Western Midstream Partners (WES)
Market Price (7/22/2026): $46.66 | Market Cap: $18.6 BilSector: Energy | Industry: Oil & Gas Storage & Transportation
Western Midstream Partners (WES)
Market Price (7/22/2026): $46.66Market Cap: $18.6 BilSector: EnergyIndustry: Oil & Gas Storage & Transportation
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 16%, Dividend Yield is 8.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 12%, FCF Yield is 8.0% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 53%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 33%, CFO LTM is 2.2 Bil Low stock price volatilityVol 12M is 19% Megatrend and thematic driversMegatrends include US Energy Independence, and Water Infrastructure. Themes include US LNG, US Oilfield Technologies, Show more. | Weak multi-year price returns2Y Excs Rtn is -11% | Key risksWES key risks include [1] significant concentration risk with the Delaware Basin and its primary counterparty, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 16%, Dividend Yield is 8.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 12%, FCF Yield is 8.0% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 53%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 33%, CFO LTM is 2.2 Bil |
| Low stock price volatilityVol 12M is 19% |
| Megatrend and thematic driversMegatrends include US Energy Independence, and Water Infrastructure. Themes include US LNG, US Oilfield Technologies, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -11% |
| Key risksWES key risks include [1] significant concentration risk with the Delaware Basin and its primary counterparty, Show more. |
Qualitative Assessment
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Western Midstream Partners (WES) stock has gained about 5% since 3/31/2026 because of the following key factors:
1. Strong Fiscal Q1 2026 Earnings Beat.
Western Midstream Partners reported robust financial results for its fiscal Q1 2026, announced on May 6, 2026. The company posted an Earnings Per Share (EPS) of $0.85, significantly surpassing the consensus analyst estimate of $0.74 by $0.11. Concurrently, quarterly revenue increased 22.5% year-over-year, reaching $1.12 billion, which also exceeded analysts' expectations of $1.01 billion.
2. Consistent and Attractive Quarterly Distributions.
The company maintained investor confidence through its consistent distribution policy, declaring a quarterly cash distribution of $0.93 per unit for fiscal Q2 2026, which remained in line with the previous quarter. This steady payout, representing an attractive annualized yield of approximately 8.5% at the time, underscored the company's commitment to returning value to unitholders and aligned with the broader midstream energy sector's trend of sustained payout growth into fiscal Q2 2026.
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Western Midstream Partners (WES) stock has gained about 5% since 3/31/2026 because of the following key factors:
1. Strong Fiscal Q1 2026 Earnings Beat.
Western Midstream Partners reported robust financial results for its fiscal Q1 2026, announced on May 6, 2026. The company posted an Earnings Per Share (EPS) of $0.85, significantly surpassing the consensus analyst estimate of $0.74 by $0.11. Concurrently, quarterly revenue increased 22.5% year-over-year, reaching $1.12 billion, which also exceeded analysts' expectations of $1.01 billion.
2. Consistent and Attractive Quarterly Distributions.
The company maintained investor confidence through its consistent distribution policy, declaring a quarterly cash distribution of $0.93 per unit for fiscal Q2 2026, which remained in line with the previous quarter. This steady payout, representing an attractive annualized yield of approximately 8.5% at the time, underscored the company's commitment to returning value to unitholders and aligned with the broader midstream energy sector's trend of sustained payout growth into fiscal Q2 2026.
3. Strategic Operational Expansions and Acquisitions.
Western Midstream executed key strategic initiatives aimed at strengthening its asset base and operational capabilities. This included the acquisition of Brazos Delaware, which was finalized on June 11, 2026, thereby enhancing its processing capacity. Additionally, the company commenced operations at its second produced-water treatment facility in the Permian Basin on June 17, 2026, further solidifying its infrastructure in crucial production regions.
