Bank of New York Mellon Corp Grows Position in Hess Midstream Partners LP $HESM

Bank of New York Mellon Corp grew its holdings in shares of Hess Midstream Partners LP (NYSE:HESM) by 67.5% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,752,002 shares of the company’s stock after purchasing an additional 1,512,007 shares during the quarter. Bank of New York Mellon Corp owned about 1.81% of Hess Midstream Partners worth $145,840,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of HESM. Royal Bank of Canada lifted its position in shares of Hess Midstream Partners by 33.7% during the first quarter. Royal Bank of Canada now owns 129,902 shares of the company’s stock worth $5,494,000 after acquiring an additional 32,740 shares in the last quarter. NewEdge Advisors LLC purchased a new stake in Hess Midstream Partners during the 1st quarter worth about $235,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Hess Midstream Partners by 20.2% during the 1st 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 purchasing 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 2nd quarter. Geode Capital Management LLC now owns 5,778 shares of the company’s stock worth $223,000 after purchasing an additional 1,026 shares during the period. Finally, Creative Planning grew its holdings in Hess Midstream Partners by 10.6% during the 2nd quarter. Creative Planning now owns 8,596 shares of the company’s stock valued at $331,000 after buying an additional 826 shares in the last quarter. Hedge funds and other institutional investors own 98.97% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on HESM. The Goldman Sachs Group cut Hess Midstream Partners from a “neutral” rating to a “sell” rating and set a $32.00 price target on the stock. in a research report on Monday, April 20th. 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 research report on Wednesday, June 10th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Hess Midstream Partners in a report on Wednesday, June 24th. One research analyst has rated the stock with a Buy rating, six have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average price target of $38.71.

Hess Midstream Partners Price Performance

Shares of NYSE HESM opened at $40.33 on Monday. The stock’s 50-day simple moving average is $38.65 and its two-hundred day simple moving average is $37.77. Hess Midstream Partners LP has a twelve month low of $31.63 and a twelve month high of $44.14. The firm has a market capitalization of $8.31 billion, a P/E ratio of 13.95 and a beta of 0.53. 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 quarterly earnings data on Monday, May 4th. The company reported $0.68 EPS for the quarter, topping the consensus estimate of $0.65 by $0.03. The company had revenue of $390.10 million during the quarter, compared to analyst estimates of $389.51 million. Hess Midstream Partners had a return on equity of 84.47% and a net margin of 22.64%.Hess Midstream Partners’s revenue was up 2.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.65 earnings per share. As a group, equities analysts anticipate that Hess Midstream Partners LP will post 2.9 EPS for the current fiscal year.

Hess Midstream Partners Increases Dividend

The business also recently announced 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. The ex-dividend date was Thursday, May 7th. This is a boost from Hess Midstream Partners’s previous quarterly dividend of $0.76. This represents a $3.12 annualized dividend and a yield of 7.7%. Hess Midstream Partners’s dividend payout ratio (DPR) is presently 107.96%.

Hess Midstream Partners 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.