First Trust Advisors LP Boosts Stake in Hess Midstream Partners LP $HESM

First Trust Advisors LP boosted its position in Hess Midstream Partners LP (NYSE:HESM) by 34.9% in the 1st quarter, Holdings Channel reports. The firm owned 959,321 shares of the company’s stock after buying an additional 247,973 shares during the quarter. First Trust Advisors LP’s holdings in Hess Midstream Partners were worth $37,289,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Miller Howard Investments Inc. NY lifted its stake in shares of Hess Midstream Partners by 3.2% during the 1st quarter. Miller Howard Investments Inc. NY now owns 1,491,899 shares of the company’s stock worth $57,990,000 after acquiring an additional 45,584 shares during the last quarter. UBS Group AG boosted its holdings in Hess Midstream Partners by 3.5% during the 4th quarter. UBS Group AG now owns 2,038,226 shares of the company’s stock valued at $70,319,000 after acquiring an additional 68,984 shares during the period. Inspire Investing LLC purchased a new position in Hess Midstream Partners during the 4th quarter valued at $2,706,000. Exchange Traded Concepts LLC grew its position in Hess Midstream Partners by 34.2% in the 4th quarter. Exchange Traded Concepts LLC now owns 176,980 shares of the company’s stock valued at $6,106,000 after acquiring an additional 45,116 shares during the last quarter. Finally, Epoch Investment Partners Inc. grew its position in Hess Midstream Partners by 12.1% in the 4th quarter. Epoch Investment Partners Inc. now owns 2,500,598 shares of the company’s stock valued at $86,271,000 after acquiring an additional 269,216 shares during the last quarter. Hedge funds and other institutional investors own 98.97% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Hess Midstream Partners Stock Down 2.2%

Shares of NYSE:HESM opened at $39.74 on Tuesday. The business’s 50 day moving average is $38.75 and its 200 day moving average is $38.03. The stock has a market cap of $8.19 billion, a P/E ratio of 13.75 and a beta of 0.53. 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.

Hess Midstream Partners (NYSE:HESM) last issued its earnings results on Monday, May 4th. The company reported $0.68 earnings per share for the quarter, beating analysts’ consensus estimates of $0.65 by $0.03. Hess Midstream Partners had a return on equity of 84.47% and a net margin of 22.64%.The business had revenue of $390.10 million during the quarter, compared to analyst estimates of $389.51 million. During the same period in the previous year, the company posted $0.65 EPS. Hess Midstream Partners’s revenue was up 2.1% on a year-over-year basis. Sell-side analysts predict that Hess Midstream Partners LP will post 2.87 EPS for the current year.

Hess Midstream Partners Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Thursday, August 6th will be paid a dividend of $0.7888 per share. This is an increase from Hess Midstream Partners’s previous quarterly dividend of $0.78. This represents a $3.16 annualized dividend and a dividend yield of 7.9%. The ex-dividend date is Thursday, August 6th. 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.