4. Resilience of the Midstream Sector Amidst Broader Energy Market Volatility.
Despite significant fluctuations in crude oil prices and the broader energy sector's underperformance in fiscal Q2 2026, the midstream segment demonstrated resilience. Western Midstream, with its predominantly fee-based business model, exhibited insulation from direct commodity price volatility. Furthermore, a constructive outlook for oil, natural gas, and natural gas liquids (NGLs) production into 2027, driven by surging liquefied natural gas (LNG) export demand and increased power generation needs, contributed to positive sentiment within the sector.
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Stock Movement Drivers
Fundamental Drivers
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Market Drivers
3/31/2026 to 7/21/2026| Return | Correlation | |
|---|---|---|
| WES | 4.6% | |
| Market (SPY) | 15.1% | -13.9% |
| Sector (XLE) | -4.5% | 60.3% |
Fundamental Drivers
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Market Drivers
12/31/2025 to 7/21/2026| Return | Correlation | |
|---|---|---|
| WES | 11.5% | |
| Market (SPY) | 10.0% | 3.4% |
| Sector (XLE) | 31.7% | 41.3% |
Fundamental Drivers
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Market Drivers
6/30/2025 to 7/21/2026| Return | Correlation | |
|---|---|---|
| WES | 19.2% | |
| Market (SPY) | 22.1% | 12.3% |
| Sector (XLE) | 41.2% | 45.7% |
Fundamental Drivers
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Market Drivers
6/30/2023 to 7/21/2026| Return | Correlation | |
|---|---|---|
| WES | 107.7% | |
| Market (SPY) | 74.8% | 36.8% |
| Sector (XLE) | 57.5% | 51.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| WES Return | 72% | 29% | 19% | 44% | 13% | 12% | 380% |
| Peers Return | 57% | 32% | 18% | 64% | -0% | 27% | 406% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 9% | 98% |
Monthly Win Rates [3] | |||||||
| WES Win Rate | 75% | 50% | 67% | 58% | 75% | 60% | |
| Peers Win Rate | 75% | 63% | 60% | 77% | 50% | 73% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 43% | |
Max Drawdowns [4] | |||||||
| WES Max Drawdown | -21% | -24% | -14% | -13% | -17% | -9% | |
| Peers Max Drawdown | -18% | -24% | -12% | -12% | -26% | -8% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: ET, TRGP, MPLX, OKE, KMI.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/21/2026 (YTD)
How Low Can It Go
| Event | WES | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -15.4% | -18.8% |
| % Gain to Breakeven | 18.2% | 23.1% |
| Time to Breakeven | 100 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -13.3% | -6.7% |
| % Gain to Breakeven | 15.3% | 7.1% |
| Time to Breakeven | 120 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -80.5% | -33.7% |
| % Gain to Breakeven | 412.0% | 50.9% |
| Time to Breakeven | 236 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -12.9% | -19.2% |
| % Gain to Breakeven | 14.8% | 23.8% |
| Time to Breakeven | 15 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -61.2% | -12.2% |
| % Gain to Breakeven | 158.0% | 13.9% |
| Time to Breakeven | 2720 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -64.0% | -6.8% |
| % Gain to Breakeven | 177.8% | 7.3% |
| Time to Breakeven | 2848 days | 15 days |
In The Past
Western Midstream Partners's stock fell -15.4% during the 2025 US Tariff Shock. Such a loss loss requires a 18.2% gain to breakeven.
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Asset Allocation
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| Event | WES | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -80.5% | -33.7% |
| % Gain to Breakeven | 412.0% | 50.9% |
| Time to Breakeven | 236 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -61.2% | -12.2% |
| % Gain to Breakeven | 158.0% | 13.9% |
| Time to Breakeven | 2720 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -64.0% | -6.8% |
| % Gain to Breakeven | 177.8% | 7.3% |
| Time to Breakeven | 2848 days | 15 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -35.2% | -53.4% |
| % Gain to Breakeven | 54.4% | 114.4% |
| Time to Breakeven | 207 days | 1085 days |
In The Past
Western Midstream Partners's stock fell -15.4% during the 2025 US Tariff Shock. Such a loss loss requires a 18.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Western Midstream Partners (WES)
Western Midstream Partners (WES) is a midstream energy company primarily operating across significant production basins in the United States. As a vital link in the energy supply chain, WES develops, owns, and operates critical infrastructure that facilitates the movement and preparation of natural gas, crude oil, and natural gas liquids (NGLs) from production sites to market destinations.
