Healthcare of Ontario Pension Plan Trust Fund Cuts Stake in Hess Midstream Partners LP $HESM

Key Points

• Healthcare of Ontario Pension Plan Trust Fund cut its Hess Midstream Partners stake by 76.4% in the first quarter, selling 228,318 shares and retaining 70,591 shares valued at approximately $2.74 million. Institutional investors still own 98.97% of the stock.
• Hess Midstream reported quarterly EPS of $0.68, beating estimates of $0.65, while revenue rose 2.1% year over year to $390.1 million. The partnership raised its quarterly dividend to $0.7888 per share, representing a 7.7% annualized yield.
• Analyst sentiment remains cautious, with one Buy, six Hold and two Sell ratings; the average rating is “Reduce” and the average price target is $38.86, below the reported share price of $40.94.

Healthcare of Ontario Pension Plan Trust Fund reduced its position in shares of Hess Midstream Partners LP (NYSE:HESM - Free Report) by 76.4% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 70,591 shares of the company's stock after selling 228,318 shares during the quarter. Healthcare of Ontario Pension Plan Trust Fund's holdings in Hess Midstream Partners were worth $2,744,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the company. Royal Bank of Canada grew its holdings in shares of Hess Midstream Partners by 33.7% during the first quarter. Royal Bank of Canada now owns 129,902 shares of the company's stock valued at $5,494,000 after buying an additional 32,740 shares during the last quarter. NewEdge Advisors LLC purchased a new position in Hess Midstream Partners in the 1st quarter worth approximately $235,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Hess Midstream Partners by 20.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 224,741 shares of the company's stock valued at $9,504,000 after acquiring an additional 37,794 shares in the last quarter. Geode Capital Management LLC lifted its position in Hess Midstream Partners by 21.6% in the 2nd quarter. Geode Capital Management LLC now owns 5,778 shares of the company's stock valued at $223,000 after acquiring an additional 1,026 shares in the last quarter. Finally, Creative Planning boosted its stake in Hess Midstream Partners by 10.6% during the 2nd quarter. Creative Planning now owns 8,596 shares of the company's stock valued at $331,000 after purchasing an additional 826 shares during the last quarter. 98.97% of the stock is owned by hedge funds and other institutional investors.

Hess Midstream Partners Trading Up 1.7%

Shares of HESM stock opened at $40.94 on Friday. Hess Midstream Partners LP has a 12-month low of $31.63 and a 12-month high of $44.14. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 9.97. The firm's 50 day moving average is $38.76 and its 200 day moving average is $38.19. The stock has a market capitalization of $8.44 billion, a P/E ratio of 14.16 and a beta of 0.53.

Hess Midstream Partners (NYSE:HESM - Get Free Report) last announced its earnings results on Monday, May 4th. The company reported $0.68 earnings per share for the quarter, beating analysts' consensus estimates of $0.65 by $0.03. The business had revenue of $390.10 million during the quarter, compared to analyst estimates of $389.51 million. Hess Midstream Partners had a net margin of 22.64% and a return on equity of 84.47%. The company's quarterly revenue was up 2.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.65 EPS. Research analysts expect that Hess Midstream Partners LP will post 2.86 earnings per share for the current year.

Hess Midstream Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Thursday, August 6th will be given a dividend of $0.7888 per share. This represents a $3.16 dividend on an annualized basis and a yield of 7.7%. This is a boost from Hess Midstream Partners's previous quarterly dividend of $0.78. The ex-dividend date is Thursday, August 6th. Hess Midstream Partners's dividend payout ratio (DPR) is currently 107.96%.

Analysts Set New Price Targets

A number of analysts have commented on the company. Weiss Ratings reissued a "buy (b)" rating on shares of Hess Midstream Partners in a report on Wednesday, June 24th. The Goldman Sachs Group cut Hess Midstream Partners from a "neutral" rating to a "sell" rating and set a $32.00 price objective on the stock. in a research report on Monday, April 20th. Finally, Morgan Stanley reiterated an "underweight" rating and issued a $39.00 price objective on shares of Hess Midstream Partners in a report on Tuesday, July 21st. One investment analyst has rated the stock with a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of "Reduce" and an average price target of $38.86.

Hess Midstream Partners Profile

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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