Hess Midstream Partners (NYSE:HESM) Cut to “Underweight” at JPMorgan Chase & Co.

JPMorgan Chase & Co. lowered shares of Hess Midstream Partners (NYSE:HESM) from a neutral rating to an underweight rating in a research note issued to investors on Friday morning, Marketbeat Ratings reports. JPMorgan Chase & Co. currently has $39.00 price target on the stock.

A number of other research analysts have also recently issued reports on HESM. Weiss Ratings reissued a “buy (b)” rating on shares of Hess Midstream Partners in a research note on Monday, September 21st. Morgan Stanley reaffirmed an “underweight” rating and set a $39.00 price target on shares of Hess Midstream Partners in a research report on Tuesday, July 21st. One research analyst has rated the stock with a Buy rating, three have issued a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus target price of $37.00.

Hess Midstream Partners Trading Up 0.0%

Shares of NYSE HESM opened at $37.76 on Friday. Hess Midstream Partners has a twelve month low of $31.63 and a twelve month high of $41.44. The stock has a market cap of $7.79 billion, a price-to-earnings ratio of 13.02 and a beta of 0.58. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 9.39. The company’s fifty day moving average is $39.69 and its 200-day moving average is $39.09.

Hess Midstream Partners (NYSE:HESM) last released its quarterly earnings data on Monday, August 3rd. The company reported $0.75 EPS for the quarter, beating analysts’ consensus estimates of $0.67 by $0.08. The business had revenue of $399.00 million during the quarter, compared to analysts’ expectations of $395.96 million. Hess Midstream Partners had a net margin of 23.23% and a return on equity of 92.18%. The firm’s quarterly revenue was down 3.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.74 EPS. Equities research analysts predict that Hess Midstream Partners will post 2.94 EPS for the current year.

Hess Midstream Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Thursday, August 6th were issued a dividend of $0.7888 per share. The ex-dividend date was Thursday, August 6th. This is a positive change from Hess Midstream Partners’s previous quarterly dividend of $0.7792. This represents a $3.16 dividend on an annualized basis and a dividend yield of 8.4%. Hess Midstream Partners’s dividend payout ratio (DPR) is 108.97%.

Institutional Investors Weigh In On Hess Midstream Partners

Several institutional investors have recently added to or reduced their stakes in the stock. Royal Bank of Canada boosted its position in shares of Hess Midstream Partners by 25.1% during the first quarter. Royal Bank of Canada now owns 238,724 shares of the company’s stock worth $9,279,000 after buying an additional 47,964 shares during the period. State Street Corp grew its holdings in shares of Hess Midstream Partners by 38.0% during the second quarter. State Street Corp now owns 365,577 shares of the company’s stock worth $13,746,000 after buying an additional 100,611 shares in the last quarter. Miller Howard Investments Inc. NY raised its position in Hess Midstream Partners by 3.2% in the 1st quarter. Miller Howard Investments Inc. NY now owns 1,491,899 shares of the company’s stock valued at $57,990,000 after buying an additional 45,584 shares during the last quarter. NEOS Investment Management LLC raised its position in Hess Midstream Partners by 42.4% in the 2nd quarter. NEOS Investment Management LLC now owns 325,566 shares of the company’s stock valued at $12,241,000 after buying an additional 97,012 shares during the last quarter. Finally, Squarepoint Ops LLC raised its position in Hess Midstream Partners by 419.8% in the 2nd quarter. Squarepoint Ops LLC now owns 106,871 shares of the company’s stock valued at $4,018,000 after buying an additional 86,309 shares during the last quarter. 98.97% of the stock is owned by institutional investors.

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.