Alberta Investment Management Corp Purchases New Position in Hess Midstream Partners LP (NYSE:HESM)

Key Points

• Alberta Investment Management Corp has acquired a new stake in Hess Midstream Partners LP, investing approximately $1.51 million for 35,600 shares during the first quarter.
• Hess Midstream Partners has announced a quarterly dividend increase to $0.737 per share, with a dividend yield of 6.9%.
• Analysts have given Hess Midstream a consensus rating of "Moderate Buy" and a price target of $45.80, while the stock's performance saw a 2.3% decline recently.

Alberta Investment Management Corp purchased a new position in Hess Midstream Partners LP (NYSE:HESM - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 35,600 shares of the company's stock, valued at approximately $1,506,000.

Other large investors also recently added to or reduced their stakes in the company. Farther Finance Advisors LLC lifted its stake 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 last quarter. FSC Wealth Advisors LLC purchased a new stake in Hess Midstream Partners in the 1st quarter valued at $58,000. IFP Advisors Inc raised its position in Hess Midstream Partners by 20.0% in the 1st quarter. IFP Advisors Inc now owns 3,520 shares of the company's stock valued at $149,000 after purchasing an additional 586 shares during the last quarter. Virtus ETF Advisers LLC raised its position in Hess Midstream Partners by 9.5% in the 4th quarter. Virtus ETF Advisers LLC now owns 4,972 shares of the company's stock valued at $184,000 after purchasing an additional 432 shares during the last quarter. Finally, PFG Investments LLC purchased a new stake in Hess Midstream Partners in the 1st quarter valued at $202,000. 98.97% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. Morgan Stanley assumed coverage on Hess Midstream Partners in a report on Friday, July 25th. They issued an "equal weight" rating and a $48.00 target price on the stock. Wells Fargo & Company upped their price target on shares of Hess Midstream Partners from $47.00 to $48.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Finally, Wall Street Zen raised Hess Midstream Partners from a "hold" rating to a "buy" rating in a report on Saturday, August 2nd. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $45.80.

Hess Midstream Partners Stock Down 0.5%

Shares of NYSE HESM traded down $0.19 during mid-day trading on Thursday, reaching $40.86. 1,115,010 shares of the company traded hands, compared to its average volume of 1,337,426. The company has a debt-to-equity ratio of 6.92, a quick ratio of 0.81 and a current ratio of 0.81. The stock has a market cap of $8.81 billion, a PE ratio of 15.17 and a beta of 0.67. The company's fifty day moving average is $39.14 and its two-hundred day moving average is $39.45. Hess Midstream Partners LP has a fifty-two week low of $33.59 and a fifty-two week high of $44.14.

Hess Midstream Partners (NYSE:HESM - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The company reported $0.74 earnings per share for the quarter, beating analysts' consensus estimates of $0.56 by $0.18. Hess Midstream Partners had a return on equity of 61.46% and a net margin of 18.52%. The firm had revenue of $414.20 million during the quarter, compared to analysts' expectations of $405.08 million. During the same period last year, the firm posted $0.59 EPS. The business's revenue was up 13.3% on a year-over-year basis. On average, analysts expect that Hess Midstream Partners LP will post 2.5 earnings per share for the current year.

Hess Midstream Partners Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 14th. Shareholders of record on Thursday, August 7th will be paid a dividend of $0.737 per share. The ex-dividend date is Thursday, August 7th. This is a boost from Hess Midstream Partners's previous quarterly dividend of $0.71. This represents a $2.95 annualized dividend and a yield of 7.2%. Hess Midstream Partners's dividend payout ratio is currently 108.89%.

Insider Buying and Selling at Hess Midstream Partners

In other news, major shareholder Blackrock Portfolio Management sold 15,022,517 shares of the stock in a transaction on Friday, May 30th. The stock was sold at an average price of $36.86, for a total value of $553,729,976.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Geurt G. Schoonman sold 3,249 shares of the stock in a transaction on Monday, June 9th. The shares were sold at an average price of $39.10, for a total value 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.