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DailyIQ
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WES·Western Midstream Partners, LP

$39.85
+0.44 (+1.10%)
Pre-Market
High
$40.30
Open
$0.00
Market Cap
17.60B
52W High
$50.11
Low
$40.29
P. Close
$39.85
P/E
13.71
52W Low
$37.75
Fwd P/E
10.35
DailyIQ Est.
$49.84
Inst. Own.
23.0%
Short Interest
1.46%
Days to Cover
6.0
Div. Yield
9.18%
Next Ex-Div
~Feb 1
Div. Growth
5+ yrs
NewEarnings release, scored · filed Nov 4, 2026tone -8.9 vs prior release · 54 lines scoredSee the breakdown
Technical Score (1D)
70
BULLISH
News Sentiment
62
BULLISH
On Nov 5, Western Midstream Partners, LP announced that its adjusted EBITDA for the third quarter of 2026 had risen 12 percent, a gain attributed to higher volumes and operational efficiencies. The same day, the company reported that per‑unit gas and crude margins had slipped, reflecting higher input costs and competitive pricing pressures. Management also highlighted ongoing investments in pipeline infrastructure and cost‑control initiatives to support future profitability. In a separate earnings release on Nov 5, the company’s revenue and income figures were said to match Wall Street estimates, indicating stable operational performance. The earnings call held at 10:00 AM EST on Nov 5 covered revenue trends, cost management, pipeline expansion plans, and guidance for the next quarter, while also outlining risk factors affecting the business.
LOW TARGET
$41 +2.9%
2 analysts
MEAN TARGET
$50 +24.3%
13 analysts
HIGH TARGET
$59 +48.1%
6 analysts
PRICE RANGE
$41.00 - $59.00
SB / B / H / S / SS
3/5/11/1/1
DAILYIQ EST.
$49.84 (+25.1%)
Sector
Energy
Industry
Oil & Gas Midstream
Exchange
NYQ
Country
United States
Symbol
WES
Description
Western Midstream Partners, LP is a U.S.-focused midstream energy company that provides critical infrastructure services. The company's core business centers on the gathering, processing, and transportation of natural gas, natural gas liquids (NGLs), condensate, and crude oil. Additionally, Western Midstream offers water handling and recycling solutions, supporting oil and gas operators. Its operational footprint is concentrated in key regions, including Texas, New Mexico, and the Rocky Mountains. Operating since 2007 and headquartered in The Woodlands, Texas, Western Midstream, through its general partner Western Midstream Holdings, LLC, facilitates the movement of essential energy products.
Bought (1Y)
5,140 shares
$250K
Sold (1Y)
23,039 shares
$1.0M
Brown Oscar KPresident & CEO
Option Exercise52,659 shares2026-10-28
Brown Oscar KPresident & CEO
Tax Withholding23,039 shares2026-10-28
Brown Oscar KPresident & CEO
Option Exercise52,659 shares2026-10-28
Forthuber Frederick A.-
Buy5,140 shares2026-08-12
76/ 100
Bullish
Overall: Bullish
✓Revenue growing year over year
✓Positive net margin
✓Positive operating cash flow
Net Margin
30.7%
Revenue CAGR
11.2%
Current Ratio
1.34x
Earnings Summary
In the most recent quarter, WES reported Q3 2026 revenue of $1.22 billion, surpassing the consensus estimate of $1.10 billion by 11.35 percent, while earnings per share of $0.92 matched expectations. This performance follows a Q2 2026 quarter where revenue of $1.22 billion exceeded the $1.11 billion estimate and EPS of $1.003 beat the $0.92 estimate, indicating a rebound after a weaker Q4 2025 where EPS fell to $0.47 from an estimate of $0.86 and revenue dipped to $1.03 billion versus a $1.06 billion estimate. The company’s earnings trajectory shows a pattern of EPS volatility but consistent revenue growth, with Q4 2024 and Q4 2025 both meeting or slightly missing EPS estimates while revenue remained near $928 million and $1.03 billion respectively. Historically, WES has delivered year-over-year revenue growth, often exceeding analyst expectations, even when EPS misses have occurred, suggesting robust top-line performance amid cost pressures. Recent news highlights include the company’s upward revision of full-year 2026 guidance to $4.68 billion in revenue and $3.69 per share in earnings, a 15–16 percent upside over prior estimates, driven by stronger upstream activity and improved asset performance.

EPS

EstBeatMiss
$0.39$0.56$0.74$0.91$1.08Q4'24Q4'25Q2'26Q3'26Q4'26
QtrEstActual+/−
Q4'26$0.93 - -
Q3'26$0.92$0.74-19.2%
Q2'26$0.92$1.00+8.8%
Q4'25$0.86$0.47-45.4%
Q4'24$0.88$0.88-0.0%

Revenue

EstBeatMiss
$882M$982M$1.1B$1.2B$1.3BQ4'24Q4'25Q2'26Q3'26Q4'26
QtrEstActual+/−
Q4'26$1.2B - -
Q3'26$1.2B$1.2B-2.4%
Q2'26$1.1B$1.2B+10.3%
Q4'25$1.1B$1.0B-3.1%
Q4'24 - $929M -

Market Data

WES Stock Snapshot

BULLISH70/100
$40.29+$0.44 (1.1%)
Market cap
17.60B
P/E ratio
13.7
Day range
$40.29 – $40.30
News sentiment
62/100 · Bullish
Analyst target
$49.54 (+23.0%)
Consensus
Hold · 21 analysts
52-week range+6.7% off low · -19.6% from high
$37.75$50.11
Price $40.29 DailyIQ Est. $49.84

WES's technical picture is constructive, with trend and momentum pointing the same direction. Sector peers are worth watching - large caps in Energy tend to move together on rotation.

