Allianz Asset Management GmbH Cuts Holdings in Hess Midstream Partners LP $HESM

Key Points

• Allianz Asset Management cut its Hess Midstream Partners stake by 36% in the second quarter, selling 149,704 shares and retaining 266,238 shares valued at about $10 million. Institutional investors collectively own 98.97% of the company.
• Hess Midstream reported quarterly earnings of $0.75 per share, beating estimates by $0.08, while revenue of $399 million slightly exceeded forecasts but declined 3.7% year over year.
• The company raised its quarterly dividend to $0.7888 per share, equating to an annualized yield of about 7.7%. However, analysts maintain a consensus “Reduce” rating with an average price target of $37.67, below the stock’s reported $40.98 price.

Allianz Asset Management GmbH decreased its holdings in Hess Midstream Partners LP (NYSE:HESM - Free Report) by 36.0% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 266,238 shares of the company's stock after selling 149,704 shares during the period. Allianz Asset Management GmbH owned about 0.13% of Hess Midstream Partners worth $10,011,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Geneos Wealth Management Inc. increased its holdings in shares of Hess Midstream Partners by 14.3% in the 2nd quarter. Geneos Wealth Management Inc. now owns 2,400 shares of the company's stock valued at $92,000 after acquiring an additional 300 shares during the period. Palo Duro Investment Partners LP grew its stake in Hess Midstream Partners by 3.6% in the second quarter. Palo Duro Investment Partners LP now owns 10,309 shares of the company's stock valued at $388,000 after purchasing an additional 363 shares during the last quarter. Cetera Investment Advisers raised its holdings in Hess Midstream Partners by 0.8% in the fourth quarter. Cetera Investment Advisers now owns 44,931 shares of the company's stock worth $1,550,000 after purchasing an additional 378 shares in the last quarter. Creative Planning raised its holdings in Hess Midstream Partners by 4.7% in the third quarter. Creative Planning now owns 9,000 shares of the company's stock worth $311,000 after purchasing an additional 404 shares in the last quarter. Finally, Sanctuary Advisors LLC lifted its position in shares of Hess Midstream Partners by 0.5% during the second quarter. Sanctuary Advisors LLC now owns 82,818 shares of the company's stock valued at $3,114,000 after buying an additional 408 shares during the last quarter. Hedge funds and other institutional investors own 98.97% of the company's stock.

Hess Midstream Partners Stock Up 2.7%

Hess Midstream Partners stock opened at $40.98 on Wednesday. Hess Midstream Partners LP has a 1-year low of $31.63 and a 1-year high of $41.44. The business has a fifty day moving average price of $39.79 and a 200-day moving average price of $39.05. The company has a debt-to-equity ratio of 9.39, a current ratio of 0.77 and a quick ratio of 0.77. The stock has a market capitalization of $8.45 billion, a price-to-earnings ratio of 14.13 and a beta of 0.52.

Hess Midstream Partners (NYSE:HESM - Get Free Report) last issued its quarterly earnings results on Monday, August 3rd. The company reported $0.75 earnings per share for the quarter, topping the consensus estimate of $0.67 by $0.08. The business had revenue of $399.00 million during the quarter, compared to the consensus estimate of $395.96 million. Hess Midstream Partners had a return on equity of 92.18% and a net margin of 23.23%.The company's quarterly revenue was down 3.7% on a year-over-year basis. During the same quarter last year, the company earned $0.74 earnings per share. Equities research analysts forecast that Hess Midstream Partners LP will post 2.94 EPS for the current fiscal year.

Hess Midstream Partners Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Thursday, August 6th were paid a dividend of $0.7888 per share. This represents a $3.16 dividend on an annualized basis and a yield of 7.7%. The ex-dividend date was Thursday, August 6th. This is a positive change from Hess Midstream Partners's previous quarterly dividend of $0.78. Hess Midstream Partners's dividend payout ratio (DPR) is currently 108.97%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Morgan Stanley restated an "underweight" rating and issued a $39.00 price target on shares of Hess Midstream Partners in a report on Tuesday, July 21st. Weiss Ratings reiterated a "buy (b)" rating on shares of Hess Midstream Partners in a research note on Wednesday, June 24th. One research analyst has rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Reduce" and an average price target of $37.67.

Hess Midstream Partners Company Profile

Hess Midstream Partners LP, formerly traded on the New York Stock Exchange under the ticker HESM, is a midstream energy partnership that owns, operates and develops crude oil, natural gas and produced water infrastructure in the Williston Basin. The company’s assets include crude oil gathering and transportation systems, saltwater disposal wells, natural gas processing and fractionation plants, and associated pipeline and storage facilities. Its integrated network is designed to support upstream production by providing gathering, processing, storage and marketing services for hydrocarbons and produced water.

Headquartered in Houston, Texas, Hess Midstream Partners primarily serves producers operating in North Dakota and Montana’s Bakken Shale region.

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