Hess Midstream Partners (NYSE:HESM) Hits New 52-Week Low After Analyst Downgrade

Hess Midstream Partners LP (NYSE:HESM)’s share price reached a new 52-week low during trading on Tuesday after Citigroup lowered their price target on the stock from $37.00 to $33.00. Citigroup currently has a neutral rating on the stock. Hess Midstream Partners 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.

Several other analysts have also issued reports on HESM. Weiss Ratings restated a “buy (b)” rating on shares of Hess Midstream Partners in a research note on Monday, September 21st. JPMorgan Chase & Co. downgraded Hess Midstream Partners from a “neutral” rating to an “underweight” rating and set a $39.00 target price for the company. in a research note on Friday, October 2nd. Morgan Stanley reduced their target price on Hess Midstream Partners from $39.00 to $30.00 and set an “underweight” rating for the company in a research note on Tuesday. Finally, UBS Group decreased their target price on Hess Midstream Partners from $37.00 to $34.00 and set a “neutral” rating on the stock in a report on Tuesday. One analyst has rated the stock with a Buy rating, five have issued a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Reduce” and an average target price of $34.71.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Grove Bank & Trust acquired a new stake in Hess Midstream Partners during the second quarter worth approximately $38,000. Caitong International Asset Management Co. Ltd bought a new position in Hess Midstream Partners during the 4th quarter worth $44,000. Integrated Wealth Concepts LLC acquired a new position in Hess Midstream Partners in the 2nd quarter valued at $77,000. CENTRAL TRUST Co lifted its position in shares of Hess Midstream Partners by 124.4% during the 1st quarter. CENTRAL TRUST Co now owns 2,165 shares of the company’s stock valued at $84,000 after acquiring an additional 1,200 shares during the period. Finally, Fifth Third Bancorp acquired a new stake in shares of Hess Midstream Partners during the 1st quarter worth $133,000. 98.97% of the stock is owned by institutional investors and hedge funds.

Hess Midstream Partners Trading Down 1.8%

The company has a market capitalization of $6.32 billion, a price-to-earnings ratio of 10.57 and a beta of 0.58. The company has a debt-to-equity ratio of 9.39, a quick ratio of 0.77 and a current ratio of 0.77. The firm has a fifty day moving average price of $38.65 and a 200-day moving average price of $38.75.

Hess Midstream Partners (NYSE:HESM) last posted its quarterly earnings results on Monday, August 3rd. The company reported $0.75 EPS for the quarter, beating analysts’ consensus estimates 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 business had revenue of $399.00 million during the quarter, compared to the consensus estimate of $395.96 million. During the same quarter in the previous year, the firm earned $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, equities analysts anticipate that Hess Midstream Partners LP will post 3.13 EPS for the current year.

Hess Midstream Partners Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Thursday, August 6th were issued a $0.7888 dividend. The ex-dividend date of this dividend was Thursday, August 6th. This represents a $3.16 annualized dividend and a yield of 10.3%. This is an increase from Hess Midstream Partners’s previous quarterly dividend of $0.7792. Hess Midstream Partners’s payout ratio is 108.62%.

About Hess Midstream Partners

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.