Western Midstream Partners, LP (WES) Stock Price & Analysis
Western Midstream Partners, LP (WES) closed at USD 44.46 on Thursday, October 22, 2026, down 0.27% on the day. The US market is currently closed (pre-market); this is not a live price.
The prior close was USD 44.58; the Oct 22, 2026 session ranged USD 43.8–44.87 on volume of 1,746,216 shares. Market capitalization is $18.37B, with a 52-week range of USD 36.9–50.07 (NYQ). Source: Nexqual, retrieved October 23, 2026 at 10:37 UTC.
Also available as compact Markdown for AI agents: nexqual.com/WES.md
Key facts (WES)
- Last four reported quarters (through Jun 30, 2026): revenue $4.33B, net income $1.28B (29.6% margin), free cash flow $1.22B (SEC filings).
- Valuation: P/E 14.3x, EV/EBITDA 10.9x, net debt $8.95B.
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $250K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Hold (mean 2.80 on a 1–5 scale) (15 analysts), mean target USD 49.46 (range 41–58).
- Total return with dividends: 1Y +24.6% vs S&P 500 +14.9%; 5Y +198.2% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 0.92, revenue estimate $1.21B.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (WES)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.88B | $3.25B | $3.11B | $3.61B | $3.84B | $4.33B |
| Operating income | $1.34B | $1.59B | $1.38B | $1.97B | $1.60B | $1.74B |
| Net income | $916M | $1.22B | $1.02B | $1.57B | $1.18B | $1.28B |
| Free cash flow | $1.45B | $1.21B | $926M | $1.30B | $1.49B | $1.22B |
| Operating margin | 46.4% | 48.8% | 44.4% | 54.7% | 41.7% | 40.2% |
| Net margin | 31.8% | 37.4% | 32.9% | 43.6% | 30.7% | 29.6% |
| Revenue growth | +3.8% | +13.0% | -4.5% | +16.1% | +6.6% | — |
| Cash + short-term investments | $202M | $287M | $273M | $1.09B | $819M | — |
| Total debt | $6.91B | $6.79B | $7.90B | $7.94B | $8.64B | — |
Fiscal years end Dec. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Jun 30, 2026) (WES)
P/E 14.3x · P/S 4.2x · EV/EBITDA 10.9x · EV/Sales 6.3x · P/FCF 15.1x · FCF yield 6.64% · Earnings yield 6.99% · Dividend yield (paid, TTM) 8.11% · Net debt $8.95B · EV $27.3B
Insider purchases (SEC Form 4, open-market, last ~7 months) (WES)
1 purchase, $250K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-08-12 | Forthuber Frederick A. | Director | 5,140 | $250K | 48.62 | Too little history (no open-market trades in 2023–2025) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.
Analysts (WES)
Consensus Hold (mean 2.80 on a 1–5 scale), 15 analysts; mean target USD 49.46 (low 41, high 58).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | Morgan Stanley | Target lowered | Equal-Weight | $55 → $52 |
| 2026-09-17 | Truist Securities | Initiated | Buy | $55 |
| 2026-08-24 | RBC Capital | Target raised | Sector Perform | $41 → $47 |
| 2026-08-18 | Morgan Stanley | Target raised | Equal-Weight | $51 → $55 |
| 2026-08-11 | Citigroup | Target raised | Neutral | $42 → $45 |
| 2026-08-10 | Wells Fargo | Target raised | Equal-Weight | $43 → $46 |
| 2026-07-14 | JP Morgan | Target raised | Neutral | $46 → $47 |
| 2026-07-14 | Mizuho | Target raised | Outperform | $48 → $51 |
| 2026-07-10 | UBS | Target raised | Neutral | $45 → $48 |
Total return (dividends reinvested) (WES)
| 1Y (from 2025-10-23) | 5Y (from 2021-10-18) | |
|---|---|---|
| Total return | +24.6% | +198.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +24.7% | +24.4% |
| Volatility (annualized) | 20.2% | 25.8% |
| Max drawdown | -11.4% (Aug 2026→Oct 2026) | -19.1% (May 2022→Jun 2022) |
WES revenue by product line (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Service Revenues - Fee Based | $980.1M | 80.0% | +15.1% |
| Product Sales | $124.8M | 10.2% | +209.7% |
| Service Revenues - Product Based | $112.6M | 9.2% | +123.3% |
| Other | $7.2M | 0.6% | +3888.4% |
| Total revenue | $1.22B | 100% | — |
As tagged by the company in its SEC 10-Q / 10-K filings (XBRL).
