Oppenheimer & Co. Inc. Makes New Investment in Hess Midstream Partners LP (NYSE:HESM)

Oppenheimer & Co. Inc. purchased a new position in shares of Hess Midstream Partners LP (NYSE:HESM) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 5,350 shares of the company’s stock, valued at approximately $226,000.

A number of other large investors also recently modified their holdings of the business. Hsbc Holdings PLC bought a new stake in Hess Midstream Partners in the fourth quarter valued at $525,000. Envestnet Asset Management Inc. lifted its position in Hess Midstream Partners by 2.9% during the 4th quarter. Envestnet Asset Management Inc. now owns 120,180 shares of the company’s stock valued at $4,450,000 after purchasing an additional 3,412 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its position in Hess Midstream Partners by 6.3% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 402,915 shares of the company’s stock valued at $14,920,000 after purchasing an additional 23,844 shares during the period. Northern Trust Corp raised its position in shares of Hess Midstream Partners by 17.8% in the 4th quarter. Northern Trust Corp now owns 85,550 shares of the company’s stock valued at $3,168,000 after acquiring an additional 12,939 shares during the period. Finally, Raymond James Financial Inc. acquired a new stake in shares of Hess Midstream Partners in the 4th quarter valued at approximately $12,976,000. 98.97% of the stock is currently owned by institutional investors and hedge funds.

Hess Midstream Partners Stock Down 0.4%

HESM stock opened at $38.21 on Friday. The company has a market cap of $8.23 billion, a PE ratio of 14.98 and a beta of 0.63. The business has a 50-day simple moving average of $38.23 and a 200 day simple moving average of $39.08. Hess Midstream Partners LP has a 52 week low of $33.59 and a 52 week high of $44.05. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 6.92.

Hess Midstream Partners (NYSE:HESM) last issued its earnings results on Wednesday, April 30th. The company reported $0.65 EPS for the quarter, topping the consensus estimate of $0.63 by $0.02. The firm had revenue of $382.00 million during the quarter, compared to the consensus estimate of $384.28 million. Hess Midstream Partners had a return on equity of 54.89% and a net margin of 16.43%. The business’s quarterly revenue was up 7.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.60 earnings per share. Sell-side analysts anticipate that Hess Midstream Partners LP will post 2.5 EPS for the current fiscal year.

Hess Midstream Partners Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 14th. Investors of record on Thursday, May 8th were issued a $0.7098 dividend. The ex-dividend date was Thursday, May 8th. This is a boost from Hess Midstream Partners’s previous quarterly dividend of $0.70. This represents a $2.84 annualized dividend and a yield of 7.43%. Hess Midstream Partners’s dividend payout ratio is presently 111.37%.

Insider Activity at Hess Midstream Partners

In other Hess Midstream Partners news, major shareholder Blackrock Portfolio Management sold 15,022,517 shares of the stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $36.86, for a total transaction of $553,729,976.62. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Geurt G. Schoonman sold 3,249 shares of the stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $39.10, for a total value of $127,035.90. The disclosure for this sale can be found here.

Analyst Upgrades and Downgrades

Several brokerages have commented on HESM. JPMorgan Chase & Co. raised their target price on shares of Hess Midstream Partners from $39.00 to $44.00 and gave the stock a “neutral” rating in a report on Thursday, March 27th. Wells Fargo & Company reduced their price objective on shares of Hess Midstream Partners from $42.00 to $41.00 and set an “equal weight” rating for the company in a research report on Thursday, May 1st.

Hess Midstream Partners Profile

Hess Midstream LP owns, develops, operates, and acquires midstream assets and provide fee-based services to Hess and third-party customers in the United States. It operates through three segments: Gathering; Processing and Storage; and Terminaling and Export. The Gathering segment owns natural gas gathering and compression systems; crude oil gathering systems; and produced water gathering and disposal facilities.