WES
Western Midstream Partners LP
NYSE: WES · ENERGY · OIL & GAS MIDSTREAM
$43.95
-1.60% today
Updated 2026-06-05
Market cap
$17.55B
P/E ratio
14.66
P/S ratio
4.33x
EPS (TTM)
$3.04
Dividend yield
8.33%
52W range
$34 – $48
Volume
1.5M
Western Midstream Partners LP (WES) Financial Forecast & Price Target 2030
Research-backed projections from analyst consensus, management guidance, and sector analysis.
Research-backed WES price target 2030 projection accounting for share dilution, balance sheet debt, and time value of money.
Current price
$43.95
Today
Analyst consensus
$43.00
-2.16% · 12M
2030 Base
$21.09
-52.01% future
NPV today
$14.67
@ 8% WACC
7 analysts:
2 Buy4 Hold2 Sell
Management guidance
Western Midstream guided to $2.5B-$2.7B adjusted EBITDA for 2026, expecting to hit the high end of guidance. Management indicated the $1.6B Brazos Delaware II acquisition (closing late Q2 2026) will be immediately accretive to 2026 distributable cash flow per unit and add 460 MMcf/d of natural gas processing capacity plus 470,000 dedicated acres in the Delaware Basin. CEO Oscar Brown emphasized optimization of recently renegotiated producer contracts and strong throughput momentum across all business lines.
Sources: Management guidance, analyst consensus, sector analysishigh confidence
WES · Western Midstream Partners LP · Revenue & price projection · 2023–2030E
Actual / 2030 target Projected revenue Base case price Bull to bear range
Bear case (2030)
$3.37
NPV today: $2.34
Base case (2030)
$21.09
NPV today: $14.67
Bull case (2030)
$74.27
NPV today: $51.64
WallStSmart.com
WES financial forecast · Research-backed projections
| Metric | 2025 | 2026 (E) | 2027 (E) | 2028 (E) | 2029 (E) | 2030 (E) ★ |
|---|---|---|---|---|---|---|
| Revenue | $3.8B | $4.8B | $5.5B | $6.0B | $6.5B | $7.0B |
| Revenue growth | 6.6% | 25.0% | 13.5% | 11.0% | 8.3% | 7.6% |
| Net margin | — | 30.6% | 30.1% | 30.0% | 29.8% | 29.8% |
| EPS | $3.08 | $3.72 | $4.15 | $4.58 | $4.92 | $5.28 |
| Diluted shares | — | 395M | 395M | 396M | 397M | 398M |
| Net debt | — | $7.72B | $7.29B | $6.80B | $6.28B | $5.71B |
| P/S multiple | — | 2.0x | 2.0x | 2.0x | 2.0x | 2.0x |
| Implied price (base) | — | $4.75 | $9.14 | $13.37 | $17.19 | $21.09 |
★ 2030E is the model's terminal target year. Implied price = (Revenue × P/S − Net debt) ÷ Diluted shares.
Scenario detail · Three drivers, three outcomes
| 2030E driver | Bear | Base | Bull |
|---|---|---|---|
| Revenue | $7.0B | $7.0B | $7.0B |
| P/S multiple | 1.0x | 2.0x | 5.0x |
| Diluted shares | 398M | 398M | 398M |
| Net debt | $5.71B | $5.71B | $5.71B |
| Implied P/E † | 1x | 4x | 14x |
| 2030 Price | $3.37 | $21.09 | $74.27 |
| NPV @ 8% | $2.34 | $14.67 | $51.64 |
† Implied P/E: Multiples remain elevated across all three scenarios because WES is valued primarily on revenue scale during its growth phase, not near-term earnings power. Lower P/E in the bear case reflects multiple compression, but the absolute level stays high since 2030E still represents a hypergrowth-to-mature transition year.
EV to per-share bridge · How we get to $21.09 base case
WES catalysts and risks
Growth catalysts
+ Brazos Delaware II acquisition closing (late Q2 2026) adds $500M+ annual revenue and 460 MMcf/d processing capacity
+ Delaware Basin volume ramp: 49% acreage increase and new producer contracts with Occidental and ConocoPhillips
+ Quarterly distribution increases signaling management confidence in DCF growth; 8.1% current yield supports distribution hikes through 2030
+ Permian Basin production growth (2.5-3.5 BCFE/d expected through 2028 across major operators) drives throughput on WES assets
+ Aris Water Solutions integration (acquired 2024 for $1.5B) realizing cost synergies and expanding water management revenue
Key risks
- Commodity price sensitivity: lower oil/gas prices reduce producer capex and throughput volumes on gathering/processing assets
- High leverage: net debt/EBITDA ~3.0x pro forma post-Brazos; rising rates increase debt service costs and limit M&A flexibility
- Dividend sustainability at 120%+ payout ratio: if EBITDA growth decelerates, distribution cuts risk 8%+ yield compression
- Permian oversupply risk: if multiple competitors build competing infrastructure, WES loses contracted volume optionality
- Regulatory/energy transition: long-term shift away from fossil fuels could pressure asset valuations and producer capex post-2028
Methodology · Western Midstream Partners LP 2030 stock forecast model
Western Midstream Partners LP 2030 price target is calculated using WallStSmart's research model. Revenue projections are derived from analyst consensus across 7 Wall Street analysts, management guidance from the latest earnings call, and sector growth forecasts. The model is built on five core components:
| 1. Share dilution | Projected from per-ticker schedule of SBC + equity raise activity, compounding year by year (1% cumulative for WES by 2030) |
| 2. Net debt | EV minus net debt yields equity value; debt projected from capex cycle trajectory ($5.71B by 2030) |
| 3. Time value | NPV calculated using 8% WACC (CAPM: beta 0.674) |
| 4. Multiple framework | P/S compresses with scale: bear 1.0x / base 2.0x / bull 5.0x |
| 5. Scenario design | Bull/Base/Bear vary revenue, margin, shares, debt, and multiple independently |
WallStSmart research model · Not financial advice · Past performance is not indicative of future results · Last researched: May 21, 2026.
WES price target FAQ
What is the WES price target for 2030?
WallStSmart's Western Midstream Partners LP 2030 base case is $21.09 per share, with a bull case of $74.27 and bear case of $3.37. The NPV of the base case discounted to today at 8% WACC is $14.67.
How is the Western Midstream Partners LP 2030 stock forecast calculated?
The WES 2030 projection multiplies projected revenue by a growth-adjusted P/S multiple to derive enterprise value, subtracts projected net debt to get equity value, then divides by diluted shares outstanding accounting for dilution from stock-based compensation and equity raises.
Why does the WES price target account for dilution?
Western Midstream Partners LP is projected to grow diluted share count from 394M to 398M by 2030 (a 1% increase) through stock-based compensation and capital raises. Ignoring this would inflate the price target by approximately 1%.
What is the analyst consensus on WES stock?
7 analysts cover WES with an average 12-month price target of $43.00. The 2030 projection extends this framework with longer-horizon assumptions including dilution and time value of money.