Hess Midstream Partners LP (NYSE:HESM) Shares Bought by Mackenzie Financial Corp

Key Points

• Mackenzie Financial Corp increased its stake in Hess Midstream Partners by 169.3% during the first quarter, acquiring an additional 208,500 shares to total 331,643 shares worth approximately $14 million.
• Hess Midstream Partners has received a mixed outlook from analysts, with the stock achieving a consensus rating of "Moderate Buy" and an average target price of $45.60.
• The company has announced a quarterly dividend of $0.737 per share, representing a yield of 6.91%, a boost from its previous dividend of $0.71.

Mackenzie Financial Corp lifted its position in Hess Midstream Partners LP (NYSE:HESM - Free Report) by 169.3% in the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 331,643 shares of the company's stock after purchasing an additional 208,500 shares during the period. Mackenzie Financial Corp owned 0.15% of Hess Midstream Partners worth $14,025,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of HESM. Alps Advisors Inc. lifted its holdings in Hess Midstream Partners by 31.1% during the first quarter. Alps Advisors Inc. now owns 26,356,221 shares of the company's stock worth $1,114,605,000 after buying an additional 6,251,664 shares during the period. Artemis Investment Management LLP lifted its holdings in Hess Midstream Partners by 131.4% during the first quarter. Artemis Investment Management LLP now owns 1,969,448 shares of the company's stock worth $83,288,000 after buying an additional 1,118,245 shares during the period. Allianz Asset Management GmbH purchased a new stake in Hess Midstream Partners during the first quarter worth $29,640,000. Zimmer Partners LP purchased a new stake in Hess Midstream Partners during the fourth quarter worth $23,415,000. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lifted its holdings in Hess Midstream Partners by 41.0% during the first quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,825,485 shares of the company's stock worth $77,200,000 after buying an additional 530,626 shares during the period. Hedge funds and other institutional investors own 98.97% of the company's stock.

Hess Midstream Partners Stock Performance

Shares of NYSE HESM traded down $1.02 during mid-day trading on Friday, hitting $42.51. The stock had a trading volume of 2,469,974 shares, compared to its average volume of 1,631,397. The company has a 50 day moving average of $38.89 and a two-hundred day moving average of $39.41. The firm has a market cap of $9.16 billion, a PE ratio of 15.74 and a beta of 0.67. The company has a debt-to-equity ratio of 6.92, a quick ratio of 0.81 and a current ratio of 0.81. Hess Midstream Partners LP has a twelve month low of $33.59 and a twelve month high of $44.14.

Hess Midstream Partners (NYSE:HESM - Get Free Report) last announced its quarterly earnings results 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 company had revenue of $414.20 million for the quarter, compared to the consensus estimate of $405.08 million. Hess Midstream Partners had a return on equity of 61.46% and a net margin of 18.52%. The firm's revenue for the quarter was up 13.3% compared to the same quarter last year. During the same period last year, the firm earned $0.59 EPS. Research analysts predict that Hess Midstream Partners LP will post 2.5 EPS for the current fiscal year.

Hess Midstream Partners Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 14th. Shareholders of record on Thursday, August 7th will be given a dividend of $0.737 per share. The ex-dividend date of this dividend is Thursday, August 7th. This represents a $2.95 annualized dividend and a yield of 6.9%. This is an increase from Hess Midstream Partners's previous quarterly dividend of $0.71. Hess Midstream Partners's payout ratio is 105.19%.

Insider Activity

In related news, Director Geurt G. Schoonman sold 3,249 shares of Hess Midstream Partners stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $39.10, for a total value of $127,035.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Blackrock Portfolio Management sold 15,022,517 shares of Hess Midstream Partners 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 disclosure for this sale can be found here.

Analyst Ratings Changes

Several analysts have recently commented on HESM shares. Wall Street Zen upgraded Hess Midstream Partners from a "hold" rating to a "buy" rating in a report on Saturday. Morgan Stanley started coverage on Hess Midstream Partners in a report on Friday, July 25th. They set an "equal weight" rating and a $48.00 price objective for the company. Finally, Wells Fargo & Company increased their price objective on Hess Midstream Partners from $47.00 to $48.00 and gave the company an "overweight" rating in a report on Friday. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $45.80.

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.