Bank of New York Mellon Corp Purchases 1,512,007 Shares of Hess Midstream Partners LP $HESM

Bank of New York Mellon Corp raised its position in shares of Hess Midstream Partners LP (NYSE:HESM) by 67.5% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,752,002 shares of the company’s stock after purchasing an additional 1,512,007 shares during the period. Bank of New York Mellon Corp’s holdings in Hess Midstream Partners were worth $145,840,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Royal Bank of Canada increased its position in shares of Hess Midstream Partners by 33.7% during the 1st quarter. Royal Bank of Canada now owns 129,902 shares of the company’s stock valued at $5,494,000 after purchasing an additional 32,740 shares during the last quarter. NewEdge Advisors LLC bought a new stake in Hess Midstream Partners in the 1st quarter worth approximately $235,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Hess Midstream Partners by 20.2% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 224,741 shares of the company’s stock worth $9,504,000 after buying an additional 37,794 shares in the last quarter. Geode Capital Management LLC boosted its stake in Hess Midstream Partners by 21.6% in the second quarter. Geode Capital Management LLC now owns 5,778 shares of the company’s stock worth $223,000 after buying an additional 1,026 shares in the last quarter. Finally, Creative Planning grew its position in Hess Midstream Partners by 10.6% during the second quarter. Creative Planning now owns 8,596 shares of the company’s stock valued at $331,000 after acquiring an additional 826 shares during the last quarter. 98.97% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Morgan Stanley lowered shares of Hess Midstream Partners from an “equal weight” rating to an “underweight” rating and set a $38.00 price objective for the company. in a report on Wednesday, June 10th. The Goldman Sachs Group cut shares of Hess Midstream Partners from a “neutral” rating to a “sell” rating and set a $32.00 target price on the stock. in a research report on Monday, April 20th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Hess Midstream Partners in a research note on Wednesday, June 24th. One equities research analyst has rated the stock with a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Reduce” and an average price target of $38.71.

Hess Midstream Partners Price Performance

Shares of Hess Midstream Partners stock opened at $40.33 on Monday. The company has a debt-to-equity ratio of 9.97, a current ratio of 0.92 and a quick ratio of 0.92. Hess Midstream Partners LP has a one year low of $31.63 and a one year high of $44.14. The business’s 50 day simple moving average is $38.65 and its two-hundred day simple moving average is $37.77. The stock has a market capitalization of $8.31 billion, a P/E ratio of 13.95 and a beta of 0.53.

Hess Midstream Partners (NYSE:HESM) last issued its earnings results on Monday, May 4th. The company reported $0.68 earnings per share (EPS) for the quarter, topping the consensus estimate 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 last year, the business earned $0.65 earnings per share. The business’s revenue was up 2.1% on a year-over-year basis. Analysts forecast that Hess Midstream Partners LP will post 2.9 EPS for the current year.

Hess Midstream Partners Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 14th. Shareholders of record on Thursday, May 7th were given a dividend of $0.7792 per share. This represents a $3.12 annualized dividend and a yield of 7.7%. The ex-dividend date of this dividend was Thursday, May 7th. This is an increase from Hess Midstream Partners’s previous quarterly dividend of $0.76. Hess Midstream Partners’s dividend payout ratio is currently 107.96%.

Hess Midstream Partners Company Profile

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.