9.15 +0.04 (0.44%)
After hours: 7:04PM EDT
Commodity Channel Index
|Bid||9.12 x 1400|
|Ask||9.15 x 3000|
|Day's Range||8.92 - 9.40|
|52 Week Range||2.90 - 31.99|
|Beta (5Y Monthly)||3.84|
|PE Ratio (TTM)||12.81|
|Earnings Date||Jul 28, 2020 - Aug 03, 2020|
|Forward Dividend & Yield||1.24 (14.09%)|
|Ex-Dividend Date||Apr 30, 2020|
|1y Target Est||9.54|
RBC Capital analyst Elvira Scotto maintained a Hold rating on Western Midstream Partners (NYSE:WES) on Friday, setting a price target of $8, which is approximately 9.29% above the present share price of $7.32.
Today Western Midstream Partners, LP (NYSE: WES) ("WES" or the "Partnership") announced first-quarter 2020 financial and operating results. Net income (loss) available to limited partners for the first quarter of 2020 totaled $(251.4) million, or a loss of $0.57 per common unit (diluted), with first-quarter 2020 Adjusted EBITDA(1) totaling $513.6 million, first-quarter Cash flows from operating activities totaling $393.3 million, and first-quarter 2020 Free cash flow(1) totaling $214.6 million. The net loss includes $596.8 million of non-cash impairments of goodwill and long-lived assets primarily resulting from lower sustained commodity prices and forecasted in-basin producer activity reductions following the worldwide outbreak of the coronavirus ("COVID-19"). In total, non-cash impairments reduced first-quarter 2020 net income by $1.34 per common unit (diluted).
Bonds of hard-hit oil and gas companies such as Occidental Petroleum, Antero Resources , WPX Energy, HighPoint Resources and Western Midstream Partners rose in price on Thursday after the Federal Reserve announced it would expand its Main Street Lending Facility to larger and riskier companies affected by the coronavirus pandemic. In afternoon trade, seven of the 10 biggest upward movers in the U.S. corporate bond market were oil and gas companies, according to MarketAxess data. WPX Energy's 5.75% June 2026 bond was up 6.7% on the day, last trading at 88 cents on the dollar.
The Woodlands-based Western Midstream Partners LP (NYSE: WES) is joining the energy-related companies making several cuts to help weather the Covid-19 pandemic and massive oil and gas downturn. Western Midstream is cutting its quarterly cash distribution in half. Additionally, the MLP cut its planned capital expenditures for 2020 by 45 percent compared to its previous guidance.
Today Western Midstream Partners, LP (NYSE: WES) ("WES" or the "Partnership") announced that the board of directors of its general partner declared a quarterly cash distribution of $0.311 per unit for the first quarter of 2020, which represents a 50-percent decrease from the fourth-quarter 2019 per-unit distribution. This distribution decrease was undertaken to protect, restore, and strengthen WES's balance sheet as the COVID-19 worldwide pandemic, declining economic activity and energy demand, and depressed commodity prices continue to underpin broad-based market uncertainty. WES's first-quarter 2020 distribution is payable May 14, 2020, to unitholders of record at the close of business May 1, 2020.
The Howard Hughes Corporation® (NYSE: HHC) announced today its recent closing on two loans totaling over $490 million. A $356.8 million construction loan was secured at Ward Village® for its sixth residential mixed-use development, Kō'ula, reflecting continued strong demand to live in the acclaimed 60-acre master planned community transforming Oahu. In addition, a $137 million, 5-year term loan was secured for 9950 Woodloch Forest Drive, one of two premier Class AAA towers in The Woodlands® comprising the newly rebranded The Woodlands Towers at The Waterway.
We hate to say this but, we told you so. On February 27th we published an article with the title Recession is Imminent: We Need A Travel Ban NOW and predicted a US recession when the S&P 500 Index was trading at the 3150 level. We also told you to short the market and buy […]
A midstream oil partnership based in The Woodlands has entered into a lease with The Howard Hughes Corp. to move its headquarters into the top five floors of one of two towers formerly owned by Anadarko Petroleum.
The Howard Hughes Corporation® (NYSE: HHC) has announced today that Western Midstream Partners, LP (NYSE: WES) has signed a 133,948-square-foot lease for the top five floors of 9950 Woodloch Forest Drive, one of two premier Class AAA towers in The Woodlands® comprising the newly rebranded The Woodlands Towers at The Waterway. The Howard Hughes Corporation acquired the two towers (formerly Anadarko Petroleum Corporation Headquarters) totaling approximately 1.4 million square feet of office space from Occidental Petroleum in late 2019. With this agreement, 9950 Woodloch Forest Drive is now 35% leased, with HHC's corporate headquarters set to relocate to the building later this year. The Howard Hughes Corporation previously announced that the entire 808,000-square-foot 1201 Lake Robbins Drive building has been leased for thirteen years to Occidental.