Reverse DCF

What growth is priced into WES?

CHEAP

At today's price, Western Midstream Partners, LP needs to grow free cash flow about -6.0% a year for 3 years, slowing to a long-run rate by year 10, to justify its valuation at a 6.59% cost of capital. Over the last five years its revenue has trended at 8.4% a year, so the market is asking for 14.5 percentage points below its own delivered rate. On that basis WES looks priced below what its own growth record supports.

Implied FCF growth
-6.0%
Growth trend
8.4%
Growth gap
-14.5 pts
Verdict
CHEAP
Discount rate (WACC)
6.59%
Beta
0.66

Behaviour On Record

What WES's own history says about today's numbers

Realized volatility (21d)
31.1% 55th pct
Below its peak
-35.5%
vs 200-day average
-4.5%
Up days (1y)
52%

Western Midstream Partners, LP is currently running 31.1% annualised volatility over the last 21 sessions. Measured against WES's own 13 years of daily returns rather than a market-wide average, that is the 55th percentile — close to its own typical level, against a typical reading of 28.9%.

WES is trading -35.5% below its running peak. Across 13 full years on file, its median worst-drawdown-in-a-year was -24.2%, and the deepest was -85.8% in 2020. The current drawdown is already deeper than this stock's typical annual low point, which puts it in the part of its range where past recoveries began, and where past declines also continued.

Price sits -4.5% from its 200-day moving average. Against every other day in its history, that gap ranks at the 29th percentile — a narrower gap than it typically runs. Over the past year WES closed higher on 52% of sessions, and it is currently 4 sessions into a falling streak.

On November specifically: over 13 years of records, WES finished the month higher 8 of 13 times, with a median return of +0.6% and an average of +4.8%. Its strongest month historically has been April at +14.5% on average, its weakest March at -4.7%.

Overnight risk is measurable too: WES has opened more than 2% away from the prior close in 296 of 3,268 sessions (9.1% of the time), with the largest gaps running +19.1% and -10.5%.

Across the last 3 dated reports on file, WES moved an average of 1.7% in the session after earnings, closing higher 1 of those 3 times, with a median move of -0.8% and a largest of -3.4%.

All figures computed from 3,269 daily closes between 2013-11-06 and 2026-11-05, split-adjusted, recomputed daily. Percentiles are against WES's own 13-year history, not a peer group or index.

Sector Rotation

Is money rotating into or out of WES's sector?

Western Midstream Partners, LP sits in the Industrials sector, currently ranked 8th of 12 GICS sectors by relative-strength rotation score (weakening).

Sector rank
#8 of 12
Sector state
Weakening
Sector rotation score
27

Options Market

What is the options market pricing for WES?

CallsPuts

For Western Midstream Partners, LP's nearest expiry (2026-11-20, 14 days out), open interest is tracked across both sides of the chain, with at-the-money implied volatility around 12.5%. The options market is pricing roughly a ±2.4% move by that expiry — a range of about $41.57–$43.66.

ATM implied volatility
12.5%
Total open interest
4
Expected move by 2026-11-20
±2.4% ($41.57–$43.66)

Analyst Consensus Estimates

What do analysts expect WES to earn?

Analysts expect Western Midstream Partners, LP to earn $3.72 per share in the fiscal year ending Dec 2026 and $4.38 in the fiscal year ending Dec 2028, from 5 estimates. These are analyst forecasts, not company guidance, and later years rest on fewer analysts.

Quarter endingEPS estimateEPS rangeEPS analystsRevenue estimateRevenue analysts
Sep 2026$0.92$0.86 to $0.994$1.21B6
Dec 2026$0.90$0.88 to $0.934$1.22B6
Mar 2027$1.00$0.89 to $1.365~$1.24B-
Jun 2027$1.04$0.91 to $1.435~$1.29B-
Sep 2027$1.00$0.95 to $1.105~$1.24B-
Fiscal year endingEPS estimateEPS rangeEPS analystsRevenue estimateRevenue analysts
Dec 2026$3.72$3.61 to $3.874$4.75B8
Dec 2027$3.85$3.76 to $4.014$4.93B8
Dec 2028$4.38$3.96 to $5.365~$5.43B-

Revenue marked ~ is our calculation from the EPS estimate, not analyst consensus.

Analyst Rating Changes

Are analysts turning bullish or bearish on WES?

Morgan Stanley most recently reiterated its rating on Western Midstream Partners, LP to Equal-Weight on Oct 21, 2026 with a price target of $52 (from $55). Over the last 90 days, coverage has run 0 upgrades against 0 downgrades, a net mixed lean.