The company's main services encompass gathering, compressing, treating, and processing natural gas. It also specializes in gathering, stabilizing, and transporting crude oil, NGLs, and condensate. Additionally, WES provides services for gathering and disposing of produced water, a common byproduct of energy extraction. Beyond these infrastructure and logistics services, Western Midstream Partners also actively buys and sells natural gas, NGLs, and condensate.
WES primarily serves upstream oil and gas producers in its key operating regions, which include Texas, New Mexico, the Rocky Mountains, and North-central Pennsylvania. By offering comprehensive midstream solutions, Western Midstream Partners enables these producers to efficiently and safely transport their raw energy products and manage their operational waste, connecting them to broader energy markets.
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Here are a few analogies for Western Midstream Partners (WES):
- Like the interstate highway system for oil and natural gas.
- Similar to UPS or FedEx, but they transport and process crude oil and natural gas instead of packages.
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- Natural Gas Midstream Services: Provides infrastructure and operations for gathering, compressing, treating, processing, and transporting natural gas.
- Crude Oil and NGL Midstream Services: Offers services for gathering, stabilizing, and transporting crude oil, natural gas liquids (NGLs), and condensate.
- Produced Water Management: Manages the gathering and disposal of produced water from energy operations.
- Natural Gas Trading: Buys and sells natural gas.
- Natural Gas Liquids (NGLs) Trading: Buys and sells natural gas liquids.
- Condensate Trading: Buys and sells condensate.
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Western Midstream Partners (WES) primarily sells its services and products to other companies, specifically upstream oil and gas producers. Based on their public filings, their major customer is:
- Occidental Petroleum Corporation (OXY)
Occidental Petroleum Corporation has historically accounted for a significant portion of Western Midstream Partners' consolidated revenues, highlighting its role as a key customer.
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Western Midstream Partners' major suppliers include:
- Occidental Petroleum Corporation (Symbol: OXY)
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Oscar K. Brown – President and Chief Executive Officer
Oscar Brown was appointed President and Chief Executive Officer of Western Midstream Partners in October 2024. He has served as a director on the general partner's board since August 2019 and was Chairman of the ESG committee. Before his current role, Mr. Brown was the Chief Financial Officer of FREYR Battery from April 2022 until June 2024. He also held an executive position at Occidental Petroleum from 2016 to 2020 and served on the board of directors for Plains All-American Pipeline's governing entity from 2017 to 2019. Mr. Brown brings over 25 years of energy and industrial banking experience, having worked as a managing director and co-head of Americas Energy Investment Banking at Bank of America Merrill Lynch, and in roles at Barclays Capital, Lehman Brothers, Credit Suisse First Boston, and PNC Bank.
Kristen S. Shults – Senior Vice President and Chief Financial Officer
Kristen Shults has served as Senior Vice President and Chief Financial Officer for Western Midstream since May 2022. She joined Western Midstream in November 2019 as Vice President, Investor Relations and Communications, and later served as Senior Vice President, Finance and Communications. Ms. Shults possesses over 10 years of experience in the oil and gas industry. Prior to joining Western Midstream, she held various positions of increasing responsibility within Anadarko Petroleum Corporation's tax organization, including Director of Tax Compliance and Reporting and Worldwide Tax Manager. She began her career in the tax practice of Ernst & Young, LLP.
Danny Holderman – Senior Vice President and Chief Operating Officer
Danny Holderman has served as Senior Vice President and Chief Operating Officer for Western Midstream since August 2024, overseeing operations, engineering, and Health, Safety, Environment and Security functions. Before this, he was Senior Vice President, South Operations, of the general partner of Western Midstream Partners, LP since October 2022. His experience also includes serving as Occidental's Director, Delaware Basin Asset, starting in 2018. He joined Occidental in late 2013, holding various engineering and operations leadership roles, and previously worked in engineering, upstream operations, and commercial roles with ExxonMobil.
