Jennison Associates LLC Raises Stock Position in Hess Midstream Partners LP (NYSE:HESM)

Jennison Associates LLC raised its stake in shares of Hess Midstream Partners LP (NYSE:HESM - Free Report) by 2.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 599,009 shares of the company's stock after acquiring an additional 11,513 shares during the period. Jennison Associates LLC owned approximately 0.27% of Hess Midstream Partners worth $25,332,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Alps Advisors Inc. grew its holdings in shares of Hess Midstream Partners by 31.1% in the first quarter. Alps Advisors Inc. now owns 26,356,221 shares of the company's stock valued at $1,114,605,000 after purchasing an additional 6,251,664 shares in the last quarter. Artemis Investment Management LLP grew its holdings in shares of Hess Midstream Partners by 131.4% in the first quarter. Artemis Investment Management LLP now owns 1,969,448 shares of the company's stock valued at $83,288,000 after purchasing an additional 1,118,245 shares in the last quarter. Zimmer Partners LP acquired a new position in shares of Hess Midstream Partners in the fourth quarter valued at approximately $23,415,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its holdings in shares of Hess Midstream Partners by 41.0% in the first quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,825,485 shares of the company's stock valued at $77,200,000 after purchasing an additional 530,626 shares in the last quarter. Finally, HITE Hedge Asset Management LLC acquired a new position in shares of Hess Midstream Partners in the fourth quarter valued at approximately $19,642,000. 98.97% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Wells Fargo & Company decreased their price target on shares of Hess Midstream Partners from $42.00 to $41.00 and set an "equal weight" rating for the company in a research note on Thursday, May 1st. JPMorgan Chase & Co. lifted their price target on shares of Hess Midstream Partners from $39.00 to $44.00 and gave the stock a "neutral" rating in a research note on Thursday, March 27th.

Insider Transactions at Hess Midstream Partners

In other 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 transaction of $553,729,976.62. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Geurt G. Schoonman sold 3,249 shares of the stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $39.10, for a total transaction of $127,035.90. The disclosure for this sale can be found here.

Hess Midstream Partners Stock Up 6.8%

HESM stock opened at $41.03 on Friday. The company has a fifty day moving average price of $38.44 and a 200 day moving average price of $39.25. Hess Midstream Partners LP has a 12 month low of $33.59 and a 12 month high of $44.05. The company has a market cap of $8.84 billion, a price-to-earnings ratio of 16.09 and a beta of 0.63. The company has a debt-to-equity ratio of 6.92, a current ratio of 0.81 and a quick ratio of 0.81.

Hess Midstream Partners (NYSE:HESM - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The company reported $0.65 earnings per share for the quarter, topping analysts' consensus estimates of $0.63 by $0.02. Hess Midstream Partners had a net margin of 16.43% and a return on equity of 54.89%. The business had revenue of $382.00 million for the quarter, compared to analysts' expectations of $384.28 million. During the same period in the prior year, the company posted $0.60 EPS. The business's revenue for the quarter was up 7.4% on a year-over-year basis. Sell-side analysts expect that Hess Midstream Partners LP will post 2.5 earnings per share for the current year.

Hess Midstream Partners Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 14th. Investors of record on Thursday, May 8th were paid a $0.7098 dividend. This represents a $2.84 dividend on an annualized basis and a yield of 6.92%. This is a boost from Hess Midstream Partners's previous quarterly dividend of $0.70. The ex-dividend date was Thursday, May 8th. Hess Midstream Partners's dividend payout ratio is presently 111.37%.

Hess Midstream Partners 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.

Want to see what other hedge funds are holding HESM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Hess Midstream Partners LP (NYSE:HESM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.