Bank of New York Mellon Corp Purchases 390,933 Shares of Hess Midstream Partners LP $HESM

Key Points

• Bank of New York Mellon boosted its Hess Midstream Partners stake by 21.1% in Q4, buying 390,933 shares and bringing its total holdings to 2,239,995 shares worth about $77.3 million.
• Hess Midstream Partners reported better-than-expected quarterly results, with EPS of $0.68 versus $0.65 estimated and revenue of $390.1 million, while revenue rose 2.1% year over year.
• The company also raised its quarterly dividend to $0.7792 per share, implying an annualized yield of 8.1%, though the payout ratio is high at 107.96%.

Bank of New York Mellon Corp increased its stake in shares of Hess Midstream Partners LP (NYSE:HESM - Free Report) by 21.1% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,239,995 shares of the company's stock after buying an additional 390,933 shares during the period. Bank of New York Mellon Corp owned about 1.08% of Hess Midstream Partners worth $77,280,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in HESM. Strategic Advocates LLC purchased a new stake in Hess Midstream Partners during the third quarter worth about $28,000. IFP Advisors Inc increased its stake in shares of Hess Midstream Partners by 70.0% in the fourth quarter. IFP Advisors Inc now owns 1,413 shares of the company's stock worth $49,000 after purchasing an additional 582 shares in the last quarter. Geneos Wealth Management Inc. increased its stake in shares of Hess Midstream Partners by 14.3% in the second quarter. Geneos Wealth Management Inc. now owns 2,400 shares of the company's stock worth $92,000 after purchasing an additional 300 shares in the last quarter. SBI Okasan Asset Management Co.Ltd. purchased a new position in shares of Hess Midstream Partners in the fourth quarter worth about $96,000. Finally, Larson Financial Group LLC increased its stake in shares of Hess Midstream Partners by 668.5% in the third quarter. Larson Financial Group LLC now owns 3,074 shares of the company's stock worth $106,000 after purchasing an additional 2,674 shares in the last quarter. Hedge funds and other institutional investors own 98.97% of the company's stock.

Wall Street Analyst Weigh In

HESM has been the subject of several recent research reports. Weiss Ratings upgraded shares of Hess Midstream Partners from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Monday, March 2nd. Wells Fargo & Company lifted their target price on shares of Hess Midstream Partners from $39.00 to $40.00 and gave the stock an "equal weight" rating in a research note on Friday, March 13th. The Goldman Sachs Group downgraded shares of Hess Midstream Partners from a "neutral" rating to a "sell" rating and set a $32.00 target price for the company. in a research note on Monday, April 20th. Zacks Research upgraded shares of Hess Midstream Partners from a "strong sell" rating to a "hold" rating in a research note on Monday, March 2nd. Finally, Morgan Stanley downgraded shares of Hess Midstream Partners from an "equal weight" rating to an "underweight" rating in a research note on Wednesday. One research analyst has rated the stock with a Buy rating, six have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Reduce" and an average target price of $38.71.

Hess Midstream Partners Price Performance

HESM stock opened at $38.57 on Wednesday. The company has a debt-to-equity ratio of 9.97, a current ratio of 0.92 and a quick ratio of 0.92. Hess Midstream Partners LP has a one year low of $31.63 and a one year high of $44.14. The stock has a market cap of $7.95 billion, a PE ratio of 13.35 and a beta of 0.52. The firm has a 50 day simple moving average of $38.71 and a two-hundred day simple moving average of $36.92.

Hess Midstream Partners (NYSE:HESM - Get Free Report) last released its quarterly earnings results on Monday, May 4th. The company reported $0.68 EPS for the quarter, topping analysts' consensus estimates of $0.65 by $0.03. Hess Midstream Partners had a net margin of 22.64% and a return on equity of 84.47%. The business had revenue of $390.10 million during the quarter, compared to analysts' expectations of $389.51 million. During the same quarter in the previous year, the company earned $0.65 EPS. The business's quarterly revenue was up 2.1% compared to the same quarter last year. On average, analysts predict that Hess Midstream Partners LP will post 2.99 EPS for the current fiscal year.

Hess Midstream Partners Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 14th. Shareholders of record on Thursday, May 7th were paid a $0.7792 dividend. The ex-dividend date of this dividend was Thursday, May 7th. This represents a $3.12 dividend on an annualized basis and a yield of 8.1%. This is a boost from Hess Midstream Partners's previous quarterly dividend of $0.76. Hess Midstream Partners's dividend payout ratio is presently 107.96%.

About Hess Midstream Partners

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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