Hess Midstream Partners LP $HESM Stock Acquired by State Street Corp

Key Points

• State Street increased its Hess Midstream Partners position by 38% in the second quarter, bringing its holdings to 365,577 shares valued at approximately $13.7 million. Institutional investors and hedge funds collectively own 98.97% of the company.
• Hess Midstream exceeded quarterly earnings expectations, reporting $0.75 EPS versus the $0.67 consensus estimate and $399 million in revenue. However, revenue declined 3.7% year over year.
• The company raised its quarterly dividend to $0.7888, equivalent to an annualized $3.16 payout and an 8.3% yield. Analysts maintain a consensus “Reduce” rating with a $36.50 price target, below the reported $38.24 share price.

State Street Corp raised its position in Hess Midstream Partners LP (NYSE:HESM - Free Report) by 38.0% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 365,577 shares of the company's stock after acquiring an additional 100,611 shares during the quarter. State Street Corp owned approximately 0.18% of Hess Midstream Partners worth $13,746,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Palo Duro Investment Partners LP grew its stake in shares of Hess Midstream Partners by 3.6% during the second quarter. Palo Duro Investment Partners LP now owns 10,309 shares of the company's stock worth $388,000 after purchasing an additional 363 shares in the last quarter. Sanctuary Advisors LLC increased its stake in Hess Midstream Partners by 0.5% in the second quarter. Sanctuary Advisors LLC now owns 82,818 shares of the company's stock valued at $3,114,000 after purchasing an additional 408 shares during the last quarter. IFP Advisors Inc raised its holdings in Hess Midstream Partners by 70.0% during the fourth quarter. IFP Advisors Inc now owns 1,413 shares of the company's stock worth $49,000 after purchasing an additional 582 shares in the last quarter. Westover Capital Advisors LLC lifted its position in shares of Hess Midstream Partners by 0.7% during the 1st quarter. Westover Capital Advisors LLC now owns 95,993 shares of the company's stock worth $3,731,000 after buying an additional 638 shares during the last quarter. Finally, Sequoia Financial Advisors LLC boosted its holdings in shares of Hess Midstream Partners by 8.7% in the 1st quarter. Sequoia Financial Advisors LLC now owns 8,700 shares of the company's stock valued at $338,000 after buying an additional 699 shares in the last quarter. Institutional investors and hedge funds own 98.97% of the company's stock.

Hess Midstream Partners Stock Performance

Shares of HESM opened at $38.24 on Friday. The stock has a market capitalization of $7.88 billion, a P/E ratio of 13.19 and a beta of 0.52. The company has a debt-to-equity ratio of 9.39, a quick ratio of 0.77 and a current ratio of 0.77. Hess Midstream Partners LP has a 1 year low of $31.63 and a 1 year high of $41.44. The company's fifty day moving average is $39.95 and its two-hundred day moving average is $39.13.

Hess Midstream Partners (NYSE:HESM - Get Free Report) last issued its quarterly earnings results on Monday, August 3rd. The company reported $0.75 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.67 by $0.08. Hess Midstream Partners had a net margin of 23.23% and a return on equity of 92.18%. The business had revenue of $399.00 million for the quarter, compared to analyst estimates of $395.96 million. During the same period in the previous year, the business posted $0.74 earnings per share. The business's revenue was down 3.7% compared to the same quarter last year. On average, sell-side analysts predict 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 declared a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Thursday, August 6th were given a $0.7888 dividend. This is an increase from Hess Midstream Partners's previous quarterly dividend of $0.7792. This represents a $3.16 dividend on an annualized basis and a dividend yield of 8.3%. The ex-dividend date was Thursday, August 6th. Hess Midstream Partners's dividend payout ratio (DPR) is 108.97%.

Analysts Set New Price Targets

Several equities analysts have issued reports on HESM shares. Morgan Stanley reaffirmed an "underweight" rating and set a $39.00 price objective on shares of Hess Midstream Partners in a report on Tuesday, July 21st. Weiss Ratings reissued a "buy (b)" rating on shares of Hess Midstream Partners in a research report on Monday. One equities research analyst has rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Reduce" and a consensus price target of $36.50.

Hess Midstream Partners Profile

Hess Midstream Partners LP NYSE: HESM is a fee-based, publicly traded midstream energy company that provides infrastructure and logistics services for crude oil, natural gas and produced water. The partnership's operations are primarily supported by long-term commercial agreements with Hess and other customers.

The company owns and operates midstream assets in the Bakken and Three Forks shale plays of North Dakota. Its services include gathering crude oil and natural gas from producing wells, processing and compressing natural gas, gathering and disposing of produced water, and providing storage, terminaling and transportation services.

Hess Midstream's infrastructure includes gathering systems, natural gas processing facilities, crude oil and natural gas storage assets, rail and pipeline connections, and water-handling facilities.

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