Fayez Sarofim & Co Acquires Shares of 7,650 Hess Midstream Partners LP (NYSE:HESM)

Key Points

• Fayez Sarofim & Co recently invested $324,000 in Hess Midstream Partners LP by acquiring 7,650 shares in the first quarter.
• Insider activity saw Blackrock Portfolio Management sell over 15 million shares of Hess Midstream Partners, totaling approximately $553.7 million.
• The company announced an increase in its quarterly dividend to $0.737 per share, reflecting a 7.2% dividend yield.

Fayez Sarofim & Co acquired a new stake in Hess Midstream Partners LP (NYSE:HESM - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 7,650 shares of the company's stock, valued at approximately $324,000.

A number of other institutional investors also recently made changes to their positions in the business. JPMorgan Chase & Co. boosted its position in Hess Midstream Partners by 62.0% during the 4th quarter. JPMorgan Chase & Co. now owns 295,503 shares of the company's stock valued at $10,942,000 after buying an additional 113,080 shares during the period. Alliancebernstein L.P. purchased a new stake in Hess Midstream Partners during the 4th quarter valued at $1,944,000. Resona Asset Management Co. Ltd. purchased a new stake in Hess Midstream Partners during the 4th quarter valued at $690,000. Envestnet Asset Management Inc. boosted its position in Hess Midstream Partners by 2.9% during the 4th quarter. Envestnet Asset Management Inc. now owns 120,180 shares of the company's stock valued at $4,450,000 after buying an additional 3,412 shares during the period. Finally, Invesco Ltd. boosted its position in Hess Midstream Partners by 4.9% during the 4th quarter. Invesco Ltd. now owns 4,091,011 shares of the company's stock valued at $151,490,000 after buying an additional 191,175 shares during the period. Hedge funds and other institutional investors own 98.97% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. Morgan Stanley assumed coverage on shares of Hess Midstream Partners in a research report on Friday, July 25th. They set an "equal weight" rating and a $48.00 price target for the company. Wall Street Zen upgraded shares of Hess Midstream Partners from a "hold" rating to a "buy" rating in a report on Saturday, August 2nd. Finally, Wells Fargo & Company upped their price objective on shares of Hess Midstream Partners from $47.00 to $48.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $45.80.

Hess Midstream Partners Trading Up 0.1%

NYSE HESM traded up $0.03 during trading on Tuesday, hitting $41.54. The company had a trading volume of 564,784 shares, compared to its average volume of 1,340,377. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 7.26. Hess Midstream Partners LP has a one year low of $33.59 and a one year high of $44.14. The company has a market cap of $8.95 billion, a price-to-earnings ratio of 15.38 and a beta of 0.67. The company's fifty day moving average is $39.38 and its 200-day moving average is $39.44.

Hess Midstream Partners (NYSE:HESM - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The company reported $0.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.18. The company had revenue of $414.20 million during the quarter, compared to analyst estimates of $405.08 million. Hess Midstream Partners had a net margin of 18.52% and a return on equity of 60.37%. Hess Midstream Partners's quarterly revenue was up 13.3% compared to the same quarter last year. During the same period last year, the business earned $0.59 EPS. On average, sell-side analysts predict that Hess Midstream Partners LP will post 2.5 earnings per share for the current year.

Hess Midstream Partners Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 14th. Investors of record on Thursday, August 7th will be paid a $0.737 dividend. This represents a $2.95 annualized dividend and a dividend yield of 7.1%. The ex-dividend date is Thursday, August 7th. This is a positive change from Hess Midstream Partners's previous quarterly dividend of $0.71. Hess Midstream Partners's dividend payout ratio (DPR) is 109.26%.

Insider Activity

In related news, Director Geurt G. Schoonman sold 3,249 shares of the stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $39.10, for a total value of $127,035.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Blackrock Portfolio Management sold 15,022,517 shares of the stock in a transaction dated Friday, May 30th. The stock was 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.

About Hess Midstream Partners

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.