Man Group plc Reduces Stock Holdings in Hess Midstream Partners LP $HESM

Key Points

• Man Group plc cut its Hess Midstream Partners stake by 56.6% in the second quarter, selling 71,866 shares and retaining 55,207 shares worth approximately $2.1 million. Institutional investors and hedge funds collectively own 98.97% of the company.
• Hess Midstream reported quarterly earnings of $0.75 per share, exceeding estimates of $0.67, while revenue reached $399 million. The partnership raised its quarterly dividend to $0.7888 per share, representing a 7.9% annualized yield.
• HESM shares opened at $40.18, near their 52-week high of $41.63. Analysts’ average rating is “Reduce,” with an average price target of $37.67.

Man Group plc lessened its holdings in shares of Hess Midstream Partners LP (NYSE:HESM - Free Report) by 56.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 55,207 shares of the company's stock after selling 71,866 shares during the period. Man Group plc's holdings in Hess Midstream Partners were worth $2,076,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Jupiter Topco LLC acquired a new position in shares of Hess Midstream Partners in the 2nd quarter valued at about $2,120,000. Hsbc Holdings PLC purchased a new position in Hess Midstream Partners during the second quarter valued at approximately $4,139,000. Legal & General Group Plc raised its position in Hess Midstream Partners by 0.7% during the second quarter. Legal & General Group Plc now owns 108,105 shares of the company's stock valued at $4,065,000 after acquiring an additional 744 shares in the last quarter. Algert Global LLC lifted its holdings in Hess Midstream Partners by 362.1% in the second quarter. Algert Global LLC now owns 377,010 shares of the company's stock valued at $14,176,000 after acquiring an additional 295,432 shares during the period. Finally, OMERS ADMINISTRATION Corp lifted its holdings in Hess Midstream Partners by 8.8% in the second quarter. OMERS ADMINISTRATION Corp now owns 29,602 shares of the company's stock valued at $1,113,000 after acquiring an additional 2,400 shares during the period. 98.97% of the stock is currently owned by institutional investors and hedge funds.

Hess Midstream Partners Price Performance

Hess Midstream Partners stock opened at $40.18 on Wednesday. The company's fifty day moving average price is $39.53 and its 200 day moving average price is $38.92. Hess Midstream Partners LP has a 1 year low of $31.63 and a 1 year high of $41.63. The stock has a market capitalization of $8.28 billion, a P/E ratio of 13.86 and a beta of 0.52. The company has a debt-to-equity ratio of 9.39, a quick ratio of 0.77 and a current ratio of 0.77.

Hess Midstream Partners (NYSE:HESM - Get Free Report) last posted its quarterly earnings data on Monday, August 3rd. The company reported $0.75 earnings per share for the quarter, topping analysts' consensus estimates of $0.67 by $0.08. The company had revenue of $399.00 million during the quarter, compared to analysts' expectations of $395.96 million. Hess Midstream Partners had a net margin of 23.23% and a return on equity of 92.18%. The firm's revenue for the quarter was down 3.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.74 earnings per share. As a group, equities research analysts anticipate that Hess Midstream Partners LP will post 2.94 earnings per share for the current fiscal year.

Hess Midstream Partners Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Thursday, August 6th were given a dividend of $0.7888 per share. This is a boost from Hess Midstream Partners's previous quarterly dividend of $0.78. The ex-dividend date was Thursday, August 6th. This represents a $3.16 annualized dividend and a dividend yield of 7.9%. Hess Midstream Partners's payout ratio is currently 108.62%.

Wall Street Analyst Weigh In

HESM has been the topic of a number of analyst reports. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Hess Midstream Partners in a research note on Wednesday, June 24th. Morgan Stanley restated an "underweight" rating and set a $39.00 price target on shares of Hess Midstream Partners in a research report on Tuesday, July 21st. One equities research analyst has rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Reduce" and an average target price of $37.67.

Hess Midstream Partners Profile

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.

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 reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.