TD Asset Management Inc Buys 237,690 Shares of Hess Midstream Partners LP $HESM

Key Points

• TD Asset Management boosted its stake in Hess Midstream Partners by 10% in the fourth quarter, buying 237,690 additional shares and bringing its total holdings to 2.63 million shares worth about $90.6 million.
• Hess Midstream Partners reported better-than-expected quarterly earnings, with EPS of $0.68 versus estimates of $0.65, while revenue also slightly topped forecasts and rose 2.1% year over year.
• The company raised its quarterly dividend to $0.7792 per share, equivalent to an annualized yield of about 8.0%, though the payout ratio is high at 107.61%.

TD Asset Management Inc increased its stake in Hess Midstream Partners LP (NYSE:HESM - Free Report) by 10.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,626,438 shares of the company's stock after buying an additional 237,690 shares during the period. TD Asset Management Inc owned 1.26% of Hess Midstream Partners worth $90,612,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the stock. Geneos Wealth Management Inc. raised its stake in Hess Midstream Partners by 14.3% in the second quarter. Geneos Wealth Management Inc. now owns 2,400 shares of the company's stock worth $92,000 after buying an additional 300 shares in the last quarter. Kestra Private Wealth Services LLC grew its holdings in Hess Midstream Partners by 1.3% in the fourth quarter. Kestra Private Wealth Services LLC now owns 25,766 shares of the company's stock worth $889,000 after purchasing an additional 330 shares during the period. Investment Management Corp VA ADV grew its holdings in Hess Midstream Partners by 3.0% in the fourth quarter. Investment Management Corp VA ADV now owns 12,519 shares of the company's stock worth $432,000 after purchasing an additional 362 shares during the period. Creative Planning grew its holdings in Hess Midstream Partners by 4.7% in the third quarter. Creative Planning now owns 9,000 shares of the company's stock worth $311,000 after purchasing an additional 404 shares during the period. Finally, Arizona State Retirement System grew its holdings in Hess Midstream Partners by 1.3% in the third quarter. Arizona State Retirement System now owns 36,850 shares of the company's stock worth $1,273,000 after purchasing an additional 460 shares during the period. 98.97% of the stock is owned by institutional investors.

Hess Midstream Partners Trading Up 1.3%

NYSE:HESM opened at $38.96 on Friday. The company's 50 day moving average price is $38.78 and its 200-day moving average price is $36.78. Hess Midstream Partners LP has a 52 week low of $31.63 and a 52 week high of $44.14. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 9.97. The stock has a market cap of $8.03 billion, a price-to-earnings ratio of 13.48 and a beta of 0.52.

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

Hess Midstream Partners Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 14th. Stockholders of record on Thursday, May 7th were issued a dividend of $0.7792 per share. 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 dividend yield of 8.0%. Hess Midstream Partners's dividend payout ratio is currently 107.61%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on HESM. Wells Fargo & Company upped their price objective on shares of Hess Midstream Partners from $39.00 to $40.00 and gave the stock an "equal weight" rating in a report on Friday, March 13th. Morgan Stanley cut their price objective on shares of Hess Midstream Partners from $42.00 to $38.00 and set an "equal weight" rating on the stock in a report on Tuesday, May 12th. The Goldman Sachs Group cut 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. Zacks Research upgraded shares of Hess Midstream Partners from a "strong sell" rating to a "hold" rating in a report on Monday, March 2nd. Finally, Weiss Ratings upgraded shares of Hess Midstream Partners from a "hold (c+)" rating to a "buy (b-)" rating in a report on Monday, March 2nd. One analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Hess Midstream Partners currently has a consensus rating of "Hold" and an average price target of $38.71.

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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