BROOKFIELD Corp ON Sells 408,789 Shares of Hess Midstream Partners LP $HESM

Key Points

• BROOKFIELD Corp ON reduced its holdings in Hess Midstream Partners LP by 32.2%, owning approximately 0.40% of the company valued at $36.4 million after selling 408,789 shares.
• Hess Midstream Partners reported $0.74 earnings per share for the last quarter, exceeding analysts' expectations, with revenue increasing by 13.3% year-over-year.
• The company announced a quarterly dividend increase to $0.737 per share, representing an annual yield of 7.4% and a payout ratio of 109.26%.

BROOKFIELD Corp ON decreased its position in Hess Midstream Partners LP (NYSE:HESM - Free Report) by 32.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 861,823 shares of the company's stock after selling 408,789 shares during the period. BROOKFIELD Corp ON owned approximately 0.40% of Hess Midstream Partners worth $36,446,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the company. Alps Advisors Inc. grew its holdings in Hess Midstream Partners by 31.1% in the 1st quarter. Alps Advisors Inc. now owns 26,356,221 shares of the company's stock worth $1,114,605,000 after buying an additional 6,251,664 shares in the last quarter. Artemis Investment Management LLP grew its stake in shares of Hess Midstream Partners by 131.4% in the first quarter. Artemis Investment Management LLP now owns 1,969,448 shares of the company's stock worth $83,288,000 after purchasing an additional 1,118,245 shares in the last quarter. Allianz Asset Management GmbH acquired a new position in shares of Hess Midstream Partners during the first quarter valued at $29,640,000. Goldman Sachs Group Inc. raised its stake in shares of Hess Midstream Partners by 10.0% during the first quarter. Goldman Sachs Group Inc. now owns 7,233,773 shares of the company's stock valued at $305,916,000 after purchasing an additional 655,062 shares in the last quarter. Finally, Zimmer Partners LP acquired a new stake in Hess Midstream Partners in the fourth quarter worth about $23,415,000. Institutional investors and hedge funds own 98.97% of the company's stock.

Insider Activity

In related news, COO John A. Gatling sold 62,457 shares of the stock in a transaction that occurred on Tuesday, August 12th. The stock was 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 is available at this link.

Analyst Upgrades and Downgrades

A number of analysts have commented on HESM shares. Citigroup restated a "neutral" rating and set a $41.00 price target (down from $42.00) on shares of Hess Midstream Partners in a research report on Thursday, September 11th. JPMorgan Chase & Co. raised their price objective on shares of Hess Midstream Partners from $44.00 to $46.00 and gave the company a "neutral" rating in a research note on Friday, August 22nd. UBS Group restated a "neutral" rating and issued a $43.00 target price (down from $45.00) on shares of Hess Midstream Partners in a research report on Wednesday, September 10th. Morgan Stanley initiated coverage on Hess Midstream Partners in a research report on Friday, July 25th. They set an "equal weight" rating and a $48.00 price target on the stock. Finally, Wall Street Zen raised Hess Midstream Partners from a "hold" rating to a "buy" rating in a research note on Saturday, August 2nd. Two equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat.com, Hess Midstream Partners has an average rating of "Hold" and an average target price of $45.17.

Hess Midstream Partners Stock Up 0.1%

Shares of HESM stock traded up $0.04 during trading on Wednesday, hitting $39.41. 345,776 shares of the company were exchanged, compared to its average volume of 1,326,601. The company has a debt-to-equity ratio of 7.26, a quick ratio of 0.71 and a current ratio of 0.71. The firm has a market capitalization of $8.28 billion, a price-to-earnings ratio of 14.59 and a beta of 0.68. The business's 50-day simple moving average is $40.61 and its 200 day simple moving average is $39.49. Hess Midstream Partners LP has a twelve month low of $33.59 and a twelve month high of $44.14.

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, beating the consensus estimate of $0.56 by $0.18. Hess Midstream Partners had a net margin of 18.52% and a return on equity of 60.37%. The firm had revenue of $414.20 million for the quarter, compared to analyst estimates of $405.08 million. During the same quarter in the prior year, the business earned $0.59 EPS. The company's revenue for the quarter was up 13.3% compared to the same quarter last year. As a group, analysts forecast that Hess Midstream Partners LP will post 2.5 EPS for the current fiscal year.

Hess Midstream Partners Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 14th. Stockholders of record on Thursday, August 7th were paid a dividend of $0.737 per share. This is a boost from Hess Midstream Partners's previous quarterly dividend of $0.71. The ex-dividend date of this dividend was Thursday, August 7th. This represents a $2.95 dividend on an annualized basis and a dividend yield of 7.5%. Hess Midstream Partners's dividend payout ratio (DPR) is 109.26%.

Hess Midstream Partners 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.