Occidental Corp said on Tuesday it expects to record about $1 billion in charges in the fourth quarter related to the company's investment in Western Midstream Partners LP. The oil and gas producer said in early January that it would cut its majority stake in pipeline operator Western Midstream to less than 50% in 2020, as it seeks to reduce its debt that ballooned with the Anadarko deal. Occidental also expects to report production from continuing operations of 1.402 million barrels of oil equivalent per day for the fourth quarter of 2019.
Saddlehorn Pipeline Company, LLC ("Saddlehorn") announced today that Black Diamond Gathering LLC ("Black Diamond"), through its majority owner Noble Midstream Partners LP (NASDAQ: NBLX) ("NBLX"), has purchased a 20% membership interest in Saddlehorn for $155 million effective Feb. 1, 2020. As previously announced, an option had been granted to Black Diamond in conjunction with recent volume commitments to the pipeline.
Today Western Midstream Partners, LP (NYSE: WES) ("WES" or the "Partnership") announced that the board of directors of its general partner declared a quarterly cash distribution of $0.622 per unit for the fourth-quarter of 2019, resulting in a full-year 2019 distribution increase of 5-percent over the full-year 2018. This distribution represents WES's 28th consecutive quarterly distribution increase. WES's fourth-quarter 2019 distribution is payable February 13, 2020, to unitholders of record at the close of business January 31, 2020.
January 9, 2020 – Today Western Midstream Partners, LP (NYSE: WES) announced that its wholly owned subsidiary, Western Midstream Operating, LP ("WES Operating"), has priced an offering of $300 million in aggregate principal amount of floating rate senior notes due 2023, $1 billion in aggregate principal amount of 3.10% senior notes due 2025 at a price to the public of 99.962% of their face value, $1.2 billion in aggregate principal amount of 4.05% senior notes due 2030 at a price to the public of 99.90% of their face value, and $1 billion in aggregate principal amount of 5.25% senior notes due 2050 at a price to the public of 99.442% of their face value. The offering of the senior notes is expected to close on Monday, January 13, 2020, subject to the satisfaction of customary closing conditions. Net proceeds from the offering are expected to be used to repay and terminate WES Operating's $3.0 billion term loan credit facility. WES Operating will use the remaining net proceeds for general partnership purposes, including repayment of borrowings under its revolving credit facility.
Houston-based Noble Midstream Partners LP (Nasdaq: NBLX) has named Robin Fielder as its newest C-suite executive. Fielder will become president and COO of the master limited partnership and senior vice president of midstream for Noble Energy Inc. (Nasdaq: NBL) on Jan. 13, according to a press release. Noble Midstream CEO Brent Smolik said in the release that Fielder's skillset of technical, financial and leadership capabilities will fit well within the company.
Houston-based Occidental Petroleum Corp. (NYSE: OXY) will be making an exit on its stake in Western Midstream Partners LP (NYSE: WES), but the process is expected to be drawn out over a long period of time. Oxy said in a Jan. 7 press release that it plans to sell down its stake in the master limited partnership, which it acquired as part of its Anadarko Petroleum Corp. buyout last year, to below 50 percent before the end of 2020. “It seems like a cautious exit,” said Andrew Dittmar, senior analyst for Enverus.
Houston-based Occidental Petroleum Corp. (NYSE: OXY) and The Woodlands-based Western Midstream Partners LP (NYSE: WES) announced on Jan. 6 several steps they've taken to start separating. Occidental gained control of the master limited partnership via its acquisition of The Woodlands-based Anadarko Petroleum Corp. Prior to the $55 billion acquisition closing in August 2019, reports surfaced that Occidental was considering selling half of Anadarko's interest in the MLP and its general partner.
Today Western Midstream Partners, LP (NYSE: WES) ("WES" or the "Partnership") and Occidental Petroleum Corporation (NYSE: OXY) ("Occidental") announced the execution of several agreements that will enable WES to fully operate as a stand-alone business, consistent with WES's and Occidental's joint effort to establish WES as an independent midstream company. WES fully expects to continue its long-term and meaningful relationship with Occidental. These new agreements support WES's ongoing and focused pursuit of third-party growth opportunities and underscore the importance of WES's commitment to leverage its existing midstream infrastructure to attract additional Occidental and third-party volumes.
It seems that the masses and most of the financial media hate hedge funds and what they do, but why is this hatred of hedge funds so prominent? At the end of the day, these asset management firms do not gamble the hard-earned money of the people who are on the edge of poverty. Truth […]
"Since 2006, value stocks (IVE vs IVW) have underperformed 11 of the 13 calendar years and when they beat growth, it wasn't by much. Cumulatively, through this week, it has been a 122% differential (up 52% for value vs up 174% for growth). This appears to be the longest and most severe drought for value […]