Hess Midstream Partners LP $HESM Holdings Raised by Bank of America Corp DE

Key Points

• Bank of America increased its Hess Midstream Partners stake by 38.7% in the second quarter, bringing its holdings to 446,037 shares valued at approximately $16.8 million. Institutional investors collectively own 98.97% of the company.
• Analysts maintain a cautious outlook, with a consensus rating of “Reduce” and an average price target of $36.50, below the stock’s $38.35 opening price.
• Hess Midstream exceeded quarterly earnings expectations, reporting $0.75 per share versus $0.67 estimated, while revenue fell 3.7% year over year. The company raised its quarterly dividend to $0.7888, representing an annualized yield of about 8.2%.

Bank of America Corp DE lifted its stake in Hess Midstream Partners LP (NYSE:HESM - Free Report) by 38.7% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 446,037 shares of the company's stock after acquiring an additional 124,507 shares during the quarter. Bank of America Corp DE owned 0.22% of Hess Midstream Partners worth $16,771,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in HESM. Jupiter Topco LLC acquired a new position in shares of Hess Midstream Partners in the second quarter valued at approximately $2,120,000. Hsbc Holdings PLC acquired a new stake in shares of Hess Midstream Partners in the second quarter valued at $4,139,000. Legal & General Group Plc raised its stake in shares of Hess Midstream Partners by 0.7% in the second quarter. Legal & General Group Plc now owns 108,105 shares of the company's stock valued at $4,065,000 after acquiring an additional 744 shares in the last quarter. Algert Global LLC boosted its holdings in Hess Midstream Partners by 362.1% in the second quarter. Algert Global LLC now owns 377,010 shares of the company's stock valued at $14,176,000 after purchasing an additional 295,432 shares during the period. Finally, OMERS ADMINISTRATION Corp boosted its holdings in Hess Midstream Partners by 8.8% in the second quarter. OMERS ADMINISTRATION Corp now owns 29,602 shares of the company's stock valued at $1,113,000 after purchasing an additional 2,400 shares during the period. Hedge funds and other institutional investors own 98.97% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on HESM shares. Morgan Stanley reissued an "underweight" rating and set a $39.00 target price on shares of Hess Midstream Partners in a research note on Tuesday, July 21st. Weiss Ratings reiterated a "buy (b)" rating on shares of Hess Midstream Partners in a research note on Monday. One research analyst has rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Reduce" and a consensus price target of $36.50.

Hess Midstream Partners Trading Down 1.1%

NYSE:HESM opened at $38.35 on Friday. Hess Midstream Partners LP has a 1 year low of $31.63 and a 1 year high of $41.44. The stock has a market cap of $7.91 billion, a P/E ratio of 13.22 and a beta of 0.52. The company has a debt-to-equity ratio of 9.39, a quick ratio of 0.77 and a current ratio of 0.77. The stock has a 50-day simple moving average of $39.99 and a 200-day simple moving average of $39.14.

Hess Midstream Partners (NYSE:HESM - Get Free Report) last released its quarterly earnings data on Monday, August 3rd. The company reported $0.75 earnings per share for the quarter, topping analysts' consensus estimates of $0.67 by $0.08. Hess Midstream Partners had a net margin of 23.23% and a return on equity of 92.18%. The company had revenue of $399.00 million for the quarter, compared to analysts' expectations of $395.96 million. During the same quarter last year, the company earned $0.74 earnings per share. The firm's revenue for the quarter was down 3.7% on a year-over-year basis. As a group, analysts anticipate that Hess Midstream Partners LP will post 2.94 earnings per share for the current fiscal year.

Hess Midstream Partners Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Thursday, August 6th were issued a $0.7888 dividend. This represents a $3.16 annualized dividend and a dividend yield of 8.2%. The ex-dividend date of this dividend was Thursday, August 6th. This is an increase from Hess Midstream Partners's previous quarterly dividend of $0.7792. Hess Midstream Partners's dividend payout ratio (DPR) is presently 108.97%.

Hess Midstream Partners Company Profile

Hess Midstream Partners LP NYSE: HESM is a fee-based, publicly traded midstream energy company that provides infrastructure and logistics services for crude oil, natural gas and produced water. The partnership's operations are primarily supported by long-term commercial agreements with Hess and other customers.

The company owns and operates midstream assets in the Bakken and Three Forks shale plays of North Dakota. Its services include gathering crude oil and natural gas from producing wells, processing and compressing natural gas, gathering and disposing of produced water, and providing storage, terminaling and transportation services.

Hess Midstream's infrastructure includes gathering systems, natural gas processing facilities, crude oil and natural gas storage assets, rail and pipeline connections, and water-handling facilities.

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