# Western Midstream Partners, LP (WES)

> Source: Nexqual · https://nexqual.com/WES · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Western Midstream Partners, LP (WES), nexqual.com/WES" · informational, not investment advice.

**Price:** USD 44.46 (-0.27% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 44.58 · day 43.8–44.87 · 52w 36.9–50.07 · market cap $18.4B · NYQ

## Key facts
- 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)
| 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)
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)
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
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)
|  | 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) |

## Peers (Oil & Gas Midstream)
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%

## More
Full page: https://nexqual.com/WES · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in WES's own 10-K filed 2026-02-18 (https://www.sec.gov/Archives/edgar/data/1423902/000142390226000030/wes-20251231.htm):

| 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 tak…" |
| 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, repre…" |
| 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." |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | 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% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.92 | $0.84 | +9.2% | $1.21B | 4 |
| Next quarter (ends 2026-12-31) | $0.90 | $0.84 | +6.5% | $1.21B | 4 |
| Current fiscal year (ends 2026-12-31) | $3.72 | $3.49 | +6.5% | $4.75B | 4 |
| Next fiscal year (ends 2027-12-31) | $3.85 | $3.72 | +3.5% | $4.93B | 4 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-04): ±6.0%; last 8 reports averaged ±2.1%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 23.2% | ±6.0% |
| 2026-12-18 | 56 | 23.5% | ±7.7% |
| 2027-01-15 | 84 | 21.2% | ±8.4% |
| 2027-02-19 | 119 | 22.3% | ±11.0% |
| 2027-05-21 | 210 | 22.8% | ±14.4% |