Gabelli Funds LLC Buys Shares of 15,000 Hess Midstream Partners LP $HESM

Gabelli Funds LLC purchased a new position in shares of Hess Midstream Partners LP (NYSE:HESM) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 15,000 shares of the company’s stock, valued at approximately $564,000.

Other hedge funds have also recently modified their holdings of the company. Royal Bank of Canada raised its position in Hess Midstream Partners by 33.7% during the 1st quarter. Royal Bank of Canada now owns 129,902 shares of the company’s stock worth $5,494,000 after buying an additional 32,740 shares during the last quarter. NewEdge Advisors LLC acquired a new stake in shares of Hess Midstream Partners in the 1st quarter worth $235,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Hess Midstream Partners by 20.2% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 224,741 shares of the company’s stock valued at $9,504,000 after acquiring an additional 37,794 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Hess Midstream Partners by 21.6% during the second quarter. Geode Capital Management LLC now owns 5,778 shares of the company’s stock worth $223,000 after acquiring an additional 1,026 shares during the period. Finally, Creative Planning increased its stake in shares of Hess Midstream Partners by 10.6% during the second quarter. Creative Planning now owns 8,596 shares of the company’s stock worth $331,000 after acquiring an additional 826 shares during the period. 98.97% of the stock is owned by institutional investors and hedge funds.

Hess Midstream Partners Stock Performance

NYSE HESM opened at $39.13 on Friday. Hess Midstream Partners LP has a 1-year low of $31.63 and a 1-year high of $41.80. The company has a market capitalization of $8.07 billion, a P/E ratio of 13.49 and a beta of 0.52. The business has a 50 day moving average price of $39.17 and a 200 day moving average price of $38.71. The company has a debt-to-equity ratio of 9.39, a current ratio of 0.77 and a quick ratio of 0.77.

Hess Midstream Partners (NYSE:HESM) last posted its earnings results on Monday, August 3rd. The company reported $0.75 EPS for the quarter, topping 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 company had revenue of $399.00 million for the quarter, compared to the consensus estimate of $395.96 million. During the same period in the previous year, the business earned $0.74 earnings per share. Hess Midstream Partners’s quarterly revenue was down 3.7% compared to the same quarter last year. Sell-side analysts expect that Hess Midstream Partners LP will post 2.94 EPS 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. Investors of record on Thursday, August 6th were paid a $0.7888 dividend. This represents a $3.16 dividend on an annualized basis and a yield of 8.1%. The ex-dividend date of this dividend was Thursday, August 6th. This is a positive change from Hess Midstream Partners’s previous quarterly dividend of $0.78. Hess Midstream Partners’s dividend payout ratio is currently 108.97%.

Analyst Upgrades and Downgrades

HESM has been the subject of a number of recent analyst reports. Morgan Stanley restated an “underweight” rating and issued a $39.00 price objective on shares of Hess Midstream Partners in a research report on Tuesday, July 21st. Weiss Ratings reissued a “buy (b)” rating on shares of Hess Midstream Partners in a research note on Wednesday, June 24th. One investment analyst has rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Reduce” and an average price target of $37.67.

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.