Latest action
Morgan Stanley: Equal-Weight
90-day upgrades
0
90-day downgrades
0
Net rating momentum
0
DateFirmActionRatingPrice target
Oct 21, 2026Morgan StanleyMaintainedEqual-Weight$55 → $52
Sep 17, 2026Truist SecuritiesInitiatedBuy$55
Aug 24, 2026RBC CapitalMaintainedSector Perform$41 → $47
Aug 18, 2026Morgan StanleyMaintainedEqual-Weight$51 → $55
Aug 11, 2026CitigroupMaintainedNeutral$42 → $45
Aug 10, 2026Wells FargoMaintainedEqual-Weight$43 → $46
Jul 14, 2026JP MorganMaintainedNeutral$46 → $47
Jul 14, 2026MizuhoMaintainedOutperform$48 → $51
Jul 10, 2026UBSMaintainedNeutral$45 → $48
Jun 10, 2026Morgan StanleyUpgradeUnderweight → Equal-Weight$51
May 27, 2026Morgan StanleyMaintainedUnderweight$41 → $51
May 21, 2026UBSMaintainedNeutral$40 → $45

Earnings Release, Scored

What did Western Midstream Partners, LP's latest earnings release say?

Filed Nov 4, 2026 · SEC Form 8-K, Exhibit 99

Tone62.0/ 100-8.9 vs prior release
Hedging words0.60per 100 words+0.10 vs prior release
Tone, last 3 releasesScale 50–79

Most important lines

  1. 1

    This represents an increase of more than $250.0 million relative to the $2.600 billion midpoint of our original Adjusted EBITDA guidance range announced in February, or more than $150.0 million above the midpoint excluding the Brazos acquisition.

    New this quarter
  2. 2

    “With a greater number of wells expected to come online relative to the third quarter, we expect strong fourth-quarter results and anticipate full-year Adjusted EBITDA above the midpoint of our guidance range of $2.750 billion to $2.950 billion.

    New this quarter
  3. 3

    “We expect this momentum to carry into 2027, with incremental customer activity, a full year of contribution from Brazos, the start-up of the Pathfinder pipeline, North Loving II coming online, and new gathering and processing agreements in the Powder River Basin positioning us for throughput growth across all three product lines again next year.

    New this quarter

Peers

WES peers

News & sentiment

What is the news saying about WES?

WES fell 12.7% over the month to Nov 5. News tone held between 42 and 81 from Oct 5 to Oct 14, then jumped to 99 on Oct 15.

Daily close and news tone, Oct 5 to Nov 5
$40$45Oct 5: tone 71Oct 6Oct 7: tone 71Oct 8: tone 81Oct 9: tone 46Oct 12Oct 13Oct 14: tone 43Oct 15: tone 99Oct 16: tone 92Oct 19: tone 39Oct 20Oct 21: tone 16Oct 22Oct 23: tone 57Oct 26Oct 27Oct 28Oct 29: tone 50Oct 30Nov 2: tone 52Nov 3: tone 67Nov 4: tone 51Nov 5: tone 60Oct 5News toneNov 5123
  1. Oct 16 +3.3%
  2. Nov 2 -5.2%same day: Western Midstream Partners LP's Dividend Analysis
  3. Nov 5 -6.3%same day: Western Midstream Partners, LP Q3 2026 Earnings Call Summary

Technical analysis

How strong is WES's momentum right now?

On the daily chart WES ranks at the 70th percentile for momentum against 1,060 stocks and ETFs, a bullish reading.

Momentum rank by timeframe0 = weakest, 100 = strongest
See what drives the rankThe inputs behind each timeframe's momentum rank, plus RSI, stochastics, Bollinger Bands and moving averages. Free with an account.

Institutional ownership

Are big funds buying or selling WES?

20 of the 56 tracked managers added to WES in their latest 13F and 24 trimmed. Together they own 23.0% of the company, worth $4.4B. Invesco and Morgan Stanley alone hold 10.4%.

20adding24trimming12unchanged
Largest holders by stake, latest 13FBar = share of WES
  1. $1.1B positionAdded 0.3% last quarter
  2. $929.1M positionAdded 366.6% last quarter
  3. $453.7M positionAdded 18.4% last quarter
  4. $378.0M positionTrimmed 2.6% last quarter
  5. $373.2M positionTrimmed 2.6% last quarter
  6. $270.9M positionTrimmed 1.5% last quarter
  7. $156.1M positionTrimmed 4.2% last quarter
  8. $118.6M positionAdded 3.3% last quarter
  9. $87.2M positionTrimmed 5.4% last quarter
  10. $69.5M positionUnchanged last quarter
Full holdings history

Discover more

How has WES done against its peers?

Over the six months to Nov 5, WES returned −6.5%. Of the 15 related stocks and ETFs, 12 did better, led by MPC at +44.8%.

Change since May 5, through Nov 5
−50%0%+50%+100%May 5JunJulAugSepOctNov 5MPC +44.8%WES −6.5%OIH −21.0%