Christopher B. Dial – Senior Vice President, General Counsel and Secretary
Christopher B. Dial serves as Senior Vice President, General Counsel and Secretary for Western Midstream.
Catherine A. Green – Senior Vice President and Chief Accounting Officer
Catherine A. Green holds the position of Senior Vice President and Chief Accounting Officer at Western Midstream.
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The key risks to Western Midstream Partners (WES) primarily stem from its reliance on the broader energy market and the inherent operational and regulatory complexities of the midstream sector.
- Decline in Upstream Activity and Producer Volumes: Western Midstream's infrastructure and revenue generation are heavily dependent on the drilling and production activities of oil and natural gas producers in the basins where it operates. Should there be a prolonged period of low commodity prices (oil or natural gas), producers may reduce their drilling and completion activities, leading to lower throughput volumes for WES's gathering, processing, and transportation systems. Even with fee-based contracts, a significant and sustained decline in volumes from its upstream customers directly impacts the company's financial performance.
- Regulatory, Environmental, and Legal Risks: As a midstream energy company, WES faces substantial regulatory and environmental scrutiny. This includes risks associated with changing environmental regulations, potential delays or denials in obtaining necessary permits for new projects or existing operations, and ensuring compliance with a myriad of safety and environmental standards. Evolving carbon regulations, community concerns, and political activism against fossil fuels can also lead to increased operating costs, litigation, and reputational damage.
- Capital Project Execution and Cost Overruns: Western Midstream frequently undertakes large-scale capital projects to expand its infrastructure, such as new pipelines, processing plants, and gathering systems. These projects involve significant capital investment and complex technical requirements. Risks include construction cost overruns, delays in project completion, difficulties in securing materials due to supply chain disruptions, and challenges in obtaining necessary regulatory approvals and rights-of-way. Such issues can adversely affect project economics and the company's ability to realize anticipated returns on its investments.
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Western Midstream Partners (WES) operates in various segments of the midstream energy market across the United States, including natural gas, natural gas liquids (NGLs), crude oil, and produced water services. The addressable markets for their main products and services, primarily within the U.S. where they operate, are as follows:
- Natural Gas, Natural Gas Liquids (NGLs), and Crude Oil Midstream Services (Gathering, Compressing, Treating, Processing, Transporting, Stabilizing, Buying, and Selling): The overall United States Midstream Oil and Gas Market, which encompasses the infrastructure and services for transportation, storage, wholesale marketing, and processing of crude oil, natural gas, and refined petroleum products, is projected to grow from approximately USD 20.78 billion in 2025 to USD 25.96 billion by 2031.
- Crude Oil Pipelines and Midstream Services: Specifically for crude oil, the U.S. Crude Oil Pipelines and Midstream Services Industry is expected to reach approximately USD 97.46 billion by 2030.
- Natural Gas Liquids (NGLs): The global Natural Gas Liquids Market size was USD 16.3 billion in 2025 and is estimated to reach USD 29.4 billion by the end of 2035. North America is anticipated to hold the second-largest share of this global market.
- Produced Water Gathering and Disposal: The U.S. Midstream Water Market for oil and gas, which includes supply, transport, storage, treatment, and disposal of water, is projected to total US$156 billion between 2025 to 2030, averaging over US$26 billion per year. Within the Permian Basin, a key operational area for Western Midstream Partners, the market for the disposal and treatment of produced water alone is approximately $12 billion.
