Hess Midstream Partners (NYSE:HESM) Hits New 52-Week Low - Here's Why

Key Points

• Hess Midstream Partners hit a new 52-week low, trading as low as $31.46 after closing at $32.37, amid broadly negative analyst sentiment. The stock carries a consensus “Reduce” rating and an average price target of $35.20.
• The company reported quarterly EPS of $0.75, beating estimates of $0.67, while revenue reached $399 million but declined 3.7% year over year.
• Hess Midstream raised its quarterly dividend to $0.7888, representing an annualized yield of about 10.1%; however, its payout ratio is elevated at 108.97%.

Hess Midstream Partners LP (NYSE:HESM - Get Free Report) hit a new 52-week low during mid-day trading on Tuesday. The company traded as low as $31.46 and last traded at $31.1340, with a volume of 222,391 shares traded. The stock had previously closed at $32.37.

Analyst Ratings Changes

Several research analysts recently commented on the company. Morgan Stanley reiterated an "underweight" rating on shares of Hess Midstream Partners in a research note on Tuesday. JPMorgan Chase & Co. lowered Hess Midstream Partners from a "neutral" rating to an "underweight" rating and set a $39.00 price objective for the company. in a research note on Friday, October 2nd. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Hess Midstream Partners in a report on Monday, September 21st. One analyst has rated the stock with a Buy rating, three have assigned a Hold rating and three have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Reduce" and a consensus target price of $35.20.

Hess Midstream Partners Stock Down 3.4%

The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 9.39. The firm has a market capitalization of $6.45 billion, a price-to-earnings ratio of 10.77 and a beta of 0.58. The stock has a 50 day moving average of $39.03 and a 200 day moving average of $38.88.

Hess Midstream Partners (NYSE:HESM - Get Free Report) last announced its quarterly earnings data on Monday, August 3rd. The company reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.08. Hess Midstream Partners had a return on equity of 92.18% and a net margin of 23.23%. The firm had revenue of $399.00 million for the quarter, compared to analysts' expectations of $395.96 million. During the same quarter in the prior year, the firm posted $0.74 earnings per share. Hess Midstream Partners's revenue for the quarter was down 3.7% compared to the same quarter last year. As a group, analysts expect that Hess Midstream Partners LP will post 2.95 earnings per share for the current fiscal year.

Hess Midstream Partners Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Thursday, August 6th were paid a $0.7888 dividend. The ex-dividend date was Thursday, August 6th. This is an increase from Hess Midstream Partners's previous quarterly dividend of $0.7792. This represents a $3.16 dividend on an annualized basis and a yield of 10.1%. Hess Midstream Partners's payout ratio is presently 108.97%.

Hedge Funds Weigh In On Hess Midstream Partners

Institutional investors have recently made changes to their positions in the stock. Farther Finance Advisors LLC raised its position in shares of Hess Midstream Partners by 115.0% during the 3rd quarter. Farther Finance Advisors LLC now owns 14,016 shares of the company's stock worth $524,000 after purchasing an additional 7,497 shares during the period. Envestnet Asset Management Inc. boosted its position in Hess Midstream Partners by 0.8% during the 2nd quarter. Envestnet Asset Management Inc. now owns 147,778 shares of the company's stock valued at $5,556,000 after purchasing an additional 1,203 shares during the period. State Street Corp boosted its position in Hess Midstream Partners by 38.0% during the 2nd quarter. State Street Corp now owns 365,577 shares of the company's stock valued at $13,746,000 after purchasing an additional 100,611 shares during the period. Tidal Investments LLC grew its stake in Hess Midstream Partners by 37.2% during the 2nd quarter. Tidal Investments LLC now owns 7,881 shares of the company's stock worth $296,000 after buying an additional 2,138 shares during the last quarter. Finally, Integrated Wealth Concepts LLC bought a new position in Hess Midstream Partners during the 2nd quarter worth $77,000. 98.97% of the stock is owned by institutional investors.

Hess Midstream Partners Company Profile

Hess Midstream Partners LP NYSE: HESM is a fee-based midstream energy company that owns and operates infrastructure supporting crude oil, natural gas and produced-water production in the Bakken Shale of North Dakota. The partnership primarily serves Hess Corp. and other producers operating in the region.

Its assets include systems for gathering and processing natural gas, gathering and transporting crude oil, and handling and disposing of produced water. Hess Midstream also provides storage, terminal and transportation services, helping connect production sites with downstream pipelines, rail facilities and other market outlets.

The company was formed to own midstream assets previously developed or operated by Hess and began trading publicly in 2017.

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