weighted Average of 67 Stocks 3.9%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2011 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.5%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:WES Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 3.20 2.00
2022-12-31 3.00 3.00
2021-12-31 2.86 8.00
2020-12-31 2.68 12.00
2019-12-31 2.50 12.00
NYSE:WES Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-04-22 2.440 8.039
2019-01-22 2.410 7.473
2018-10-17 2.380 8.036
2018-07-18 2.330 6.803
2018-04-18 2.275 6.394
2018-01-19 2.195 6.055
2017-10-12 2.150 5.666
2017-07-18 2.110 5.205
2017-04-13 1.965 4.518
2017-01-17 1.850 4.056
2016-10-18 1.790 4.156
2016-07-20 1.735 4.522
2016-05-03 1.695 4.257
2016-01-21 1.615 5.395
2015-10-14 1.525 4.150
2015-07-16 1.455 2.887
2015-04-20 1.370 2.222
2015-01-22 1.250 2.051
2014-10-20 1.165 1.934
2014-07-18 1.085 1.843
2014-04-17 1.000 1.856
2014-01-21 0.925 2.089
2013-11-07 0.855 2.122
2013-11-06 0.855 2.257
2013-07-19 0.790 2.059
2013-04-17 0.715 1.864
2013-01-22 0.660 1.979

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Western Midstream Partners has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Western Midstream Partners only paid a dividend in the past 6 years.
Current Payout to shareholders
What portion of Western Midstream Partners's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (0.6x coverage).
Future Payout to shareholders
  • Dividends after 3 years are not well covered by earnings (0.8x coverage).
X
Income/ dividend checks
We assess Western Midstream Partners's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Western Midstream Partners afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Western Midstream Partners has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Western Midstream Partners's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Robin Fielder
COMPENSATION $797,642
AGE 37
TENURE AS CEO 0.4 years
CEO Bio

Ms. Robin H. Fielder is Chief Executive Officer of Western Gas Equity Holdings, LLC, General Partner of Western Gas Equity Partners, LP and of Western Gas Holding, LLC since January 1, 2019. Ms. Fielder serves as President and Director of of Western Gas Equity Holdings, LLC, General Partner of Western Gas Equity Partners, LP and of Western Gas Holding, LLC since November 15, 2018. She serves as Senior Vice President of Midstream at Anadarko Petroleum Corp since November 2018. She served as Vice President of Investor Relations at Anadarko Petroleum Corporation since September 2016 until November 2018. Ms. Fielder served as Midstream Corporate Planning Manager following her role as Director of Investor Relations. Ms. Fielder has nearly 15 years of experience in the oil & natural gas industry, beginning her career with Anadarko in 2002. She has held a variety of positions of increasing responsibility, including General Manager of East Texas and North Louisiana, Worldwide Operations Business Advisor and various exploration and operations engineering positions in both the U.S. onshore and the deepwater Gulf of Mexico. She is a registered professional engineer in the state of Texas and a member of the Society of Petroleum Engineers. Ms. Fielder holds a Bachelor of Science in Petroleum Engineering from Texas A&M University.

CEO Compensation
  • Insufficient data for Robin to compare compensation growth.
  • Robin's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Western Midstream Partners management team in years:

1.1
Average Tenure
45
Average Age
  • The average tenure for the Western Midstream Partners management team is less than 2 years, this suggests a new team.
Management Team

Robin Fielder

TITLE
President
COMPENSATION
$798K
AGE
37
TENURE
0.4 yrs

Jaime Casas

TITLE
Senior VP
COMPENSATION
$3M
AGE
48
TENURE
2.1 yrs

Gennifer Kelly

TITLE
Senior VP & COO of Western Gas Equity Holdings
COMPENSATION
$914K
AGE
45
TENURE
1.1 yrs

Jonathon VandenBrand

TITLE
Director of Investor Relations
TENURE
3.4 yrs

John Montanti

TITLE
Vice President
TENURE
0.3 yrs

Jack Spinks

TITLE
Manager of Investor Relations
Board of Directors Tenure

Average tenure and age of the Western Midstream Partners board of directors in years:

