WESTERN MIDSTREAM PARTNERS, LP
In the published model solve dated 2026-Q2, anchored at $44.49, WESTERN MIDSTREAM PARTNERS, LP (WES) is priced for -3.8% growth. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. The narrative was composed June 28, 2026 from SEC EDGAR filings.
• Western Midstream gathers, processes and transports natural gas, NGLs and crude under mostly fee-based contracts that give it a stable revenue stream not directly exposed to commodity prices [Source: FY2025 10-K, accession 0001423902-26-000030], which is why it can pay a distribution that yields roughly 9% at today's unit price. • The biggest risk is concentration: the partnership depends on Occidental as its largest customer and the owner of its general partner, so trouble at Occidental could
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342 institutional managers reported holding WES in 13F filings for the quarter ended 2026-03-31. Together they hold about 42% of the company; the top 10 hold 30%. 49 opened new positions that quarter. Held by Invesco, Goldman Sachs, Blackstone, among others. On the short side, 8.6M shares were sold short as of the 2026-06-15 count, about 2% of shares outstanding (9.4 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
It pays a dividend, and has paid one every year in our records (13 and counting). Cash returned over the past three years: $3.50B in dividends and $127.50M in repurchases.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
Open-market insider buys at WES over the trailing three years: 2024: 8 buys totaling $891k; 2026: 1 buy totaling $50k. 11 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
WES's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2023-08-09 | -2.1% | +0.2% |
| 2023-11-02 | +6.8% | -0.6% |
| 2024-02-22 | +9.1% | +6.8% |
| 2024-05-09 | +2.3% | +11.6% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
WES's latest 8-K filings: 2026-11-04 (items 2.02, 9.01); 2026-08-05 (items 2.02, 9.01); 2026-06-25 (items 1.01, 2.03, 8.01, 9.01); 2026-06-12 (items 1.01, 3.02, 7.01, 9.01); 2026-05-06 (items 2.02, 7.01, 9.01).
Item codes are the SEC's own classification of what each report discloses. Dates link to the filing on EDGAR. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: June 28, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.