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Western Midstream Partners (WES) is poised for future revenue growth over the next 2-3 years, driven by strategic expansions and increased throughput in its core operating regions and services. Key drivers include:
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Delaware Basin Organic Expansion: The Delaware Basin is expected to remain the primary engine for throughput growth across natural gas, crude oil, and natural gas liquids (NGLs). Western Midstream Partners is undertaking multi-year expansions in the basin, targeting associated gas from Occidental Petroleum and other operators. Significant projects contributing to this growth include the Mentone 4 cryogenic plant, which became fully operational in early 2025, adding 250 million cubic feet per day (MMcf/d) of capacity. Furthermore, the sanctioning of the North Loving II cryogenic processing unit, also with 250 MMcf/d capacity and expected in service by the second quarter of 2027, will increase total Delaware Basin processing capacity by approximately 19%. Management anticipates low-to-mid single-digit average year-over-year growth in crude oil, NGLs, and natural gas throughput in the Delaware Basin for 2026.
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Produced Water Infrastructure Growth: A substantial driver of future revenue is the expansion of Western Midstream Partners' produced water services. The acquisition of Aris Water Solutions in late 2025 significantly boosted WES's capabilities, positioning it as the second-largest water midstream operator in the Permian Basin. This acquisition is projected to be a major contributor, with produced water throughput in the Delaware Basin expected to increase by over 80% in 2026. Additionally, the company has sanctioned the Pathfinder pipeline, a 30-inch, 42-mile long-haul pipeline designed to transport over 800 thousand barrels per day (MBbls/d) of produced water. This $400-$450 million investment, expected to be in service by January 1, 2027, is underpinned by long-term fixed-fee contracts with Occidental and is designed to accommodate substantial growth from additional customers.
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Powder River Basin Expansion: Western Midstream Partners expanded its presence in the Powder River Basin through the $885 million acquisition of Meritage Midstream in late 2023. In 2025, the company announced a $150 million capital program to further expand gathering and compression at Meritage, aligning with the development of longer laterals and higher-pressure wells in Wyoming, thereby boosting gathering and processing volumes.
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Third-Party Volume Capture: A core component of WES's growth strategy is to enhance its market position by capturing additional third-party volumes beyond its anchor customer, Occidental Petroleum. This involves expanding integrated service intensity from gathering through processing to NGL/crude takeaway and leveraging existing infrastructure to attract new producers. This focus on customer diversification and commercial wins is aimed at increasing overall throughput and revenue.
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Share Repurchases
- Western Midstream Partners authorized a unit buyback program of up to $1.0 billion through December 31, 2024, which was increased to $1.250 billion on November 1, 2022.
- Since September 2020, the company repurchased approximately $1.2 billion in common units, representing about 15% of the total unaffected unit count.
- In 2025, WES returned over $1.4 billion to unitholders, which included distributions and repurchases.
Share Issuance
- In October 2025, WES issued approximately 26.6 million common units in conjunction with the acquisition of Aris Water Solutions, Inc.
- The number of common units outstanding increased from 380,556,643 at December 31, 2024, to 408,141,366 at December 31, 2025.
- Western Midstream renegotiated natural gas gathering and processing contracts with Occidental and ConocoPhillips, which involved Occidental exchanging $610 million in WES units for a simplified, fixed-fee structure.
Outbound Investments
- In October 2025, Western Midstream acquired Aris Water Solutions, Inc. for a total value of $2.0 billion, significantly enhancing its water infrastructure capabilities in the Delaware Basin.
- In 2023, Western Midstream expanded its Powder River Basin footprint through the acquisition of Meritage Midstream.
- In 2022, WES acquired the remaining 50% interest in the Ranch Westex JV for $41.0 million, adding 125 MMcf/d of natural gas processing capacity in its West Texas complex, and also divested its 15% interest in Cactus II for $265 million.
Capital Expenditures
- Total capital expenditures for the full year 2025 were $721.8 million.
- For 2026, Western Midstream Partners has provided capital expenditure guidance ranging between $850.0 million and $1.000 billion, with a midpoint of $925 million.
- The primary focus of these capital expenditures is on growth projects such as the Pathfinder pipeline and North Loving II natural gas processing train, particularly in the Delaware and DJ Basins, aiming to support mid-single-digit EBITDA growth.
