The latest trading session saw Western Midstream (WES) ending at $38.32, denoting a -1.03% adjustment from its last day's close. This change lagged the S&P 500's 0.18% loss on the day. Meanwhile, the Dow experienced a drop of 0.8%, and the technology-dominated Nasdaq saw an increase of 0.27%.

Shares of the oil and gas transportation and storage company have depreciated by 0.08% over the course of the past month, outperforming the Oils-Energy sector's loss of 8.08% and lagging the S&P 500's gain of 4.46%.

Market participants will be closely following the financial results of Western Midstream in its upcoming release. The company plans to announce its earnings on November 6, 2024. The company is forecasted to report an EPS of $0.83, showcasing a 18.57% upward movement from the corresponding quarter of the prior year. Meanwhile, our latest consensus estimate is calling for revenue of $916.7 million, up 18.13% from the prior-year quarter.

For the full year, the Zacks Consensus Estimates project earnings of $4.13 per share and a revenue of $3.69 billion, demonstrating changes of +58.85% and +18.88%, respectively, from the preceding year.

Investors should also take note of any recent adjustments to analyst estimates for Western Midstream. These revisions typically reflect the latest short-term business trends, which can change frequently. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.

Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, there's been a 0.52% fall in the Zacks Consensus EPS estimate. Western Midstream presently features a Zacks Rank of #3 (Hold).

Valuation is also important, so investors should note that Western Midstream has a Forward P/E ratio of 9.37 right now. This expresses a discount compared to the average Forward P/E of 18.54 of its industry.

One should further note that WES currently holds a PEG ratio of 0.73. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. As the market closed yesterday, the Oil and Gas - Refining and Marketing - Master Limited Partnerships industry was having an average PEG ratio of 0.99.

The Oil and Gas - Refining and Marketing - Master Limited Partnerships industry is part of the Oils-Energy sector. At present, this industry carries a Zacks Industry Rank of 34, placing it within the top 14% of over 250 industries.

The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

You can find more information on all of these metrics, and much more, on Zacks.com.

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