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Western Midstream Partners LP Piotroski F-Score

: 7 (As of Today)
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Good Sign:

Piotroski F-Score is 7, indicating very healthy situation.

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Western Midstream Partners LP has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

The historical rank and industry rank for Western Midstream Partners LP's Piotroski F-Score or its related term are showing as below:

NYSE:WES' s Piotroski F-Score Range Over the Past 10 Years
Min: 4   Med: 6   Max: 8
Current: 7

4
8

During the past 13 years, the highest Piotroski F-Score of Western Midstream Partners LP was 8. The lowest was 4. And the median was 6.


Western Midstream Partners LP Piotroski F-Score Historical Data

The historical data trend for Western Midstream Partners LP's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Western Midstream Partners LP Annual Data
Trend Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 6.00 5.00 4.00 5.00 7.00

Western Midstream Partners LP Quarterly Data
Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 7.00 7.00 8.00 8.00 7.00

Competitive Comparison

For the Oil & Gas Midstream subindustry, Western Midstream Partners LP's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

   

Western Midstream Partners LP Piotroski F-Score Distribution

For the Oil & Gas industry and Energy sector, Western Midstream Partners LP's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Western Midstream Partners LP's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Sep21) TTM:Last Year (Sep20) TTM:
Net Income was 263.891 + 185.791 + 231.259 + 255.725 = $937 Mil.
Cash Flow from Operations was 506.679 + 261.55 + 452.111 + 390.528 = $1,611 Mil.
Revenue was 647.48 + 674.974 + 719.131 + 763.84 = $2,805 Mil.
Gross Profit was 506.605 + 455.452 + 503.238 + 541.606 = $2,007 Mil.
Average Total Assets from the begining of this year (Sep20)
to the end of this year (Sep21) was
(11689.675 + 11830.027 + 11435.043 + 11626.299 + 11419.378) / 5 = $11600.0844 Mil.
Total Assets at the begining of this year (Sep20) was $11,690 Mil.
Long-Term Debt & Capital Lease Obligation was $6,400 Mil.
Total Current Assets was $757 Mil.
Total Current Liabilities was $1,307 Mil.
Net Income was 287.77 + -256.527 + 273.037 + 246.611 = $551 Mil.

Revenue was 723.21 + 774.313 + 671.755 + 679.044 = $2,848 Mil.
Gross Profit was 493.425 + 538.724 + 533.348 + 514.741 = $2,080 Mil.
Average Total Assets from the begining of last year (Sep19)
to the end of last year (Sep20) was
(12178.225 + 12346.453 + 11908.998 + 11953.243 + 11689.675) / 5 = $12015.3188 Mil.
Total Assets at the begining of last year (Sep19) was $12,178 Mil.
Long-Term Debt & Capital Lease Obligation was $7,440 Mil.
Total Current Assets was $644 Mil.
Total Current Liabilities was $837 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Western Midstream Partners LP's current Net Income (TTM) was 937. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Western Midstream Partners LP's current Cash Flow from Operations (TTM) was 1,611. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Sep20)
=936.666/11689.675
=0.08012763

ROA (Last Year)=Net Income/Total Assets (Sep19)
=550.891/12178.225
=0.04523574

Western Midstream Partners LP's return on assets of this year was 0.08012763. Western Midstream Partners LP's return on assets of last year was 0.04523574. ==> This year is higher. ==> Score 1.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

Western Midstream Partners LP's current Net Income (TTM) was 937. Western Midstream Partners LP's current Cash Flow from Operations (TTM) was 1,611. ==> 1,611 > 937 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Sep21)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep20 to Sep21
=6399.874/11600.0844
=0.55170926

Gearing (Last Year: Sep20)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep19 to Sep20
=7440.394/12015.3188
=0.61924233

Western Midstream Partners LP's gearing of this year was 0.55170926. Western Midstream Partners LP's gearing of last year was 0.61924233. ==> This year is lower or equal to last year. ==> Score 1.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Sep21)=Total Current Assets/Total Current Liabilities
=756.71/1307.342
=0.57881564