WES suppliers, customers and competitors (named in its 10-K)
| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Ford (F) | “Supply of gas and oil is sourced from third-party production in the Eagle Ford Shale Play.” |
| Partner | Delaware | “•provides that whenever our general partner makes a determination or takes, or declines to take, any other action in its capacity as our general partner, our general partner is required to make such determination, or take or decline to take such other action, in good faith, and will not be subject to any other or different standard imposed by our partnership agreement, Delaware law, or any other law, rule or regul…” |
| Partner | WGR Asset Holding Company | “As of February 13, 2026, Occidental held (i) 150,374,176 of our common units, representing a 37.3% limited partner interest in us, (ii) through its ownership of the general partner, 9,060,641 general partner units, representing a 2.2% general partner interest in us, and (iii) a 1.9% limited partner interest in WES Operating through its ownership of WGRAH.” |
| Partner | Delaware Revised Uniform | “Under Section 17-607 of the Delaware Revised Uniform Limited Partnership Act, we may not make a distribution to unitholders if the distribution would cause our liabilities to exceed the fair value of our assets.” |
| Partner | Aris Water Solutions | “Our audit of internal control over financial reporting of the Partnership also excluded an evaluation of the internal control over financial reporting of Aris Water Solutions, Inc.” |
Quoted from the company's 10-K filed Feb 18, 2026.
WES analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Sep 2026) | $0.92 | $0.84 | +9.2% | $1.21B | 4 |
| Next quarter (ends Dec 2026) | $0.90 | $0.84 | +6.5% | $1.21B | 4 |
| Current fiscal year (ends Dec 2026) | $3.72 | $3.49 | +6.5% | $4.75B | 4 |
| Next fiscal year (ends Dec 2027) | $3.85 | $3.72 | +3.5% | $4.93B | 4 |
WES options: expected move
Options price a move of about ±6.0% (±$2.70) by Nov 20, 2026, which includes earnings on Nov 4, 2026. Over the last 8 reports the stock moved ±2.1% on average.
| Expiration | Days | ATM implied volatility | Expected move |
|---|---|---|---|
| Nov 20, 2026 | 28 | 23.2% | ±6.0% |
| Dec 18, 2026 | 56 | 23.5% | ±7.7% |
| Jan 15, 2027 | 84 | 21.2% | ±8.4% |
| Feb 19, 2027 | 119 | 22.3% | ±11.0% |
| May 21, 2027 | 210 | 22.8% | ±14.4% |
30-day implied volatility 22.4% vs 16.4% realized over the last 30 trading days. Put/call ratio (volume) 0.34. Cboe delayed quotes (15 min). Expected move = at-the-money straddle.
Key Statistics (as of October 23, 2026 at 10:37 UTC)
| Price | USD 44.46 |
|---|---|
| Change | ▼ 0.27% (down) |
| Previous Close | USD 44.58 |
| Open | USD 44.77 |
| Day Range | USD 43.8 – 44.87 |
| 52-Week Range | USD 36.9 – 50.07 |
| Volume | 1,746,216 shares |
| Market Cap | $18.37B |
| Exchange | NYQ |
Technical Analysis (WES)
Nexqual's technical model rates WES "STRONG SELL" based on 0 bullish and 5 bearish signals across 127 daily candles, as of October 23, 2026 at 10:37 UTC.
| Overall Signal | STRONG SELL |
|---|---|
| RSI (14) | 34.3 (neutral) |
| vs SMA50 | Below (USD 46.87) |
| MACD | -0.61 (negative) |
Analyst Ratings (WES)
Wall Street analysts rate WES "Hold" based on 15 analysts, with a mean price target of USD 49.46 (range USD 41–58), per Nexqual as of October 23, 2026 at 10:37 UTC.
| Consensus Rating | Hold |
|---|---|
| Analyst Count | 15 |
| Mean Target | USD 49.46 |
| High Target | USD 58 |
| Low Target | USD 41 |
| Buy / Hold / Sell | 5 / 9 / 1 |
Earnings (WES)
| Next Earnings Date | 2026-11-04 |
|---|---|
| EPS Estimate | USD 0.92 |
| Revenue Estimate | $1.21B |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-06-30 | USD 1 vs est 0.92 ▲ beat |
| 2026-03-31 | USD 0.87 vs est 0.78 ▲ beat |
| 2025-12-31 | USD 0.48 vs est 0.8 ▼ miss |
| 2025-09-30 | USD 0.9 vs est 0.9 ▲ beat |
Source: Nexqual, October 23, 2026 at 10:37 UTC.
