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Western Midstream Partners LP [WES] Shares Fall -1.05 % on Wednesday

The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. Western Midstream Partners LP shares valued at $697,125,000 were sold by OCCIDENTAL PETROLEUM CORP /DE/ on Aug 14 ’24. At $35.75 per share, OCCIDENTAL PETROLEUM CORP /DE/ sold 19,500,000 shares. The insider’s holdings dropped to 165,681,578 shares worth approximately $6.57 billion following the completion of this transaction.

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Also, OCCIDENTAL PETROLEUM CORP /DE/ sold 19,500,000 shares, netting a total of over 697,125,000 in proceeds. Following the sale of shares at $35.75 each, the insider now holds 165,681,578 shares.

Before that, Bourne Robert W. had added 1,354 shares to its account. In a trade valued at $50,430, the SVP & Chief Commercial Officer bought Western Midstream Partners LP shares for $37.25 each. Upon closing the transaction, the insider’s holdings increased to 1,354 shares, worth approximately $5.18 million.

As published in a research note from Morgan Stanley on September 16, 2024, Western Midstream Partners LP [WES] has been rated down from an Overweight to an Equal-weight and the price target has been revised to $42. Analysts at Stifel downgraded the stock from ‘”a Buy”‘ to ‘”a Hold”‘ outlook in a report released in early July. As of April 18, 2024, Wolfe Research has increased its “an Underperform” rating to a “Peer perform” for WES. Earlier on March 19, 2024, Raymond James downgraded its rating. Their new recommendation was “a Mkt perform” for WES stock which previously was a “an Outperform”.

Analyzing WES Stock Performance

During the last five days, there has been a surge of approximately 3.47%. Over the course of the year, Western Midstream Partners LP shares have jumped approximately 35.44%. Shares of the company reached a 52-week high of $42.80 on 07/23/24 and a 52-week low of $27.49 on 01/18/24. A 50-day SMA is recorded $39.33, while a 200-day SMA reached $34.95. Nevertheless, trading volume fell to 0.76 million shares from 0.89 million shares the previous day.

Support And Resistance Levels for Western Midstream Partners LP (WES)

According to the 24-hour chart, there is a support level at 39.40, which, if violated, would cause prices to drop to 39.16. In the upper region, resistance lies at 40.06. The next price resistance is at 40.49. RSI (Relative Strength Index) is 57.53 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 1.28, which suggests the price will increase in the coming days. Percent R is at 22.90%, indicating bullish price movement. Stochastics %K at selling indicates that the stock is to be held.

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