Western Midstream Partners $WES stock has retaken its 200 day moving average as of January 8, 2023; however, caution is warranted as we don’t yet have confirmation of the break. We are a seeing a common theme of energy stocks with bullish chart patterns over the last week. $WES stock is in a technical weak uptrend. Recently, unusual dark pool trades occurred in Western Midstream Partners $WES stock.
Unusual Dark Pool Trading In Western Midstream Partners $WES Stock
Unusual dark pool trades occurred in Western Midstream Partners $WES stock on December 21, 2022. The unusually large dark pool trades were in two blocks of $4.7 million and $4.3 million. We think the dark pool trades were buy orders because $WES stock rose following the trades being made public.
Make sure to review this lesson on dark pool trading so that you understand the chart above.
Western Midstream initiated with a Buy at Citi
Spiro Dounis, a Citi analyst, began covering Western Midstream on December 8, 2022, with a Buy rating and a $33 price target. While acknowledging the need to be selective in this environment, the analyst began coverage of 23 midstream stocks with a positive cash flow outlook. In a research note, Dounis informs investors that the sector offers a compelling mix of growth and yield. According to Dounis, the midstream sector has arguably never been better prepared for macro headwinds because leverage and capital spending have declined significantly.
