Jennison Associates LLC Boosts Position in Hess Midstream Partners LP $HESM

Jennison Associates LLC boosted its holdings in Hess Midstream Partners LP (NYSE:HESM) by 4.6% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 367,745 shares of the company’s stock after purchasing an additional 16,095 shares during the quarter. Jennison Associates LLC owned about 0.18% of Hess Midstream Partners worth $14,294,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Adage Capital Partners GP L.L.C. purchased a new stake in shares of Hess Midstream Partners during the 4th quarter worth approximately $92,288,000. Bank of New York Mellon Corp grew its position in shares of 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 last quarter. Alps Advisors Inc. grew its position in shares of Hess Midstream Partners by 3.4% in the 4th quarter. Alps Advisors Inc. now owns 30,303,091 shares of the company’s stock valued at $1,045,457,000 after buying an additional 1,007,846 shares during the last quarter. Balyasny Asset Management L.P. grew its position in shares of Hess Midstream Partners by 179.8% in the 2nd quarter. Balyasny Asset Management L.P. now owns 1,209,075 shares of the company’s stock valued at $46,561,000 after buying an additional 776,924 shares during the last quarter. Finally, Invesco Ltd. raised its stake in Hess Midstream Partners by 10.7% during the 4th quarter. Invesco Ltd. now owns 6,619,868 shares of the company’s stock worth $228,385,000 after acquiring an additional 641,092 shares in the last quarter. 98.97% of the stock is currently owned by hedge funds and other institutional investors.

Hess Midstream Partners Price Performance

Shares of HESM opened at $39.94 on Wednesday. The company has a debt-to-equity ratio of 9.97, a quick ratio of 0.92 and a current ratio of 0.92. Hess Midstream Partners LP has a fifty-two week low of $31.63 and a fifty-two week high of $44.14. The firm has a 50-day simple moving average of $38.69 and a 200-day simple moving average of $37.85. The company has a market capitalization of $8.23 billion, a price-to-earnings ratio of 13.82 and a beta of 0.53.

Hess Midstream Partners (NYSE:HESM) last posted its quarterly earnings data on Monday, May 4th. The company reported $0.68 EPS for the quarter, beating the consensus estimate of $0.65 by $0.03. Hess Midstream Partners had a return on equity of 84.47% and a net margin of 22.64%.The firm had revenue of $390.10 million during the quarter, compared to the consensus estimate of $389.51 million. During the same period in the prior year, the business earned $0.65 EPS. The firm’s revenue was up 2.1% compared to the same quarter last year. On average, equities research analysts anticipate that Hess Midstream Partners LP will post 2.9 earnings per share for the current year.

Hess Midstream Partners Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 14th. Stockholders of record on Thursday, May 7th were paid a dividend of $0.7792 per share. This represents a $3.12 annualized dividend and a dividend yield of 7.8%. This is a boost from Hess Midstream Partners’s previous quarterly dividend of $0.76. The ex-dividend date was Thursday, May 7th. Hess Midstream Partners’s dividend payout ratio (DPR) is currently 107.96%.

Analyst Ratings Changes

A number of brokerages recently weighed in on HESM. Weiss Ratings reissued a “buy (b)” rating on shares of Hess Midstream Partners in a research report on Wednesday, June 24th. Morgan Stanley reaffirmed an “underweight” rating and set a $39.00 price objective on shares of Hess Midstream Partners in a report on Tuesday. Finally, The Goldman Sachs Group cut 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. One equities research analyst has rated the stock with a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Reduce” and an average price target of $38.86.

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.