Renaissance Technologies LLC Cuts Stock Position in Hess Midstream Partners LP $HESM

Key Points

• Renaissance Technologies cut its Hess Midstream Partners position by 48% in the first quarter, selling 328,500 shares and retaining 355,300 shares worth approximately $13.8 million. Institutional investors collectively own 98.97% of HESM.
• Analyst sentiment remains cautious: HESM has a consensus rating of “Reduce” and a $38.86 price target, with Morgan Stanley maintaining “underweight” and Goldman Sachs downgrading the stock to “sell.”
• HESM reported quarterly EPS of $0.68, beating estimates, and raised its quarterly dividend to $0.7888 per share—an annualized $3.16 payout and approximately 7.7% yield.

Renaissance Technologies LLC cut its holdings in shares of Hess Midstream Partners LP (NYSE:HESM - Free Report) by 48.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 355,300 shares of the company's stock after selling 328,500 shares during the quarter. Renaissance Technologies LLC owned approximately 0.17% of Hess Midstream Partners worth $13,811,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in HESM. Arrowstreet Capital Limited Partnership bought a new position in shares of Hess Midstream Partners in the first quarter worth about $6,756,000. First Trust Advisors LP grew 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 purchasing an additional 247,973 shares in the last quarter. KBC Group NV raised its stake in Hess Midstream Partners by 31.7% during the 1st quarter. KBC Group NV now owns 4,700 shares of the company's stock valued at $183,000 after purchasing an additional 1,131 shares during the period. Jennison Associates LLC raised its stake in Hess Midstream Partners by 4.6% during the 1st quarter. Jennison Associates LLC now owns 367,745 shares of the company's stock valued at $14,294,000 after purchasing an additional 16,095 shares during the period. Finally, Independent Financial Group LLC purchased a new position in Hess Midstream Partners in the 1st quarter worth approximately $360,000. 98.97% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have weighed in on HESM. Morgan Stanley restated an "underweight" rating and issued a $39.00 price target on shares of Hess Midstream Partners in a research note on Tuesday, July 21st. Weiss Ratings reiterated a "buy (b)" rating on shares of Hess Midstream Partners in a research report on Wednesday, June 24th. Finally, The Goldman Sachs Group downgraded shares of Hess Midstream Partners from a "neutral" rating to a "sell" rating and set a $32.00 target price on the stock. in a report on Monday, April 20th. One research analyst has rated the stock with a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Reduce" and a consensus price target of $38.86.

Hess Midstream Partners Stock Up 1.7%

HESM opened at $40.94 on Friday. The company has a market capitalization of $8.44 billion, a PE ratio of 14.16 and a beta of 0.53. The firm has a 50-day simple moving average of $38.76 and a two-hundred day simple moving average of $38.19. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 9.97. Hess Midstream Partners LP has a 52 week low of $31.63 and a 52 week high of $44.14.

Hess Midstream Partners (NYSE:HESM - Get Free Report) last issued its earnings results on Monday, May 4th. The company reported $0.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.03. The firm had revenue of $390.10 million for 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%.The business's revenue was up 2.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.65 earnings per share. Analysts forecast that Hess Midstream Partners LP will post 2.86 earnings per share for the current fiscal year.

Hess Midstream Partners Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Thursday, August 6th will be issued a dividend of $0.7888 per share. The ex-dividend date is Thursday, August 6th. This represents a $3.16 annualized dividend and a yield of 7.7%. This is a boost from Hess Midstream Partners's previous quarterly dividend of $0.78. Hess Midstream Partners's dividend payout ratio (DPR) is 107.96%.

Hess Midstream Partners Company 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.

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