Castellan Group Reduces Holdings 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 reduced its stake in shares of Hess Midstream Partners LP (NYSE:HESM - Free Report) by 25.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund 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 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in HESM. Farther Finance Advisors LLC lifted its holdings in shares of Hess Midstream Partners by 840.2% in the 1st 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 worth about $58,000. IFP Advisors Inc lifted its stake 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 purchasing an additional 586 shares during the last quarter. PFG Investments LLC purchased a new position in shares of Hess Midstream Partners during the first quarter valued at approximately $202,000. Finally, Virtus ETF Advisers LLC boosted its position in shares of Hess Midstream Partners by 9.5% during the fourth quarter. Virtus ETF Advisers LLC now owns 4,972 shares of the company's stock valued at $184,000 after buying an additional 432 shares during the period. 98.97% of the stock is currently owned by hedge funds and other institutional investors.

Hess Midstream Partners Trading Down 2.3%

Shares of NYSE:HESM traded down $1.02 during trading on Friday, reaching $42.51. 2,469,974 shares of the company were exchanged, compared to its average volume of 1,631,397. The business's fifty day simple moving average is $38.89 and its 200-day simple moving average is $39.41. The company has a debt-to-equity ratio of 6.92, a current ratio of 0.81 and a quick ratio of 0.81. Hess Midstream Partners LP has a 12-month low of $33.59 and a 12-month high of $44.14. The firm has a market capitalization of $9.16 billion, a PE ratio of 15.74 and a beta of 0.67.

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

Hess Midstream Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 14th. Investors of record on Thursday, August 7th will be issued a $0.737 dividend. The ex-dividend date is Thursday, August 7th. This is an increase from Hess Midstream Partners's previous quarterly dividend of $0.71. This represents a $2.95 annualized dividend and a dividend yield of 6.9%. Hess Midstream Partners's dividend payout ratio is presently 105.19%.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Morgan Stanley initiated coverage on Hess Midstream Partners in a research note on Friday, July 25th. They set an "equal weight" rating and a $48.00 price target for the company. Wells Fargo & Company increased their target price on Hess Midstream Partners from $47.00 to $48.00 and gave the stock an "overweight" rating in a research note on Friday. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $45.80.

Insider Activity

In other news, Director Geurt G. Schoonman sold 3,249 shares of the stock in a transaction that occurred on Monday, June 9th. The shares were 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 can be accessed through this link. Also, major shareholder Blackrock Portfolio Management sold 15,022,517 shares of Hess Midstream Partners stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $36.86, for a total transaction of $553,729,976.62. The disclosure for this sale can be found here.

Hess Midstream Partners Company 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.