Positioning no disclosures inside 60 days, left as found
Options no verdict drawn today, left as found
Ethical does not pass the values gate
Price47.29 USD
Fair value40.34
Ethical score70.0/100
Our investment reviews on this name
2026-09-17Read Markdown49.19-3.9% to today ✓
2026-08-16Read Accumulation47.06+0.5% to today ✓
2026-07-02Read Markup44.57+6.1% to today ✓
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Western Midstream Partners LP holds its Markdown at $47.29. Consolidating, no directional conviction, held for 291 days.
As held on the ledger · 2026-09-18
Phase
Markdown · caution
Quantitative state
Consolidating, no directional conviction, held for 291 days
Price at the screen
$47.29
Valuation
14.97 trailing · 12.23 forward price to earnings
Values screen
FAIL· score 70.0
Beta
0.66
The Workings
Five Screens, Shown in Full
Does not pass. Debt ratio
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
58.07%
Below 33%
Interest-bearing debt is 58.1% of its assets, above the one-third ceiling the screen allows.
Fail
Interest-bearing cash
0.00%
Below 33%
Cash held in interest-bearing accounts and securities is 0.0% of assets, under the one-third limit.
Pass
Receivables
10.53%
Below 49%
Money owed to the company is 10.5% of assets, under the 49% limit.
Pass
Revenue purity
0.00%
Below 5%
Only 0.0% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
Fair value range in USD, drawn from the 2026-09-18 screen. The gold marker is the market price at the same screen. The price runs 14.7% above the base estimate.
Third-party analyst targets: 11 covering, consensus Hold. The average target sits +2% from the screen price.
Reading the gap · Both our model and the Street see limited upside at this price.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-09-18 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Midstream Fees Mask Energy Cycle Traps
When a Permian well sends gas down the line, Western Midstream earns fees for moving and processing it. The cash flow looks reliable until energy prices turn and volumes follow.
Revenue growth of 22 percent, 30 percent margins and 37 percent return on equity paint a strong picture at 12.4 times forward earnings. Yet the shares trade above our fair value with no margin of safety, and low multiples in this sector often signal peak earnings rather than a bargain.
A narrow moat leaves little defence when drilling slows, and commodity cycles have a long record of punishing investors who chase yesterday's numbers. The ethical screen passes but the cyclical risk does not.
The risks · The things to watch: it carries a real debt load, which raises the stakes if revenue slips.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
WES trades on the NYSE. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-09-17Markdown · changed$49.19+4.5%Entry 5
The framework has shifted from accumulation to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved up 4.5% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 16% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 28%. Our forward projection puts the odds of a 10% gain over the next month near 18%. The street (12 analysts) rates it buy, with a mean price target of $45.
The framework has shifted from markup to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 5.6% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 16% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 28%. Our forward projection puts the odds of a 10% gain over the next month near 18%. The street (12 analysts) rates it buy, with a mean price target of $45.
2026-07-18Markup$44.57+0.0%Entry 3
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 16% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 28%. Our forward projection puts the odds of a 10% gain over the next month near 18%. The street (12 analysts) rates it buy, with a mean price target of $45.
2026-07-03Markup$44.57+0.0%Entry 2
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows good risk-adjusted returns.
2026-07-02Markup$44.57Entry 1
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows good risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
