Envestnet Asset Management Inc. Sells 28,822 Shares of Hess Midstream Partners LP (NYSE:HESM)

Envestnet Asset Management Inc. decreased its holdings in shares of Hess Midstream Partners LP (NYSE:HESM - Free Report) by 24.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 91,358 shares of the company's stock after selling 28,822 shares during the period. Envestnet Asset Management Inc.'s holdings in Hess Midstream Partners were worth $3,864,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of the business. Tortoise Capital Advisors L.L.C. boosted its holdings in Hess Midstream Partners by 1.1% in 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 buying an additional 83,943 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in 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 worth $185,560,000 after buying an additional 496,464 shares during the period. Invesco Ltd. boosted its holdings in Hess Midstream Partners by 4.9% in the 4th quarter. Invesco Ltd. now owns 4,091,011 shares of the company's stock worth $151,490,000 after buying an additional 191,175 shares during the period. Epoch Investment Partners Inc. boosted its holdings in Hess Midstream Partners by 5.3% in 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 period. Finally, Artemis Investment Management LLP boosted its holdings in Hess Midstream Partners by 131.4% in the 1st quarter. Artemis Investment Management LLP now owns 1,969,448 shares of the company's stock worth $83,288,000 after buying an additional 1,118,245 shares during the period. Institutional investors own 98.97% of the company's stock.

Hess Midstream Partners Stock Up 2.1%

HESM opened at $40.29 on Friday. The firm has a 50-day simple moving average of $38.51 and a two-hundred day simple moving average of $39.30. Hess Midstream Partners LP has a 52 week low of $33.59 and a 52 week high of $44.05. The company has a market capitalization of $8.68 billion, a PE ratio of 15.80 and a beta of 0.63. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 6.92.

Hess Midstream Partners (NYSE:HESM - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The company reported $0.65 EPS for the quarter, beating the consensus estimate of $0.63 by $0.02. Hess Midstream Partners had a net margin of 16.43% and a return on equity of 54.89%. The business had revenue of $382.00 million during the quarter, compared to the consensus estimate of $384.28 million. During the same quarter in the prior year, the firm earned $0.60 EPS. The business's revenue was up 7.4% on a year-over-year basis. Analysts forecast that Hess Midstream Partners LP will post 2.5 earnings per share for the current fiscal year.

Hess Midstream Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 14th. Shareholders of record on Thursday, May 8th were issued a dividend of $0.7098 per share. This represents a $2.84 annualized dividend and a dividend yield of 7.05%. The ex-dividend date of this dividend was Thursday, May 8th. This is an increase from Hess Midstream Partners's previous quarterly dividend of $0.70. Hess Midstream Partners's dividend payout ratio is 111.37%.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Wells Fargo & Company raised shares of Hess Midstream Partners from an "equal weight" rating to an "overweight" rating and upped their target price for the stock from $41.00 to $47.00 in a report on Friday. Morgan Stanley began coverage on shares of Hess Midstream Partners in a report on Friday. They issued an "equal weight" rating and a $48.00 target price for the company. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $45.60.

Insider Activity

In other news, Director Geurt G. Schoonman sold 3,249 shares of the company's stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $39.10, for a total transaction of $127,035.90. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Blackrock Portfolio Management sold 15,022,517 shares of the company's stock in a transaction dated 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.

Want to see what other hedge funds are holding HESM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Hess Midstream Partners LP (NYSE:HESM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.