Exchange Traded Concepts LLC Purchases 13,869 Shares of Hess Midstream Partners LP $HESM

Key Points

• Exchange Traded Concepts LLC increased its stake in Hess Midstream Partners LP by 11.0% during the second quarter, holding 140,512 shares valued at approximately $5.41 million.
• Hess Midstream Partners reported a quarterly earnings per share (EPS) of $0.74, exceeding expectations, with revenue up 13.3% year-over-year.
• The company declared a quarterly dividend of $0.737, representing an annualized yield of 8.3%, an increase from the prior dividend of $0.71.

Exchange Traded Concepts LLC raised its position in Hess Midstream Partners LP (NYSE:HESM - Free Report) by 11.0% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 140,512 shares of the company's stock after purchasing an additional 13,869 shares during the period. Exchange Traded Concepts LLC owned approximately 0.07% of Hess Midstream Partners worth $5,411,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in Hess Midstream Partners during the 2nd quarter worth $25,000. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Hess Midstream Partners during the first quarter worth about $31,000. Farther Finance Advisors LLC lifted its holdings in shares of Hess Midstream Partners by 840.2% during the 1st quarter. Farther Finance Advisors LLC now owns 1,053 shares of the company's stock valued at $45,000 after purchasing an additional 941 shares in the last quarter. FSC Wealth Advisors LLC acquired a new position in shares of Hess Midstream Partners in the 1st quarter valued at approximately $58,000. Finally, IFP Advisors Inc increased its stake in Hess Midstream Partners by 20.0% during the 1st quarter. IFP Advisors Inc now owns 3,520 shares of the company's stock worth $149,000 after purchasing an additional 586 shares in the last quarter. 98.97% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Hess Midstream Partners news, COO John A. Gatling sold 62,457 shares of the company's stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $41.59, for a total value of $2,597,586.63. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on HESM. Morgan Stanley initiated coverage on shares of Hess Midstream Partners in a report on Friday, July 25th. They issued an "equal weight" rating and a $48.00 price target for the company. Citigroup reduced their target price on shares of Hess Midstream Partners from $41.00 to $37.00 and set a "neutral" rating for the company in a research note on Tuesday. Wall Street Zen upgraded Hess Midstream Partners from a "hold" rating to a "buy" rating in a report on Saturday, August 2nd. UBS Group restated a "neutral" rating and issued a $43.00 price target (down from $45.00) on shares of Hess Midstream Partners in a report on Wednesday, September 10th. Finally, Wells Fargo & Company cut Hess Midstream Partners from an "equal weight" rating to a "reduce" rating in a research report on Friday. One research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $43.00.

Hess Midstream Partners Stock Down 0.8%

Shares of Hess Midstream Partners stock traded down $0.27 on Tuesday, reaching $34.87. 431,563 shares of the company were exchanged, compared to its average volume of 1,360,585. The company has a market capitalization of $7.33 billion, a price-to-earnings ratio of 12.89 and a beta of 0.68. 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 50-day moving average of $40.53 and a 200 day moving average of $39.39.

Hess Midstream Partners (NYSE:HESM - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The company reported $0.74 earnings per share 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 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 revenue for the quarter was up 13.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.59 EPS. On average, equities research analysts forecast 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 was paid on Thursday, August 14th. Shareholders of record on Thursday, August 7th were issued a dividend of $0.737 per share. The ex-dividend date of this dividend was Thursday, August 7th. This represents a $2.95 annualized dividend and a yield of 8.5%. This is a positive change from Hess Midstream Partners's previous quarterly dividend of $0.71. Hess Midstream Partners's payout ratio is 109.26%.

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.