Western Midstream price target raised to $38 from $36 at RBC Capital

RBC Capital raised the firm’s price target on Western Midstream to $38 from $36 and keeps a Sector Perform rating on the shares. The firm is updating its model after the company’s Q2 results, saying that while it reported largely in line results and maintained its full year guidance, Western Midstream also had solid commercial activity in Q2 and early Q3, signing new contracts in both the Delaware and Uinta Basins and extending and expanding an existing contract in the DJ Basin, the analyst tells investors in a research note. RBC is also raising its FY24 free cash flow per unit view on the stock by 30c to $3.24.