Kovitz Investment Group Partners LLC Reduces Stock Holdings in Hess Midstream Partners LP $HESM

Key Points

• Kovitz Investment Group Partners LLC reduced its stake in Hess Midstream Partners LP by 21.2% during the first quarter, holding 40,679 shares valued at $1.72 million by the end of that quarter.
• Hess Midstream Partners declared a quarterly dividend of $0.737, an increase from the previous $0.71, representing a yield of 7.2%.
• The stock received a range of ratings from analysts, with Morgan Stanley initiating coverage at an "equal weight" rating and a price target of $48.00, while the average rating is currently a "Moderate Buy".

Kovitz Investment Group Partners LLC cut its stake in shares of Hess Midstream Partners LP (NYSE:HESM - Free Report) by 21.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 40,679 shares of the company's stock after selling 10,912 shares during the quarter. Kovitz Investment Group Partners LLC's holdings in Hess Midstream Partners were worth $1,720,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of HESM. Envestnet Asset Management Inc. increased its holdings in shares of Hess Midstream Partners by 2.9% during the fourth quarter. Envestnet Asset Management Inc. now owns 120,180 shares of the company's stock valued at $4,450,000 after acquiring an additional 3,412 shares in the last quarter. Mariner LLC increased its holdings in shares of Hess Midstream Partners by 6.5% during the fourth quarter. Mariner LLC now owns 55,138 shares of the company's stock valued at $2,042,000 after acquiring an additional 3,384 shares in the last quarter. Guggenheim Capital LLC boosted its position in shares of Hess Midstream Partners by 7.0% during the fourth quarter. Guggenheim Capital LLC now owns 20,424 shares of the company's stock valued at $756,000 after buying an additional 1,343 shares during the last quarter. Canada Pension Plan Investment Board purchased a new stake in shares of Hess Midstream Partners during the fourth quarter valued at $3,607,000. Finally, CANADA LIFE ASSURANCE Co boosted its position in shares of Hess Midstream Partners by 25.8% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 13,150 shares of the company's stock valued at $486,000 after buying an additional 2,701 shares during the last quarter. 98.97% of the stock is currently owned by institutional investors.

Hess Midstream Partners Stock Performance

Shares of NYSE HESM traded up $0.0690 during trading on Friday, hitting $41.3890. The company had a trading volume of 648,698 shares, compared to its average volume of 1,340,354. The stock has a 50 day simple moving average of $39.81 and a 200 day simple moving average of $39.48. 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 LP has a 12 month low of $33.59 and a 12 month high of $44.14. The firm has a market capitalization of $8.69 billion, a P/E ratio of 15.33 and a beta of 0.67.

Hess Midstream Partners (NYSE:HESM - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The company reported $0.74 EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $405.08 million. During the same quarter last year, the company earned $0.59 earnings per share. The business's revenue for the quarter was up 13.3% compared to the same quarter last year. As a group, analysts anticipate that Hess Midstream Partners LP will post 2.5 earnings per share for the current year.

Hess Midstream Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 14th. Stockholders of record on Thursday, August 7th were paid a $0.737 dividend. This represents a $2.95 annualized dividend and a dividend yield of 7.1%. This is an increase from Hess Midstream Partners's previous quarterly dividend of $0.71. The ex-dividend date of this dividend was Thursday, August 7th. Hess Midstream Partners's dividend payout ratio is 108.89%.

Insider Transactions at Hess Midstream Partners

In other news, Director Geurt G. Schoonman sold 3,249 shares of the firm's 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 transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO John A. Gatling sold 62,457 shares of the firm's stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $41.59, for a total value 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 quarter.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on HESM shares. Morgan Stanley started coverage on Hess Midstream Partners in a research report on Friday, July 25th. They set an "equal weight" rating and a $48.00 price objective on the stock. 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 research report on Friday, August 1st. JPMorgan Chase & Co. increased their price objective on Hess Midstream Partners from $44.00 to $46.00 and gave the company a "neutral" rating in a research report on Friday. Finally, Wall Street Zen raised Hess Midstream Partners from a "hold" rating to a "buy" rating in a research report on Saturday, August 2nd. Three investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, Hess Midstream Partners currently has a consensus rating of "Moderate Buy" and a consensus target price of $46.20.

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.