Hess Midstream Partners LP $HESM Shares Sold by TD Asset Management Inc

Key Points

• TD Asset Management Inc reduced its holdings in Hess Midstream Partners by 11%, now owning approximately 2.8 million shares worth $107.9 million.
• The company reported $0.74 earnings per share, exceeding analyst expectations and marking a 13.3% increase in revenue year-over-year.
• Hess Midstream Partners declared a quarterly dividend of $0.737, up from the previous $0.71, resulting in an annualized yield of 9.2%.

TD Asset Management Inc lessened its holdings in Hess Midstream Partners LP (NYSE:HESM - Free Report) by 11.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,801,924 shares of the company's stock after selling 346,338 shares during the quarter. TD Asset Management Inc owned approximately 1.30% of Hess Midstream Partners worth $107,902,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Leisure Capital Management boosted its holdings in Hess Midstream Partners by 2.0% in the first quarter. Leisure Capital Management now owns 26,681 shares of the company's stock worth $1,128,000 after purchasing an additional 533 shares during the period. Janney Montgomery Scott LLC boosted its holdings in Hess Midstream Partners by 4.1% in the first quarter. Janney Montgomery Scott LLC now owns 14,540 shares of the company's stock worth $615,000 after purchasing an additional 570 shares during the period. IFP Advisors Inc boosted its holdings in Hess Midstream Partners by 20.0% in the first quarter. IFP Advisors Inc now owns 3,520 shares of the company's stock worth $149,000 after purchasing an additional 586 shares during the period. Resona Asset Management Co. Ltd. boosted its holdings in shares of Hess Midstream Partners by 3.2% during the first quarter. Resona Asset Management Co. Ltd. now owns 19,215 shares of the company's stock valued at $813,000 after acquiring an additional 593 shares during the period. Finally, Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Hess Midstream Partners during the second quarter valued at $25,000. Institutional investors and hedge funds own 98.97% of the company's stock.

Hess Midstream Partners Price Performance

Shares of NYSE HESM opened at $32.18 on Wednesday. Hess Midstream Partners LP has a fifty-two week low of $31.63 and a fifty-two week high of $44.14. The firm's 50-day simple moving average is $38.39 and its 200 day simple moving average is $38.47. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 7.26. The stock has a market cap of $6.76 billion, a P/E ratio of 11.92 and a beta of 0.58.

Hess Midstream Partners (NYSE:HESM - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The company reported $0.74 earnings per share for the quarter, beating analysts' consensus estimates 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 business had revenue of $414.20 million for the quarter, compared to analysts' expectations of $405.08 million. During the same period in the previous year, the business earned $0.59 earnings per share. The company's revenue was up 13.3% on a year-over-year basis. Equities analysts expect that Hess Midstream Partners LP will post 2.5 EPS 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 given a $0.737 dividend. This represents a $2.95 annualized dividend and a yield of 9.2%. This is a boost from Hess Midstream Partners's previous quarterly dividend of $0.71. The ex-dividend date was Thursday, August 7th. Hess Midstream Partners's dividend payout ratio (DPR) is presently 109.26%.

Insider Buying and Selling

In other Hess Midstream Partners news, COO John A. Gatling sold 62,457 shares of the business's stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $41.59, for a total value of $2,597,586.63. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Morgan Stanley assumed coverage on shares of Hess Midstream Partners in a report on Friday, July 25th. They set an "equal weight" rating and a $48.00 price target for the company. Wells Fargo & Company downgraded shares of Hess Midstream Partners from an "equal weight" rating to a "reduce" rating in a report on Friday, September 19th. The Goldman Sachs Group assumed coverage on shares of Hess Midstream Partners in a report on Tuesday, September 30th. They set a "neutral" rating and a $36.00 price target for the company. JPMorgan Chase & Co. boosted their price target on shares of Hess Midstream Partners from $44.00 to $46.00 and gave the company a "neutral" rating in a report on Friday, August 22nd. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Hess Midstream Partners in a report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, five have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $42.00.

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.

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