1.1
Average Tenure
55
Average Age
  • The average tenure for the Western Midstream Partners board of directors is less than 3 years, this suggests a new board.
Board of Directors

Ben Fink

TITLE
Chairman of the Board of Western Gas Equity Holdings
COMPENSATION
$3M
AGE
48
TENURE
0.6 yrs

Robin Fielder

TITLE
President
COMPENSATION
$798K
AGE
37
TENURE
0.6 yrs

David Tudor

TITLE
Director of Western Gas Equity Holding LLC
COMPENSATION
$242K
AGE
59
TENURE
6.5 yrs

Bob Gwin

TITLE
Director of Western Gas Holdings
AGE
55
TENURE
11.8 yrs

Amanda McMillian

TITLE
Director of Western Midstream Holdings
AGE
45
TENURE
0.3 yrs

Craig Stewart

TITLE
Director of Western Gas Equity Holdings
COMPENSATION
$464K
AGE
63
TENURE
6.4 yrs

Tom Hix

TITLE
Director of Western Gas Equity Holdings
COMPENSATION
$494K
AGE
70
TENURE
6.4 yrs

Danny Brown

TITLE
Director of Western Gas Equity Holdings
AGE
42
TENURE
1.6 yrs

Mitch Ingram

TITLE
Director of Western Gas Holdings
AGE
55
TENURE
0.6 yrs

James Crane

TITLE
Director of Western Gas Equity Holdings LLC
TENURE
0.3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
X
Management checks
We assess Western Midstream Partners's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Western Midstream Partners has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

What Investors Should Know About Western Gas Partners LP's (NYSE:WES) Financial Strength

Small-caps and large-caps are wildly popular among investors; however, mid-cap stocks, such as Western Gas Partners LP (NYSE:WES) with a market-capitalization of US$8.10b, rarely draw their attention. … WES’s financial liquidity and debt position will be analysed in this article, to get an idea of whether the company can fund opportunities for strategic growth and maintain strength through economic downturns. … Note that this information is centred entirely on financial health and is a top-level understanding, so I encourage you to look further.

Simply Wall St -

What To Know Before Buying Western Gas Partners LP (NYSE:WES) For Its Dividend

A large part of investment returns can be generated by dividend-paying stock given their role in compounding returns over time. … Western Gas Partners LP (NYSE:WES) has returned to shareholders over the past 10 years, an average dividend yield of 6.00% annually. … Let's take a look at Western Gas Partners in more detail.

Simply Wall St -

Western Gas Partners LP (NYSE:WES) Has Attractive Fundamentals, Here's Why

I've been keeping an eye on Western Gas Partners LP (NYSE:WES) because I'm attracted to its fundamentals. … Looking at the company as a whole, as a potential stock investment, I believe WES has a lot to offer. … is a company with a

Simply Wall St -

Are Western Gas Partners LP's (NYSE:WES) Interest Costs Too High?

See our latest analysis for Western Gas Partners How does WES’s operating cash flow stack up against its debt? … Moreover, WES has produced cash from operations of US$901.50M in the last twelve months, resulting in an operating cash to total debt ratio of 26.02%, meaning that WES’s operating cash is sufficient to cover its debt. … Does WES’s liquid assets cover its short-term commitments?

Simply Wall St -

Only 3 Days Left Before Western Gas Partners LP (NYSE:WES) Will Start Trading Ex-Dividend, Should You Buy?

Check out our latest analysis for Western Gas Partners Here's how I find good dividend stocks If you are a dividend investor, you should always assess these five key metrics: Is it the top 25% annual dividend yield payer? … NYSE:WES Historical Dividend Yield Apr 27th 18 How well does Western Gas Partners fit our criteria? … In terms of its peers, Western Gas Partners produces a yield of 7.90%, which is high for Oil and Gas stocks.

Simply Wall St -

Beyond Western Gas Partners LP's (NYSE:WES) Growth

Net income is expected to increase to US$360.31M over the next year, and over the next five years, earnings are predicted to rise at an annual rate of 34.81% on average, compared to the industry average rate of 13.45%. … At 155.19 million shares, that's a US$6.62B market cap - which is expensive, even for a company that has a 5-year cumulative average growth rate (CAGR) of 17.27% (source: analyst consensus). … Moreover, comparing WES's current share price to its peers based on its industry and earnings level, it's overvalued by 172.80%, with a PE ratio of 32.7x vs.

