Caption Management LLC Buys New Stake in Hess Midstream Partners LP $HESM

Key Points

• Caption Management LLC has acquired a new stake in Hess Midstream Partners LP, purchasing 42,694 shares valued at approximately $1.8 million in the first quarter of 2023.
• The company's quarterly earnings exceeded expectations, reporting $0.74 earnings per share and a revenue of $414.2 million, marking a 13.3% increase compared to the previous year.
• Hess Midstream Partners announced a dividend increase to $0.737 per share, raising its annualized yield to 7.2%, with a current dividend payout ratio of 109.26%.

Caption Management LLC acquired a new position in Hess Midstream Partners LP (NYSE:HESM - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 42,694 shares of the company's stock, valued at approximately $1,806,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Caitong International Asset Management Co. Ltd purchased a new stake in Hess Midstream Partners in the first quarter worth about $31,000. Farther Finance Advisors LLC raised its position in Hess Midstream Partners by 840.2% in the first quarter. Farther Finance Advisors LLC now owns 1,053 shares of the company's stock worth $45,000 after acquiring an additional 941 shares during the period. FSC Wealth Advisors LLC bought a new position in Hess Midstream Partners in the first quarter worth approximately $58,000. IFP Advisors Inc raised its position in Hess Midstream Partners by 20.0% in the first quarter. IFP Advisors Inc now owns 3,520 shares of the company's stock worth $149,000 after acquiring an additional 586 shares during the period. Finally, PFG Investments LLC bought a new position in Hess Midstream Partners in the first quarter worth approximately $202,000. Hedge funds and other institutional investors own 98.97% of the company's stock.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Wells Fargo & Company raised their price objective on shares of Hess Midstream Partners from $47.00 to $48.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. JPMorgan Chase & Co. lifted their price objective on shares of Hess Midstream Partners from $44.00 to $46.00 and gave the stock a "neutral" rating in a research note on Friday, August 22nd. Morgan Stanley assumed coverage on shares of Hess Midstream Partners in a research note on Friday, July 25th. They issued an "equal weight" rating and a $48.00 price objective for the company. Finally, Wall Street Zen raised shares of Hess Midstream Partners from a "hold" rating to a "buy" rating in a research note on Saturday, August 2nd. Three analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $46.20.

Hess Midstream Partners Stock Down 0.5%

Shares of Hess Midstream Partners stock traded down $0.19 on Wednesday, reaching $41.10. The stock had a trading volume of 860,526 shares, compared to its average volume of 1,356,263. The company has a 50 day moving average price of $40.30 and a 200 day moving average price of $39.54. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 7.26. Hess Midstream Partners LP has a 1 year low of $33.59 and a 1 year high of $44.14. The stock has a market capitalization of $8.63 billion, a P/E ratio of 15.22 and a beta of 0.68.

Hess Midstream Partners (NYSE:HESM - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The company reported $0.74 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.56 by $0.18. Hess Midstream Partners had a net margin of 18.52% and a return on equity of 60.37%. The firm had revenue of $414.20 million for the quarter, compared to the consensus estimate of $405.08 million. During the same quarter in the previous year, the firm earned $0.59 EPS. The company's quarterly revenue was up 13.3% compared to the same quarter last year. As a group, equities research analysts forecast that Hess Midstream Partners LP will post 2.5 EPS for the current year.

Hess Midstream Partners Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 14th. Shareholders of record on Thursday, August 7th were given a dividend of $0.737 per share. The ex-dividend date of this dividend was Thursday, August 7th. This represents a $2.95 annualized dividend and a yield of 7.2%. This is a boost from Hess Midstream Partners's previous quarterly dividend of $0.71. Hess Midstream Partners's payout ratio is presently 109.26%.

Insider Buying and Selling at Hess Midstream Partners

In other news, COO John A. Gatling sold 62,457 shares of the company's stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $41.59, for a total value of $2,597,586.63. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Geurt G. Schoonman sold 3,249 shares of the company's stock in a transaction on Monday, June 9th. The shares were sold at an average price of $39.10, for a total transaction of $127,035.90. The disclosure for this sale can be found here.

About Hess Midstream Partners

Hess Midstream LP owns, develops, operates, and acquires midstream assets and provide fee-based services to Hess and third-party customers in the United States. It operates through three segments: Gathering; Processing and Storage; and Terminaling and Export. The Gathering segment owns natural gas gathering and compression systems; crude oil gathering systems; and produced water gathering and disposal facilities.