Western Midstream Partners, LP WES
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Full analysis: 6 Aug 2026
Latest news check: 1 Jul 2026
General analysis — not personal advice.
HOLD
8/10
Confidence
Existing position can be maintained at current valuation.
Record results, raised guidance and successful acquisition completion support the HOLD signal.
Market sentiment
8/10
↑
Trend: Improving
The market reacts positively to the strong Q2 report, raised guidance and stable distribution.
Price context
The price sits near the 52-week high after strong operational performance, reflecting market confidence in cash-flow generation rather than stretched valuation.
Risk assessment
4/10
Dilution:
Low
Strong cash flow comfortably covers distributions
Jurisdiction:
Low
US-based operations
Execution:
Low
Historically stable operations and track record
Recent changes
- ▼ The risk assessment increased from 5/10 to 6/10, indicating a slightly higher perceived risk level despite an unchanged recommendation.
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Show all changes (2) — follow the company freeAbout the company
Western Midstream Partners is a midstream company that owns and operates infrastructure for gathering, processing and transporting natural gas, NGLs and crude oil. Operations are focused on the Delaware Basin, DJ Basin and Powder River Basin under long-term fee-based contracts. The company is in a mature phase with strong cash flow and regular distributions.
Sector:
Natural gas, oil and NGL infrastructure
Type:
Energy
Next report
15 Nov 2026
Q3
Catalysts
Nov 2026
Q3 2026 report
High
2027
Powder River Basin volumes
Medium
Horizon:
Bull case
Strong Q2 report with record EBITDA and raised full-year guidance supports the stock.
Bear case
High leverage and volume dependence on key customers may limit upside if prices weaken.
Sensitivity analysis
| Factor | If it weakens | If it strengthens |
|---|---|---|
| Brazos Delaware integration | Failed integration → lower volume growth and weaker cash flow than expected. | Successful integration → accelerated cash-flow growth and higher per-unit results. |
| Delaware Basin volumes | Lower volumes from OXY → reduced revenue from fee-based contracts. | Higher volumes from OXY → increased utilization and stronger EBITDA. |
We monitor these factors. Follow the company to get email when any of them hit.
Signal rationale (informational)
Record results, raised guidance and successful acquisition completion support the HOLD signal.
Recent news
- The company reported record adjusted EBITDA of $736.5 million for Q2 2026 and raised full-year guidance. The Brazos Delaware II acquisition has closed and new growth agreements have been signed in the Powder River Basin.
Key figures
Revenue
Q1 2026
USD 1.1B
EBITDA
Q2 2026
USD 737M
Net income
Q2 2026
USD 395M
Cash
Q2 2026
USD 98.6M
Shares outstanding
Q2 2026
401M
EPS
Q2 2026
USD 0.99
Price & valuation
Last close
USD 47.40
Market Cap
USD 19.0B
1 week
+2.7 %
3 months
+4.4 %
12 months
+24.2 %
From 52w high
0.0 %
From 52w low
+27.2 %
Exchange
NYSE
Type
Energy
Sector
Natural gas, oil and NGL infrastructure
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Firelda provides general information and analysis, not personal investment advice. Content does not consider your financial situation or goals. Investments can rise and fall in value. Always do your own research.