Financials & Fundamentals (WES)
| Total Revenue | $4.33B |
|---|---|
| Revenue Growth (latest quarter, YoY) | +30.00% |
| Gross Margin | +68.67% |
| Operating Margin | +41.67% |
| Profit Margin | +29.00% |
| ROE | +34.11% |
| Debt / Equity | 2.07 |
| Current Ratio | 0.91 |
| Total Cash | $104.77M |
| Total Debt | $9.13B |
| Free Cash Flow (last four quarters to Jun 2026, SEC 10-Q / 10-K) | $1.22B (28.1% of revenue) |
Source: Nexqual, October 23, 2026 at 10:37 UTC.
Financial Health Score (WES)
Nexqual rates Western Midstream Partners, LP's overall financial health "Solid" across five dimensions, as of October 23, 2026 at 10:37 UTC.
| Growth | Solid — Revenue +7% YoY (annual) |
|---|---|
| Profitability | Strong — Gross margin 69%, operating 42% (last 12 months) |
| Balance Sheet | Critical — $105M cash and investments vs $9.05B debt (Jun 2026, SEC) |
| Cash Flow | Strong — FCF $1.22B (last 4 quarters to Jun 2026, SEC), 28% margin |
| Efficiency | Strong — ROE 34%, ROA 7.5% |
Ownership (WES)
| Insider Ownership | +36.59% |
|---|---|
| Institutional Ownership | +43.83% |
| Shares Outstanding | 413.17M |
| Float | 261.83M |
| Short % of Float | +2.30% |
Source: Nexqual, October 23, 2026 at 10:37 UTC.
Leadership (WES)
Western Midstream Partners, LP is led by Oscar K. Brown, President, CEO & Director - Western Midstream Holdings LLC, per Nexqual as of October 23, 2026 at 10:37 UTC.
| President, CEO & Director - Western Midstream Holdings LLC | Oscar K. Brown |
|---|---|
| Senior VP & CFO - Western Midstream Holdings LLC | Kristen S. Shults |
| Senior VP & COO of Western Midstream Holdings, LLC | Daniel P. Holderman |
| Director of Investor Relations - Western Midstream Holdings LLC | Daniel Edwards Jenkins |
| Senior Vice President of Commercial - Western Midstream Holdings LLC | Jonathon E. VandenBrand |
Major Backers & Investors (WES)
Notable institutional backers of Western Midstream Partners, LP include ALPS ETF TRUST-ALERIAN MLP ETF, Alps Advisors Inc., Invesco, according to Nexqual as of October 23, 2026 at 10:37 UTC.
Active Investors
| Investor | Stake |
|---|---|
| ALPS ETF TRUST-ALERIAN MLP ETF | 9.34% |
| Alps Advisors Inc. | 8.87% |
| Invesco | 5.84% |
| AIM Investment Fd.s -Invesco SteelPath MLP Income Fd. | 5.51% |
| Morgan Stanley | 5.14% |
| Blackstone Inc | 2.51% |
| Mirae Asset Global ETFs Holdings Ltd. | 2.09% |
| Goldman Sachs | 2.06% |
Source: Nexqual, October 23, 2026 at 10:37 UTC.
Legal & Regulatory Risks from Western Midstream Partners, LP's Latest 10-K (filed 2026-02-18)
- Changes in laws or regulations regarding hydraulic fracturing could result in increased costs, operating restrictions, or delays in the completion of oil and natural-gas wells, which could decrease the need for our gathering and processing services.
- We are subject to stringent and comprehensive environmental laws and regulations that may expose us to significant costs and liabilities.
- Our construction of new assets is subject to regulatory, environmental, political, legal, and economic risks, which could adversely affect our results of operations and financial condition.
Source: SEC EDGAR 10-K, Item 1A, official filing.
Peers & Related Stocks
| Symbol | Name | Price | Change |
|---|---|---|---|
| PAA | Plains All American Pipeline, L | USD 25.9 | ▲ 0.04% |
| VNOM | Viper Energy, Inc. | USD 45.35 | ▼ 0.72% |
| DTM | DT Midstream, Inc. | USD 123.4 | ▼ 0.87% |
| PBA | Pembina Pipeline Corp. | USD 49.37 | ▼ 2.55% |
| FRO | Frontline Plc | USD 51.22 | ▼ 0.14% |
| VG | Venture Global, Inc. | USD 12.81 | ▼ 0.31% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 23, 2026 at 10:37 UTC. This page is informational and not investment advice.
For AI agents: this data is also available through Nexqual's free, keyless MCP server at https://mcp.nexqual.com/mcp; every result includes source_url, as_of and cite_as. More: nexqual.com/agents · llms.txt