Lazard Asset Management LLC Acquires 980,929 Shares of Hess Midstream Partners LP $HESM

Key Points

• Lazard Asset Management increased its Hess Midstream Partners stake by 1,110.7% in the first quarter, buying 980,929 additional shares and bringing its holdings to 1.07 million shares valued at approximately $41.6 million.
• Analyst sentiment remains cautious: the stock has an average “Reduce” rating, with one Buy, six Hold, and two Sell ratings, and a consensus price target of $38.86 versus a recent price of $40.05.
• Hess Midstream raised its quarterly dividend to $0.7888 per share, equivalent to a 7.9% annualized yield. The company also exceeded first-quarter earnings expectations, reporting $0.68 in EPS and $390.1 million in revenue.

Lazard Asset Management LLC lifted its holdings in Hess Midstream Partners LP (NYSE:HESM - Free Report) by 1,110.7% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 1,069,244 shares of the company's stock after purchasing an additional 980,929 shares during the quarter. Lazard Asset Management LLC owned about 0.52% of Hess Midstream Partners worth $41,562,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. OMERS ADMINISTRATION Corp raised its holdings in Hess Midstream Partners by 11.0% during the 1st quarter. OMERS ADMINISTRATION Corp now owns 27,202 shares of the company's stock worth $1,057,000 after buying an additional 2,700 shares during the period. Entropy Technologies LP acquired a new position in shares of Hess Midstream Partners in the first quarter valued at approximately $333,000. Arrowstreet Capital Limited Partnership acquired a new position in shares of Hess Midstream Partners in the first quarter valued at approximately $6,756,000. First Trust Advisors LP increased its position in shares of Hess Midstream Partners by 34.9% during the first quarter. First Trust Advisors LP now owns 959,321 shares of the company's stock worth $37,289,000 after acquiring an additional 247,973 shares in the last quarter. Finally, KBC Group NV increased its position in shares of Hess Midstream Partners by 31.7% during the first quarter. KBC Group NV now owns 4,700 shares of the company's stock worth $183,000 after acquiring an additional 1,131 shares in the last quarter. 98.97% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on HESM. The Goldman Sachs Group lowered shares of Hess Midstream Partners from a "neutral" rating to a "sell" rating and set a $32.00 price objective on the stock. in a report on Monday, April 20th. Morgan Stanley reaffirmed an "underweight" rating and issued a $39.00 target price on shares of Hess Midstream Partners in a research note on Tuesday, July 21st. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Hess Midstream Partners in a report on Wednesday, June 24th. One research analyst has rated the stock with a Buy rating, six have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Reduce" and a consensus price target of $38.86.

Hess Midstream Partners Trading Up 0.6%

Shares of NYSE:HESM opened at $40.05 on Wednesday. The company's 50-day moving average price is $38.74 and its two-hundred day moving average price is $38.07. The company has a debt-to-equity ratio of 9.97, a current ratio of 0.92 and a quick ratio of 0.92. Hess Midstream Partners LP has a one year low of $31.63 and a one year high of $44.14. The stock has a market capitalization of $8.26 billion, a PE ratio of 13.86 and a beta of 0.53.

Hess Midstream Partners (NYSE:HESM - Get Free Report) last announced its quarterly earnings data on Monday, May 4th. The company reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.03. The company had revenue of $390.10 million during the quarter, compared to analysts' expectations of $389.51 million. Hess Midstream Partners had a return on equity of 84.47% and a net margin of 22.64%.Hess Midstream Partners's revenue for the quarter was up 2.1% compared to the same quarter last year. During the same quarter last year, the company earned $0.65 EPS. On average, equities analysts forecast that Hess Midstream Partners LP will post 2.86 EPS for the current fiscal year.

Hess Midstream Partners Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Thursday, August 6th will be given a dividend of $0.7888 per share. This represents a $3.16 annualized dividend and a yield of 7.9%. This is a boost from Hess Midstream Partners's previous quarterly dividend of $0.78. The ex-dividend date of this dividend is Thursday, August 6th. Hess Midstream Partners's payout ratio is currently 107.96%.

About Hess Midstream Partners

Hess Midstream Partners LP, formerly traded on the New York Stock Exchange under the ticker HESM, is a midstream energy partnership that owns, operates and develops crude oil, natural gas and produced water infrastructure in the Williston Basin. The company’s assets include crude oil gathering and transportation systems, saltwater disposal wells, natural gas processing and fractionation plants, and associated pipeline and storage facilities. Its integrated network is designed to support upstream production by providing gathering, processing, storage and marketing services for hydrocarbons and produced water.

Headquartered in Houston, Texas, Hess Midstream Partners primarily serves producers operating in North Dakota and Montana’s Bakken Shale region.

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