Hess Midstream Partners (NYSE:HESM) Given New $48.00 Price Target at Wells Fargo & Company

Key Points

• Wells Fargo & Company has raised its price target for Hess Midstream Partners from $47.00 to $48.00, indicating a potential upside of 12.56% from the current stock price and maintaining an "overweight" rating.
• The company reported $0.74 earnings per share for the last quarter, exceeding analyst expectations of $0.56, and showing a 13.3% increase in revenue year-over-year.
• Institutional investors hold a significant stake in Hess Midstream Partners, with ownership at approximately 98.97%, as several firms have recently increased their positions in the stock.

Hess Midstream Partners (NYSE:HESM - Free Report) had its price target boosted by Wells Fargo & Company from $47.00 to $48.00 in a report released on Friday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Separately, Morgan Stanley started coverage on shares of Hess Midstream Partners in a research note on Friday, July 25th. They issued an "equal weight" rating and a $48.00 price target for the company. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $45.80.

Hess Midstream Partners Stock Performance

Shares of Hess Midstream Partners stock traded down $1.14 during mid-day trading on Friday, hitting $41.97. 3,449,177 shares of the stock were exchanged, compared to its average volume of 1,330,253. The company has a 50-day simple moving average of $38.99 and a 200 day simple moving average of $39.42. The company has a debt-to-equity ratio of 6.92, a quick ratio of 0.81 and a current ratio of 0.81. Hess Midstream Partners has a 12 month low of $33.59 and a 12 month high of $44.14. The company has a market capitalization of $9.04 billion, a P/E ratio of 15.54 and a beta of 0.67.

Hess Midstream Partners (NYSE:HESM - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The company reported $0.74 earnings per share for the quarter, beating analysts' consensus estimates of $0.56 by $0.18. Hess Midstream Partners had a net margin of 18.52% and a return on equity of 61.46%. The business had revenue of $414.20 million during the quarter, compared to analyst estimates of $405.08 million. During the same period in the previous year, the business earned $0.59 EPS. Hess Midstream Partners's revenue was up 13.3% compared to the same quarter last year. Sell-side analysts anticipate that Hess Midstream Partners will post 2.5 earnings per share for the current fiscal year.

Hess Midstream Partners Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 14th. Stockholders of record on Thursday, August 7th will be paid a $0.737 dividend. This is a boost from Hess Midstream Partners's previous quarterly dividend of $0.71. This represents a $2.95 annualized dividend and a dividend yield of 7.0%. The ex-dividend date is Thursday, August 7th. Hess Midstream Partners's payout ratio is currently 105.19%.

Insider Activity at Hess Midstream Partners

In other Hess Midstream Partners news, Director Geurt G. Schoonman sold 3,249 shares of the firm's stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $39.10, for a total value of $127,035.90. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, major shareholder Blackrock Portfolio Management sold 15,022,517 shares of the stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $36.86, for a total transaction of $553,729,976.62. The disclosure for this sale can be found here.

Institutional Investors Weigh In On Hess Midstream Partners

Hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of New York Mellon Corp raised its position in shares of Hess Midstream Partners by 51.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,519,185 shares of the company's stock valued at $58,504,000 after purchasing an additional 516,136 shares during the period. Kesler Norman & Wride LLC lifted its holdings in shares of Hess Midstream Partners by 0.9% in the 2nd quarter. Kesler Norman & Wride LLC now owns 26,507 shares of the company's stock worth $1,021,000 after acquiring an additional 241 shares during the last quarter. Teacher Retirement System of Texas lifted its holdings in shares of Hess Midstream Partners by 5.5% in the 2nd quarter. Teacher Retirement System of Texas now owns 17,645 shares of the company's stock worth $680,000 after acquiring an additional 924 shares during the last quarter. Y Intercept Hong Kong Ltd lifted its holdings in shares of Hess Midstream Partners by 115.2% in the 2nd quarter. Y Intercept Hong Kong Ltd now owns 24,599 shares of the company's stock worth $947,000 after acquiring an additional 13,170 shares during the last quarter. Finally, MQS Management LLC bought a new stake in Hess Midstream Partners during the 2nd quarter valued at about $596,000. 98.97% of the stock is currently owned by hedge funds and other institutional investors.

About Hess Midstream Partners

Hess Midstream LP owns, develops, operates, and acquires midstream assets and provide fee-based services to Hess and third-party customers in the United States. It operates through three segments: Gathering; Processing and Storage; and Terminaling and Export. The Gathering segment owns natural gas gathering and compression systems; crude oil gathering systems; and produced water gathering and disposal facilities.