Hess Midstream Partners (NYSE:HESM) Sets New 1-Year Low – Here’s What Happened

Hess Midstream Partners LP (NYSE:HESM) shares reached a new 52-week low on Thursday. The stock traded as low as $29.83 and last traded at $29.68, with a volume of 489,707 shares. The stock had previously closed at $31.07.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on HESM. Raymond James Financial raised Hess Midstream Partners from a “market perform” rating to an “outperform” rating and set a $32.00 price target on the stock in a research report on Friday. Citigroup decreased their price objective on shares of Hess Midstream Partners from $37.00 to $33.00 and set a “neutral” rating for the company in a report on Tuesday, October 13th. JPMorgan Chase & Co. downgraded shares of Hess Midstream Partners from a “neutral” rating to an “underweight” rating and set a $39.00 price objective for the company. in a report on Friday, October 2nd. Morgan Stanley lowered their target price on shares of Hess Midstream Partners from $39.00 to $30.00 and set an “underweight” rating for the company in a research note on Tuesday, October 13th. Finally, Barclays set a $32.00 target price on shares of Hess Midstream Partners in a report on Friday. Two research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Reduce” and an average price target of $34.00.

Hess Midstream Partners Stock Performance

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 stock has a 50 day simple moving average of $37.31 and a 200 day simple moving average of $38.35. The company has a market capitalization of $6.31 billion, a price-to-earnings ratio of 10.56 and a beta of 0.58.

Hess Midstream Partners (NYSE:HESM) last issued its quarterly earnings data on Monday, August 3rd. The company reported $0.75 EPS for the quarter, topping analysts’ consensus estimates of $0.67 by $0.08. The firm had revenue of $399.00 million during the quarter, compared to the consensus estimate of $395.96 million. Hess Midstream Partners had a return on equity of 92.18% and a net margin of 23.23%. The firm’s revenue was down 3.7% on a year-over-year basis. During the same period in the prior year, the business earned $0.74 EPS. As a group, analysts anticipate that Hess Midstream Partners LP will post 3.22 earnings per share for the current fiscal year.

Hess Midstream Partners Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Thursday, August 6th were given a dividend of $0.7888 per share. This is a boost from Hess Midstream Partners’s previous quarterly dividend of $0.7792. This represents a $3.16 annualized dividend and a dividend yield of 10.3%. The ex-dividend date was Thursday, August 6th. Hess Midstream Partners’s payout ratio is presently 108.62%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Bank of New York Mellon Corp increased its stake in Hess Midstream Partners by 67.5% in the 1st quarter. Bank of New York Mellon Corp now owns 3,752,002 shares of the company’s stock valued at $145,840,000 after buying an additional 1,512,007 shares during the period. Lazard Asset Management LLC lifted its position in Hess Midstream Partners by 1,110.7% in the 1st quarter. Lazard Asset Management LLC now owns 1,069,244 shares of the company’s stock worth $41,562,000 after buying an additional 980,929 shares in the last quarter. First Trust Advisors LP boosted its stake in shares of Hess Midstream Partners by 34.9% during the 1st quarter. First Trust Advisors LP now owns 959,321 shares of the company’s stock valued at $37,289,000 after buying an additional 247,973 shares during the period. Bank of America Corp DE boosted its stake in shares of Hess Midstream Partners by 38.7% during the 2nd quarter. Bank of America Corp DE now owns 446,037 shares of the company’s stock valued at $16,771,000 after buying an additional 124,507 shares during the period. Finally, Jennison Associates LLC boosted its stake in shares of Hess Midstream Partners by 4.6% during the 1st quarter. Jennison Associates LLC now owns 367,745 shares of the company’s stock valued at $14,294,000 after buying an additional 16,095 shares during the period. 98.97% of the stock is currently owned by institutional investors.

Hess Midstream Partners Company Profile

Hess Midstream Partners LP (NYSE:HESM) is a midstream energy company that owns and operates infrastructure supporting oil and gas production, primarily in the Bakken and Three Forks shale plays of North Dakota. The company provides essential services between the wellhead and downstream markets rather than exploring for or producing hydrocarbons itself.

Its operations include gathering, processing, storage and transportation services for crude oil, natural gas and natural gas liquids. Hess Midstream also provides produced-water gathering and disposal services, helping manage water generated during oil and gas production.