WESTERN MIDSTREAM PARTNERS, LP
In the published model solve dated 2026-Q2, anchored at $46.20, WESTERN MIDSTREAM PARTNERS, LP (WES) is priced for -2.2% 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
Is WES overvalued? See what's priced in →
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: 2026-08-05 (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); 2026-02-18 (items 2.02, 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
Each week boothcheck ranks the stocks whose prices are betting on the most. Read the most stretched bets archive →
boothcheck is also on Android. Get the app on Google Play →
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.