Miller Howard Investments Inc. NY Buys 45,584 Shares of Hess Midstream Partners LP $HESM

Key Points

• Miller Howard Investments increased its Hess Midstream Partners stake by 3.2% in the first quarter, buying 45,584 shares and bringing its holdings to 1,491,899 shares valued at about $57.99 million.
• Analyst sentiment on HESM is mixed-to-negative overall, with a consensus rating of "Reduce" and an average price target of $38.71 after several firms issued upgrades, downgrades, and target changes.
• Hess Midstream reported better-than-expected quarterly results and raised its dividend to $0.7792 per share, implying an annualized yield of about 8.2%.

Miller Howard Investments Inc. NY raised its stake in Hess Midstream Partners LP (NYSE:HESM - Free Report) by 3.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,491,899 shares of the company's stock after buying an additional 45,584 shares during the period. Hess Midstream Partners accounts for 1.6% of Miller Howard Investments Inc. NY's holdings, making the stock its 22nd largest holding. Miller Howard Investments Inc. NY owned approximately 0.72% of Hess Midstream Partners worth $57,990,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Strategic Advocates LLC acquired a new position in shares of Hess Midstream Partners during the third quarter worth $28,000. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Hess Midstream Partners during the 4th quarter valued at $44,000. IFP Advisors Inc boosted its holdings in shares of Hess Midstream Partners by 70.0% during the 4th quarter. IFP Advisors Inc now owns 1,413 shares of the company's stock valued at $49,000 after acquiring an additional 582 shares in the last quarter. CENTRAL TRUST Co grew its position in Hess Midstream Partners by 124.4% during the 1st quarter. CENTRAL TRUST Co now owns 2,165 shares of the company's stock worth $84,000 after acquiring an additional 1,200 shares during the last quarter. Finally, Geneos Wealth Management Inc. grew its position in Hess Midstream Partners by 14.3% during the 2nd quarter. Geneos Wealth Management Inc. now owns 2,400 shares of the company's stock worth $92,000 after acquiring an additional 300 shares during the last quarter. Institutional investors own 98.97% of the company's stock.

Analysts Set New Price Targets

Several research firms have commented on HESM. Weiss Ratings upgraded Hess Midstream Partners from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Monday, March 2nd. Wells Fargo & Company boosted their price target on Hess Midstream Partners from $39.00 to $40.00 and gave the stock an "equal weight" rating in a report on Friday, March 13th. The Goldman Sachs Group downgraded Hess Midstream Partners from a "neutral" rating to a "sell" rating and set a $32.00 price objective for the company. in a research note on Monday, April 20th. Morgan Stanley lowered shares of Hess Midstream Partners from an "equal weight" rating to an "underweight" rating and set a $38.00 price objective for the company. in a report on Wednesday, June 10th. Finally, Zacks Research upgraded shares of Hess Midstream Partners from a "strong sell" rating to a "hold" rating in a research report on Monday, March 2nd. One research analyst has rated the stock with a Buy rating, six have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of "Reduce" and a consensus target price of $38.71.

Hess Midstream Partners Price Performance

Shares of HESM opened at $38.00 on Wednesday. Hess Midstream Partners LP has a 52-week low of $31.63 and a 52-week high of $44.14. The company has a debt-to-equity ratio of 9.97, a quick ratio of 0.92 and a current ratio of 0.92. The business's 50 day moving average price is $38.41 and its two-hundred day moving average price is $37.23. The firm has a market cap of $7.83 billion, a PE ratio of 13.15 and a beta of 0.52.

Hess Midstream Partners (NYSE:HESM - Get Free Report) last announced its quarterly earnings data on Monday, May 4th. The company reported $0.68 EPS for the quarter, topping the consensus estimate of $0.65 by $0.03. The company had revenue of $390.10 million during the quarter, compared to the consensus estimate of $389.51 million. Hess Midstream Partners had a net margin of 22.64% and a return on equity of 84.47%. The company's quarterly revenue was up 2.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.65 EPS. On average, equities analysts anticipate that Hess Midstream Partners LP will post 2.99 EPS for the current year.

Hess Midstream Partners Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 14th. Shareholders of record on Thursday, May 7th were issued a $0.7792 dividend. The ex-dividend date was Thursday, May 7th. This is a positive change from Hess Midstream Partners's previous quarterly dividend of $0.76. This represents a $3.12 dividend on an annualized basis and a yield of 8.2%. Hess Midstream Partners's dividend payout ratio is 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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