Current Ratio (Last Year: Sep20)=Total Current Assets/Total Current Liabilities
=643.933/837.429
=0.76894041

Western Midstream Partners LP's current ratio of this year was 0.57881564. Western Midstream Partners LP's current ratio of last year was 0.76894041. ==> Last year's current ratio is higher ==> Score 0.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

Western Midstream Partners LP's number of shares in issue this year was 412.714. Western Midstream Partners LP's number of shares in issue last year was 438.926. ==> There is smaller number of shares in issue this year, or the same. ==> Score 1.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=2006.901/2805.425
=0.71536434

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=2080.238/2848.322
=0.73033807

Western Midstream Partners LP's gross margin of this year was 0.71536434. Western Midstream Partners LP's gross margin of last year was 0.73033807. ==> Last year's gross margin is higher ==> Score 0.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Sep20)
=2805.425/11689.675
=0.2399917

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Sep19)
=2848.322/12178.225
=0.23388647

Western Midstream Partners LP's asset turnover of this year was 0.2399917. Western Midstream Partners LP's asset turnover of last year was 0.23388647. ==> This year's asset turnover is higher. ==> Score 1.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+1+1+1+0+1+0+1
=7

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Western Midstream Partners LP has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

Western Midstream Partners LP  (NYSE:WES) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


Western Midstream Partners LP Piotroski F-Score Related Terms

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Western Midstream Partners LP Business Description

Western Midstream Partners LP logo
Industry
Energy » Oil & Gas NAICS : 213112 SIC : 1389
Traded in Other Exchanges
N/A
Address
9950 Woodloch Forest Drive, Suite 2800, The Woodlands, TX, USA, 77380
Western Midstream Partners LP is a US-based company which own, operate, acquire and develop midstream energy assets. The company through its subsidiary is engaged in the business of gathering, processing, compressing, treating and transporting natural gas, condensate, NGLs and crude oil. It owns or has investments in assets located in the Rocky Mountains (Colorado, Utah, and Wyoming), the Mid-Continent (Kansas and Oklahoma), North-central Pennsylvania and Texas.
Executives
Stewart Lisa A director EL PASO CORPORATION 1001 LOUISIANA STREET HOUSTON TX 77002
Schulte David J director 233 WEST 47TH ST. KANSAS CITY MO 64112
Owen Kenneth F. director 15631 JACINTOPORT BLVD. HOUSTON TX 77015
Oxy Oil Partners, Inc. 10 percent owner 5 GREENWAY PLAZA, SUITE 110 HOUSTON TX 77046
Occidental Permian Manager Llc 10 percent owner 5 GREENWAY PLAZA, SUITE 110 HOUSTON TX 77046
Baseball Merger Sub 2, Inc. 10 percent owner 5 GREENWAY PLAZA, SUITE 110 HOUSTON TX 77046
Wgr Asset Holding Co Llc 10 percent owner 1201 LAKE ROBBINS DRIVE THE WOODLANDS TX 77380
Kerr-mcgee Worldwide Corp other: Former 10% Owner 1201 LAKE ROBBINS DRIVE THE WOODLANDS TX 77380
Apc Midstream Holdings, Llc 10 percent owner 1201 LAKE ROBBINS DRIVE THE WOODLANDS TX 77380
Anadarko E&p Onshore Llc other: Former 10% Owner 1201 LAKE ROBBINS DRIVE THE WOODLANDS TX 77380
Western Gas Resources Inc 10 percent owner 1099 18TH STREET, SUITE 1200 DENVER CO 80202-1955
Anadarko Petroleum Corp 10 percent owner 1201 LAKE ROBBINS DR. THE WOODLANDS TX 77380
Occidental Petroleum Corp /de/ 10 percent owner 5 GREENWAY PLAZA SUITE 110 HOUSTON TX 77046
Oxy Usa Inc 10 percent owner 5 GREENWAY PLAZA SUITE 110 HOUSTON TX 77046
Bourne Robert W. officer: SVP & Chief Commercial Officer 1400 16TH STREET SUITE 310 DENVER CO 80202

Western Midstream Partners LP Headlines

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