WES Price Prediction Next Week
Technical Analysis: WES is currently trading at $42.35, showing a strong upward momentum with an 8.74% gain over the past month. The RSI-14 at 47.44 indicates neutral momentum, neither overbought nor oversold. The MACD at 0.26 suggests a bullish trend continuation.
Price Levels and Support/Resistance:
- Key resistance levels: $42.66 (R1), $43.51 (R2)
- Support levels: $39.90 (S1), $39.05 (S2)
- Fibonacci pivot point at $41.28
News Sentiment Analysis:
- RBC Capital maintains Hold rating with $39 price target
- Bill Gross, the "Bond King," recently reduced his MLP holdings while still favoring WES for its high yield (8.7%)
- Strong performance metrics with 8.74% monthly gain, outperforming both sector and S&P 500
Earnings Outlook: Expected EPS of $0.85, representing a 14.86% year-over-year increase, with projected revenue of $906.72 million (+5.65% YoY)
Price Prediction for Next Week: Based on technical indicators and news sentiment:
- Most likely scenario (60% probability): Price will test R1 at $42.66 and potentially reach R2 at $43.51
- Bearish scenario (40% probability): Price could retrace to S1 at $39.90
Recommendation: HOLD
- Current price is near resistance levels
- Mixed signals from technical indicators and analyst ratings
- Strong dividend yield provides downside protection
- Wait for a pullback to S1 ($39.90) for new positions
WES Similar Chart Price Prediction
The price of WES is predicted to go up -4.55%, based on the high correlation periods with BHP. The similarity of these two price pattern on the periods is 95.03%.
WES
BHP
Down: -4.55%Similarity: 95.03%
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WES Analyst's Forecast
Elvira Scotto
RBC Capital
Hold
2024-10-16
Price Target
$38 → $41
Upside
+4.18%
RBC Capital analyst Elvira Scotto raised the firm's price target on Western Midstream to $41 from $38 but keeps a Sector Perform rating on the shares as part of a broader research note previewing Q3 results for U.S. Midstream names. The firm is updating its models to reflect shifts in commodity prices, hurricane impact, and dry gas production weakness, adding that it expects most companies to maintain 2024 outlooks, the analyst tells investors in a research note. For the company, RBC notes that while the growth in the Permian, Powder River and Uinta are positive for the stock, near-term cost and recovery concerns as well as the potential for another offering of its units by Occidental Petroleum (OXY) likely cap the upside for a while.
