VIRGINIA RETIREMENT SYSTEMS ET Al Sells 65,200 Shares of Hess Midstream Partners LP $HESM

Key Points

• VIRGINIA RETIREMENT SYSTEMS ET Al cut its stake in Hess Midstream Partners by 87.6% in the fourth quarter, selling 65,200 shares and leaving it with 9,223 shares worth about $318,000.
• The stock has drawn mixed Wall Street views, with recent actions including a Goldman Sachs downgrade to Sell and an average analyst rating of Hold with a consensus price target of $38.71.
• Hess Midstream reported better-than-expected quarterly earnings of $0.68 per share on revenue of $390.1 million, and it also raised its quarterly dividend to $0.7792 per share, implying a 7.7% yield.

VIRGINIA RETIREMENT SYSTEMS ET Al lessened its holdings in Hess Midstream Partners LP (NYSE:HESM - Free Report) by 87.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,223 shares of the company's stock after selling 65,200 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al's holdings in Hess Midstream Partners were worth $318,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in Hess Midstream Partners during the 3rd quarter worth approximately $187,691,000. CIBC Bancorp USA Inc. bought a new position in Hess Midstream Partners during the 3rd quarter worth approximately $58,480,000. JPMorgan Chase & Co. raised its holdings in Hess Midstream Partners by 179.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,269,146 shares of the company's stock worth $78,399,000 after purchasing an additional 1,456,627 shares during the last quarter. Balyasny Asset Management L.P. raised its holdings in Hess Midstream Partners by 179.8% during the 2nd quarter. Balyasny Asset Management L.P. now owns 1,209,075 shares of the company's stock worth $46,561,000 after purchasing an additional 776,924 shares during the last quarter. Finally, CIBC Private Wealth Group LLC raised its holdings in Hess Midstream Partners by 62.8% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 1,688,612 shares of the company's stock worth $58,342,000 after purchasing an additional 651,329 shares during the last quarter. Institutional investors own 98.97% of the company's stock.

Analysts Set New Price Targets

Several research firms have issued reports on HESM. 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. The Goldman Sachs Group lowered shares of Hess Midstream Partners from a "neutral" rating to a "sell" rating and set a $32.00 price target for the company. in a report on Monday, April 20th. Morgan Stanley lowered their price target on shares of Hess Midstream Partners from $42.00 to $38.00 and set an "equal weight" rating for the company in a report on Tuesday, May 12th. 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, Wells Fargo & Company raised their price target 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. One investment analyst has rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $38.71.

Hess Midstream Partners Stock Performance

Shares of HESM stock opened at $40.73 on Wednesday. The company has a market cap of $8.40 billion, a price-to-earnings ratio of 14.09 and a beta of 0.54. 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 firm has a 50 day moving average of $38.87 and a 200-day moving average of $36.33.

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 forecast that Hess Midstream Partners LP will post 2.99 earnings per share for the current year.

Hess Midstream Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 14th. Stockholders of record on Thursday, May 7th were given a dividend of $0.7792 per share. This is a positive change from Hess Midstream Partners's previous quarterly dividend of $0.76. The ex-dividend date of this dividend was Thursday, May 7th. This represents a $3.12 annualized dividend and a dividend yield of 7.7%. Hess Midstream Partners's 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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