Hess Midstream Partners LP $HESM Shares Sold by Kayne Anderson Capital Advisors LP

Key Points

• Kayne Anderson Capital Advisors cut its Hess Midstream Partners position by 72.8% in the second quarter, selling 1.10 million shares and retaining 411,563 shares worth approximately $15.5 million. Institutional investors collectively own 98.97% of HESM.
• Hess Midstream reported quarterly EPS of $0.75, exceeding analysts’ $0.67 estimate, while revenue of $399 million also topped expectations. However, revenue declined 3.7% year over year.
• The partnership raised its quarterly dividend to $0.7888, equivalent to an annualized $3.16 payout and an 8.1% yield. Analysts remain cautious, with a consensus “Reduce” rating and a $38.86 price target versus the $39.17 share price.

Kayne Anderson Capital Advisors LP lessened its position in shares of Hess Midstream Partners LP (NYSE:HESM - Free Report) by 72.8% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 411,563 shares of the company's stock after selling 1,099,530 shares during the period. Hess Midstream Partners comprises 0.3% of Kayne Anderson Capital Advisors LP's portfolio, making the stock its 29th largest position. Kayne Anderson Capital Advisors LP owned 0.20% of Hess Midstream Partners worth $15,475,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in HESM. Royal Bank of Canada boosted its holdings in Hess Midstream Partners by 25.1% in the first quarter. Royal Bank of Canada now owns 238,724 shares of the company's stock worth $9,279,000 after purchasing an additional 47,964 shares during the period. Miller Howard Investments Inc. NY increased its stake in Hess Midstream Partners by 3.2% during the first quarter. Miller Howard Investments Inc. NY now owns 1,491,899 shares of the company's stock valued at $57,990,000 after purchasing an additional 45,584 shares during the last quarter. UBS Group AG raised its holdings in shares of Hess Midstream Partners by 3.5% during the fourth quarter. UBS Group AG now owns 2,038,226 shares of the company's stock worth $70,319,000 after purchasing an additional 68,984 shares during the period. Inspire Investing LLC acquired a new stake in shares of Hess Midstream Partners during the fourth quarter worth $2,706,000. Finally, TD Asset Management Inc lifted its position in shares of Hess Midstream Partners by 10.0% in the 4th quarter. TD Asset Management Inc now owns 2,626,438 shares of the company's stock worth $90,612,000 after buying an additional 237,690 shares during the last quarter. Institutional investors and hedge funds own 98.97% of the company's stock.

Hess Midstream Partners Price Performance

Shares of HESM opened at $39.17 on Friday. The company has a market cap of $8.08 billion, a P/E ratio of 13.51 and a beta of 0.52. The stock has a fifty day moving average price of $39.15 and a 200 day moving average price of $38.70. The company has a debt-to-equity ratio of 9.39, a current ratio of 0.77 and a quick ratio of 0.77. Hess Midstream Partners LP has a 12 month low of $31.63 and a 12 month high of $41.80.

Hess Midstream Partners (NYSE:HESM - Get Free Report) last posted its earnings results on Monday, August 3rd. The company reported $0.75 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.67 by $0.08. Hess Midstream Partners had a return on equity of 92.18% and a net margin of 23.23%.The company had revenue of $399.00 million for the quarter, compared to analysts' expectations of $395.96 million. During the same period last year, the business posted $0.74 earnings per share. The firm's quarterly revenue was down 3.7% compared to the same quarter last year. On average, research analysts forecast that Hess Midstream Partners LP will post 2.94 earnings per share for the current year.

Hess Midstream Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Thursday, August 6th were given a $0.7888 dividend. The ex-dividend date was Thursday, August 6th. This represents a $3.16 annualized dividend and a yield of 8.1%. This is a boost from Hess Midstream Partners's previous quarterly dividend of $0.78. Hess Midstream Partners's payout ratio is 108.62%.

Analyst Ratings Changes

Several research analysts have recently commented on the stock. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Hess Midstream Partners in a report on Wednesday, June 24th. Morgan Stanley reiterated an "underweight" rating and set a $39.00 price objective on shares of Hess Midstream Partners in a research note on Tuesday, July 21st. One equities research analyst has rated the stock with a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Reduce" and a consensus 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source