Simply Wall St -

With A -15.24% Earnings Drop, Did Western Gas Partners LP (NYSE:WES) Really Underperform?

After looking at Western Gas Partners LP's (NYSE:WES) latest earnings update (31 December 2017), I found it helpful to revisit the company's performance in the past couple of years and compare this against the latest numbers. … View our latest analysis for Western Gas Partners Was WES's recent earnings decline worse than the long-term trend and the industry? … In the past few years, Western Gas Partners top-line expansion has overtaken earnings and the growth rate of expenses.

Simply Wall St -

How Did Western Gas Partners LP's (NYSE:WES) 14.25% ROE Fare Against The Industry?

This means Western Gas Partners returns enough to cover its own cost of equity, with a buffer of 4.38%. … This is called the Dupont Formula: Dupont Formula ROE = profit margin × asset turnover × financial leverage ROE = (annual net profit ÷ sales) × (sales ÷ assets) × (assets ÷ shareholders’ equity) ROE = annual net profit ÷ shareholders’ equity NYSE:WES Last Perf Feb 15th 18 Essentially, profit margin shows how much money the company makes after paying for all its expenses. … Western Gas Partners exhibits a strong ROE against its peers, as well as sufficient returns to cover its cost of equity.

Simply Wall St -

Is Western Gas Partners LP's (NYSE:WES) PE Ratio A Signal To Sell For Investors?

It compares a stock’s price per share to the stock’s earnings per share. … Formula Price-Earnings Ratio = Price per share ÷ Earnings per share P/E Calculation for WES Price per share = $51.78 Earnings per share = $1.255 ∴ Price-Earnings Ratio = $51.78 ÷ $1.255 = 41.3x On its own, the P/E ratio doesn’t tell you much; however, it becomes extremely useful when you compare it with other similar companies. … Ultimately, our goal is to compare the stock’s P/E ratio to the average of companies that have similar attributes to WES, such as company lifetime and products sold.

Simply Wall St -

Is Western Gas Partners LP's (NYSE:WES) Stock Available For A Good Price After Accounting For Growth?

Western Gas Partners is trading at price-to-earnings (PE) ratio of 37.31x, this tells us the stock is overvalued compared to the US market average ratio of 19.59x , and overvalued based on current earnings compared to the oil and gas industry average of 14.24x. … However, since Western Gas Partners is a high-growth stock, we must also account for its earnings growth by using calculation called the PEG ratio. … PE ratio of 37.31x and predicted 69.30% growth in earnings next year give Western Gas Partners a low PEG ratio of 0.82x.

Simply Wall St -

Company Info

Description

Western Midstream Partners, LP, together with its subsidiaries, engages in gathering, processing, compressing, treating, stabilizing, and transporting natural gas, condensate, natural gas liquids, and crude oil primarily in the United States. It is also involved in the gathering and disposing of produced water; and buying and selling of natural gas. The company was formerly known as Western Gas Equity Partners, LP and changed its name to Western Midstream Partners, LP in February 2019. The company was founded in 2007 and is headquartered in The Woodlands, Texas. Western Midstream Partners, LP is a subsidiary of Anadarko Petroleum Corporation.

Details
Name: Western Midstream Partners, LP
WES
Exchange: NYSE
Founded: 2007
$13,277,162,165
452,990,862
Website: http://www.westernmidstream.com
Address: Western Midstream Partners, LP
1201 Lake Robbins Drive,
The Woodlands,
Texas, 77380,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE WES Common Units New York Stock Exchange US USD 07. Dec 2012
DB 1WG Common Units Deutsche Boerse AG DE EUR 07. Dec 2012
Number of employees
Current staff
Staff numbers
0
Western Midstream Partners employees.
Industry
Oil and Gas Storage and Transportation
Energy
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/16 01:02
End of day share price update: 2019/06/14 00:00
Last estimates confirmation: 2019/06/14
Last earnings filing: 2019/05/01
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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 here.