Castellan Group Has $3.08 Million Position in Hess Midstream Partners LP (NYSE:HESM)

Key Points

• Castellan Group reduced its stake in Hess Midstream Partners LP by 25.8%, owning 72,813 shares worth $3,079,000 after selling 25,297 shares in Q1.
• Hess Midstream Partners is set to pay a quarterly dividend of $0.737 per share, up from its previous dividend of $0.71, representing an annual yield of 6.8%.
• Wells Fargo upgraded Hess Midstream’s rating from "equal weight" to "overweight" with a price target increase from $41.00 to $47.00, reflecting positive sentiment from analysts.

Castellan Group decreased its stake in shares of Hess Midstream Partners LP (NYSE:HESM - Free Report) by 25.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 72,813 shares of the company's stock after selling 25,297 shares during the quarter. Castellan Group's holdings in Hess Midstream Partners were worth $3,079,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in HESM. Alps Advisors Inc. boosted its position in Hess Midstream Partners by 31.1% during the first quarter. Alps Advisors Inc. now owns 26,356,221 shares of the company's stock worth $1,114,605,000 after acquiring an additional 6,251,664 shares during the last quarter. Tortoise Capital Advisors L.L.C. grew its holdings in Hess Midstream Partners by 1.1% during the 4th quarter. Tortoise Capital Advisors L.L.C. now owns 7,581,106 shares of the company's stock worth $280,728,000 after acquiring an additional 83,943 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Hess Midstream Partners by 11.0% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,011,069 shares of the company's stock valued at $185,560,000 after buying an additional 496,464 shares in the last quarter. Invesco Ltd. boosted its stake in Hess Midstream Partners by 4.9% during the 4th quarter. Invesco Ltd. now owns 4,091,011 shares of the company's stock worth $151,490,000 after purchasing an additional 191,175 shares during the period. Finally, Epoch Investment Partners Inc. raised its position in Hess Midstream Partners by 5.3% during the 4th quarter. Epoch Investment Partners Inc. now owns 3,309,547 shares of the company's stock worth $122,553,000 after buying an additional 165,933 shares during the last quarter. Hedge funds and other institutional investors own 98.97% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on HESM. Morgan Stanley initiated coverage on shares of Hess Midstream Partners in a report on Friday, July 25th. They issued an "equal weight" rating and a $48.00 price target for the company. Wells Fargo & Company raised 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. Finally, Wall Street Zen raised shares of Hess Midstream Partners from a "hold" rating to a "buy" rating in a research note on Saturday. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, Hess Midstream Partners presently has an average rating of "Moderate Buy" and an average target price of $45.80.

Insider Activity

In other Hess Midstream Partners news, Director Geurt G. Schoonman sold 3,249 shares of the business's stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $39.10, for a total transaction of $127,035.90. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, major shareholder Blackrock Portfolio Management sold 15,022,517 shares of Hess Midstream Partners stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $36.86, for a total value of $553,729,976.62. The disclosure for this sale can be found here.

Hess Midstream Partners Stock Performance

Shares of HESM traded up $0.76 during midday trading on Monday, hitting $43.28. 363,159 shares of the stock traded hands, compared to its average volume of 1,313,400. Hess Midstream Partners LP has a 1-year low of $33.59 and a 1-year high of $44.14. The firm has a market capitalization of $9.33 billion, a PE ratio of 16.02 and a beta of 0.67. 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 business's 50 day moving average price is $38.89 and its two-hundred day moving average price is $39.41.

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 for the quarter, beating 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 61.46%. The business had revenue of $414.20 million for the quarter, compared to analysts' expectations of $405.08 million. During the same period in the previous year, the business earned $0.59 earnings per share. The company's revenue was up 13.3% on a year-over-year basis. Equities research analysts predict that Hess Midstream Partners LP will post 2.5 EPS for the current fiscal year.

Hess Midstream Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 14th. Shareholders of record on Thursday, August 7th will be issued a dividend of $0.737 per share. This represents a $2.95 annualized dividend and a yield of 6.8%. The ex-dividend date is Thursday, August 7th. This is a boost from Hess Midstream Partners's previous quarterly dividend of $0.71. Hess Midstream Partners's dividend payout ratio is presently 108.89%.

Hess Midstream Partners Profile

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.