Western Midstream Partners, LP (WES)

Western Midstream Partners is trading near the bottom of its 52-week range after a weak run, with the stock down 9.82% over one month and 6.22% over one week. The pressure follows a third-quarter earnings miss: adjusted EPS of $0.74 came in 19.57% below the $0.92 estimate, and the shares fell 6.32% in the next session. The stock sits below its 20-day, 50-day and 200-day averages, while the 8.99% trailing dividend yield and a P/E of 13.40 (a discount to the sector median of 18.4) keep income and valuation in focus for holders and prospective buyers.

The November 4, 2026 report was the main reason for the recent weakness. Adjusted EPS of $0.74 missed the analysts' estimate of $0.92 by 19.57%, and the stock fell 6.32% in the first session afterward. The record is mixed rather than uniformly weak, because three of the last six reports beat estimates, including the May 6 report, after which the stock rose 4.97%.

Momentum is in the bearish zone, with a 14-day RSI of 33.7 and a negative MACD line. The 1-year return is still positive at 5.03%, but the six-month return is down 7.61% and the three-month return is down 14.51%, so the recent direction is clearly lower.

At a trailing P/E of 13.40, WES trades at a discount to the sector median of 18.4, and its price-to-sales ratio of 3.92 is 56.8% above the sector median of 2.5. Trailing GAAP EPS of $3.07 supports the low P/E, and the trailing dividend yield of 8.99% on an annual dividend of $3.70 is high. Return on equity of 34.11% is well above the sector median of 14.2%, though debt-to-equity of 2.07 is a reminder of the leverage behind that figure.

Of 15 analysts, 5 rate the stock buy or strong buy, 9 hold it and 1 sells it. Three months ago 4 of 14 ratings were buy. Morgan Stanley kept its Equal-Weight rating on October 21, 2026, and JP Morgan took over coverage at Neutral on October 20, 2026. The new coverage from Truist Securities at Buy on September 17 and the restart from Stifel at Buy on September 10 were the most positive recent actions.

The base case for the coming months is that WES keeps trading in a range set by its moving averages until earnings growth shows up in reported numbers. Analysts expect EPS to rise 22.2% this fiscal year to $3.72 and revenue to grow 23.7% to $4.8B, but the 4.7% expected EPS growth for 2027 to $3.89 is modest. The median 12-month analyst target is $50.00, with a range from $41.00 to $59.00 across 15 analysts. A recovery toward the 50-day SMA at $45.56 would need the stock to clear the 20-day EMA and 200-day SMA first. The case weakens if the next report misses again, since the last miss was followed by a 6.32% drop, or if the price breaks below the 52-week low of $38.44.

Support sits at the 52-week low of $38.44, the lowest price in the past year and the level a fall would meet first. Resistance is layered above the price: the 20-day EMA at $43.43 is the nearest, followed by the 200-day SMA at $44.18, the 50-day SMA at $45.56, and the 52-week high of $50.07. The 20-day EMA and 200-day SMA are close together, so they may act as a single zone of resistance for the stock.