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 91.83 |
| Mkt Cap | 60.2 |
| Rev LTM | 17,043 |
| Op Inc LTM | 4,814 |
| FCF LTM | 2,712 |
| FCF 3Y Avg | 2,868 |
| CFO LTM | 5,820 |
| CFO 3Y Avg | 5,332 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 11.9% |
| Rev Chg 3Y Avg | 2.2% |
| Rev Chg Q | 16.7% |
| QoQ Delta Rev Chg LTM | 4.1% |
| Op Inc Chg LTM | 9.7% |
| Op Inc Chg 3Y Avg | 7.5% |
| Op Mgn LTM | 25.3% |
| Op Mgn 3Y Avg | 23.9% |
| QoQ Delta Op Mgn LTM | -0.3% |
| CFO/Rev LTM | 29.0% |
| CFO/Rev 3Y Avg | 29.4% |
| FCF/Rev LTM | 12.3% |
| FCF/Rev 3Y Avg | 15.3% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 60.2 |
| P/S | 3.6 |
| P/Op Inc | 10.5 |
| P/EBIT | 10.1 |
| P/E | 16.4 |
| P/CFO | 10.3 |
| Total Yield | 8.2% |
| Dividend Yield | 3.6% |
| FCF Yield 3Y Avg | 5.9% |
| D/E | 0.5 |
| Net D/E | 0.5 |
Price Behavior
| Market Price | $42.16 | |
| Market Cap ($ Bil) | 16.8 | |
| First Trading Date | 05/09/2008 | |
| Distance from 52W High | -1.9% | |
| 50 Days | 200 Days | |
| DMA Price | $40.46 | $38.07 |
| DMA Trend | up | indeterminate |
| Distance from DMA | 4.2% | 10.7% |
| 3M | 1YR | |
| Volatility | 19.4% | 19.1% |
| Downside Capture | -319.97 | 15.15 |
| Upside Capture | 97.72 | 35.91 |
| Correlation (SPY) | 12.1% | 10.8% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | � | -0.00 | -0.08 | 0.03 | 0.15 | 0.54 |
| Up Beta | � | 0.06 | -0.19 | -0.31 | -0.06 | 0.49 |
| Down Beta | � | � | 0.19 | 0.44 | 0.23 | 0.69 |
| Up Capture | 0% | -5% | 0% | 12% | 21% | 28% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 0 | 0 | 12 | 49 | 115 | 387 |
| Down Capture | -0% | -0% | -25% | -15% | 14% | 66% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 0 | 1 | 11 | 35 | 94 | 319 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with WES | |
|---|---|---|---|---|
| WES | 14.1% | 19.3% | 0.75 | - |
| Sector ETF (XLE) | 39.5% | 20.9% | 1.49 | 46.1% |
| Equity (SPY) | 20.3% | 12.6% | 1.19 | 12.1% |
| Gold (GLD) | 21.6% | 28.1% | 0.69 | -0.4% |
| Commodities (DBC) | 31.4% | 19.1% | 1.30 | 15.7% |
| Real Estate (VNQ) | 15.0% | 14.0% | 0.76 | 24.0% |
| Bitcoin (BTCUSD) | -44.6% | 42.9% | -1.25 | 3.1% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with WES | |
|---|---|---|---|---|
| WES | 25.4% | 29.0% | 0.83 | - |
| Sector ETF (XLE) | 21.6% | 25.9% | 0.75 | 60.0% |
| Equity (SPY) | 12.9% | 17.1% | 0.58 | 41.6% |
| Gold (GLD) | 17.3% | 18.4% | 0.76 | 10.5% |
| Commodities (DBC) | 8.9% | 19.5% | 0.35 | 37.8% |
| Real Estate (VNQ) | 2.9% | 18.9% | 0.05 | 35.3% |
| Bitcoin (BTCUSD) | 14.9% | 53.4% | 0.46 | 17.9% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with WES | |
|---|---|---|---|---|
| WES | 10.0% | 46.8% | 0.40 | - |
| Sector ETF (XLE) | 9.9% | 29.5% | 0.37 | 63.1% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 43.3% |
| Gold (GLD) | 11.2% | 16.1% | 0.57 | 3.5% |
