Miller Howard Investments Inc. NY Sells 26,800 Shares of Hess Midstream Partners LP $HESM

Key Points

• Miller Howard Investments Inc. NY reduced its stake in Hess Midstream Partners by 2.1%, now holding approximately 1,272,494 shares valued at $49 million.
• Hess Midstream Partners increased its quarterly dividend to $0.737, representing an annualized yield of 8.3%, which is an increase from the previous dividend of $0.71.
• The company reported strong quarterly earnings of $0.74 EPS, exceeding estimates, with revenue up 13.3% year-over-year at $414.2 million.

Miller Howard Investments Inc. NY decreased its holdings in shares of Hess Midstream Partners LP (NYSE:HESM - Free Report) by 2.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,272,494 shares of the company's stock after selling 26,800 shares during the quarter. Hess Midstream Partners makes up approximately 1.6% of Miller Howard Investments Inc. NY's holdings, making the stock its 29th biggest holding. Miller Howard Investments Inc. NY owned 0.59% of Hess Midstream Partners worth $49,004,000 as of its most recent filing with the Securities & Exchange Commission.

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

Wall Street Analyst Weigh In

Several brokerages have issued reports on HESM. Wall Street Zen upgraded Hess Midstream Partners from a "hold" rating to a "buy" rating in a research note on Saturday, August 2nd. JPMorgan Chase & Co. raised their price target on Hess Midstream Partners from $44.00 to $46.00 and gave the stock a "neutral" rating in a research note on Friday, August 22nd. UBS Group restated a "neutral" rating and set a $43.00 target price (down previously from $45.00) on shares of Hess Midstream Partners in a research report on Wednesday, September 10th. Citigroup cut their price target on Hess Midstream Partners from $41.00 to $37.00 and set a "neutral" rating on the stock in a research report on Tuesday. Finally, Morgan Stanley began coverage on Hess Midstream Partners in a research report on Friday, July 25th. They issued an "equal weight" rating and a $48.00 target price on the stock. One equities research analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $43.00.

Hess Midstream Partners Stock Down 0.2%

HESM traded down $0.09 during trading on Tuesday, reaching $35.06. 646,666 shares of the stock were exchanged, compared to its average volume of 1,361,853. Hess Midstream Partners LP has a twelve month low of $33.59 and a twelve month high of $44.14. The stock has a market cap of $7.36 billion, a P/E ratio of 12.98 and a beta of 0.68. The stock's 50 day moving average price is $40.53 and its two-hundred day moving average price is $39.39. The company has a debt-to-equity ratio of 7.26, a quick ratio of 0.71 and a current ratio of 0.71.

Hess Midstream Partners (NYSE:HESM - Get Free Report) last posted 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 business had revenue of $414.20 million during the quarter, compared to analysts' expectations 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 was up 13.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.59 earnings per share. Equities analysts expect that Hess Midstream Partners LP will post 2.5 EPS for the current year.

Hess Midstream Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 14th. Shareholders of record on Thursday, August 7th were given a $0.737 dividend. The ex-dividend date was Thursday, August 7th. This is an increase from Hess Midstream Partners's previous quarterly dividend of $0.71. This represents a $2.95 annualized dividend and a yield of 8.4%. Hess Midstream Partners's dividend payout ratio is presently 109.26%.

Insiders Place Their Bets

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

Hess Midstream Partners Company 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.