Eagle Global Advisors LLC Buys 330,610 Shares of Hess Midstream Partners LP (NYSE:HESM)

Key Points

• Eagle Global Advisors LLC increased its holdings in Hess Midstream Partners by 26.1%, owning approximately 1.6 million shares valued at $67.5 million, making it one of its top positions.
• Hess Midstream Partners announced a quarterly dividend increase to $0.737 per share, representing a 7.1% yield and signaling positive financial performance.
• The company reported a Q2 EPS of $0.74, exceeding analysts' expectations and reflecting a 13.3% year-over-year revenue growth to $414.2 million.

Eagle Global Advisors LLC boosted its holdings in Hess Midstream Partners LP (NYSE:HESM - Free Report) by 26.1% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,596,165 shares of the company's stock after buying an additional 330,610 shares during the quarter. Hess Midstream Partners accounts for approximately 2.8% of Eagle Global Advisors LLC's holdings, making the stock its 9th biggest position. Eagle Global Advisors LLC owned approximately 0.73% of Hess Midstream Partners worth $67,502,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in HESM. Hsbc Holdings PLC bought a new position in shares of Hess Midstream Partners during the 4th quarter valued at approximately $525,000. Envestnet Asset Management Inc. boosted its holdings in Hess Midstream Partners by 2.9% in the fourth quarter. Envestnet Asset Management Inc. now owns 120,180 shares of the company's stock worth $4,450,000 after acquiring an additional 3,412 shares in the last quarter. Teacher Retirement System of Texas purchased a new position in shares of Hess Midstream Partners in the first quarter worth about $707,000. Northern Trust Corp raised its position in Hess Midstream Partners by 17.8% during the fourth quarter. Northern Trust Corp now owns 85,550 shares of the company's stock valued at $3,168,000 after acquiring an additional 12,939 shares in the last quarter. Finally, Financial Sense Advisors Inc. increased its position in shares of Hess Midstream Partners by 151.8% in the first quarter. Financial Sense Advisors Inc. now owns 352,067 shares of the company's stock valued at $14,889,000 after buying an additional 212,266 shares in the last quarter. 98.97% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, major shareholder Blackrock Portfolio Management sold 15,022,517 shares of the stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $36.86, for a total value of $553,729,976.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO John A. Gatling sold 62,457 shares of Hess Midstream Partners stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $41.59, for a total transaction of $2,597,586.63. The disclosure for this sale can be found here. Insiders have sold 15,088,223 shares of company stock valued at $556,454,599 over the last three months.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Morgan Stanley began coverage on Hess Midstream Partners in a research note on Friday, July 25th. They issued an "equal weight" rating and a $48.00 price target on the stock. Wells Fargo & Company upped their price target on Hess Midstream Partners from $47.00 to $48.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Finally, Wall Street Zen upgraded Hess Midstream Partners from a "hold" rating to a "buy" rating in a research note on Saturday, August 2nd. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $45.80.

Hess Midstream Partners Stock Performance

HESM stock traded down $0.03 on Friday, reaching $41.45. The company's stock had a trading volume of 477,789 shares, compared to its average volume of 1,345,182. Hess Midstream Partners LP has a 52 week low of $33.59 and a 52 week high of $44.14. The company has a market capitalization of $8.93 billion, a P/E ratio of 15.35 and a beta of 0.67. The firm has a fifty day moving average of $39.61 and a two-hundred day moving average of $39.48. The company has a debt-to-equity ratio of 7.26, a current ratio of 0.71 and a quick ratio of 0.71.

Hess Midstream Partners (NYSE:HESM - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The company reported $0.74 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.56 by $0.18. Hess Midstream Partners had a return on equity of 60.37% and a net margin of 18.52%. The firm had revenue of $414.20 million during the quarter, compared to analyst estimates of $405.08 million. During the same period last year, the company posted $0.59 EPS. The firm's quarterly revenue was up 13.3% on a year-over-year basis. As a group, analysts predict that Hess Midstream Partners LP will post 2.5 EPS for the current fiscal year.

Hess Midstream Partners Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 14th. Shareholders of record on Thursday, August 7th were given a dividend of $0.737 per share. The ex-dividend date of this dividend was Thursday, August 7th. This is a positive change from Hess Midstream Partners's previous quarterly dividend of $0.71. This represents a $2.95 annualized dividend and a yield of 7.1%. Hess Midstream Partners's dividend payout ratio (DPR) is currently 109.26%.

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.