| Commodities (DBC) | 7.2% | 17.9% | 0.32 | 38.1% |
| Real Estate (VNQ) | 5.1% | 20.7% | 0.21 | 38.5% |
| Bitcoin (BTCUSD) | 58.7% | 66.2% | 0.99 | 14.9% |
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Earnings Returns History
Updated 6/11/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/4/2025 | 2.4% | 6.2% | 7.1% |
| 8/6/2025 | -4.7% | -4.1% | -5.7% |
| 5/7/2025 | 1.9% | 10.9% | 6.2% |
| 2/26/2025 | -1.2% | -5.2% | 1.5% |
| 11/6/2024 | -3.2% | -4.6% | 4.4% |
| 8/7/2024 | 1.1% | -3.4% | -3.4% |
| 5/8/2024 | 2.7% | 7.0% | 7.7% |
| 2/21/2024 | 11.3% | 10.7% | 15.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 12 | 14 |
| # Negative | 12 | 10 | 8 |
| Median Positive | 2.6% | 6.6% | 6.7% |
| Median Negative | -2.8% | -4.3% | -6.0% |
| Max Positive | 22.4% | 35.2% | 66.6% |
| Max Negative | -5.8% | -9.3% | -18.9% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/4/2025 | 2.4% | 6.2% | 7.1% |
| 8/6/2025 | -4.7% | -4.1% | -5.7% |
| 5/7/2025 | 1.9% | 10.9% | 6.2% |
| 2/26/2025 | -1.2% | -5.2% | 1.5% |
| 11/6/2024 | -3.2% | -4.6% | 4.4% |
| 8/7/2024 | 1.1% | -3.4% | -3.4% |
| 5/8/2024 | 2.7% | 7.0% | 7.7% |
| 2/21/2024 | 11.3% | 10.7% | 15.9% |
| 11/1/2023 | 5.4% | 1.1% | 10.0% |
| 8/8/2023 | -2.1% | -3.2% | -7.6% |
| 5/3/2023 | -2.4% | -0.2% | 1.2% |
| 2/22/2023 | -3.4% | -6.8% | -9.6% |
| 11/2/2022 | -0.3% | -5.3% | 1.6% |
| 8/3/2022 | -5.8% | 0.9% | -0.6% |
| 5/10/2022 | 0.2% | 9.9% | 17.8% |
| 2/23/2022 | -4.2% | 4.3% | -0.8% |
| 11/9/2021 | -0.1% | 1.0% | -6.3% |
| 8/9/2021 | 2.3% | 4.7% | 6.3% |
| 5/10/2021 | -3.2% | -0.9% | 0.7% |
| 2/23/2021 | 7.0% | 11.2% | 8.5% |
| 11/9/2020 | 22.4% | 35.2% | 66.6% |
| 8/10/2020 | -2.5% | -9.3% | -18.9% |
| SUMMARY STATS | |||
| # Positive | 10 | 12 | 14 |
| # Negative | 12 | 10 | 8 |
| Median Positive | 2.6% | 6.6% | 6.7% |
| Median Negative | -2.8% | -4.3% | -6.0% |
| Max Positive | 22.4% | 35.2% | 66.6% |
| Max Negative | -5.8% | -9.3% | -18.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/18/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/21/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/22/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/18/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/21/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/22/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
| 03/31/2022 | 05/10/2022 | 10-Q |
| 12/31/2021 | 02/23/2022 | 10-K |
| 09/30/2021 | 11/09/2021 | 10-Q |
| 06/30/2021 | 08/09/2021 | 10-Q |
| 03/31/2021 | 05/10/2021 | 10-Q |
| 12/31/2020 | 02/26/2021 | 10-K |
| 09/30/2020 | 11/09/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/05/2020 | 10-Q |
| 12/31/2019 | 02/27/2020 | 10-K |
| 09/30/2019 | 11/04/2019 | 10-Q |
| 06/30/2019 | 07/31/2019 | 10-Q |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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