Hess Midstream Partners (NYSE:HESM) Sees Large Volume Increase on Earnings Beat

Hess Midstream Partners LP (NYSE:HESM) shares saw unusually-high trading volume on Monday after the company announced better than expected quarterly earnings. Approximately 970,332 shares traded hands during trading, a decline of 40% from the previous session’s volume of 1,615,475 shares.The stock last traded at $39.3960 and had previously closed at $38.12.

The company reported $0.68 earnings per share for the quarter, beating analysts’ consensus estimates of $0.65 by $0.03. The firm had revenue of $390.10 million for the quarter, compared to analyst estimates of $389.51 million. Hess Midstream Partners had a net margin of 21.77% and a return on equity of 74.89%. Hess Midstream Partners’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same period last year, the company posted $0.65 EPS.

Hess Midstream Partners Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 14th. Investors of record on Thursday, May 7th will be paid a $0.7792 dividend. The ex-dividend date of this dividend is Thursday, May 7th. This represents a $3.12 dividend on an annualized basis and a yield of 8.0%. This is a boost from Hess Midstream Partners’s previous quarterly dividend of $0.76. Hess Midstream Partners’s dividend payout ratio is 106.99%.

Analyst Upgrades and Downgrades

HESM has been the topic of a number of research reports. The Goldman Sachs Group lowered shares of Hess Midstream Partners from a “neutral” rating to a “sell” rating and set a $32.00 price target on the stock. in a research note on Monday, April 20th. Zacks Research raised shares of Hess Midstream Partners from a “strong sell” rating to a “hold” rating in a research note on Monday, March 2nd. Wells Fargo & Company raised their price target on shares of Hess Midstream Partners from $39.00 to $40.00 and gave the company an “equal weight” rating in a research note on Friday, March 13th. Raymond James Financial downgraded shares of Hess Midstream Partners from an “outperform” rating to a “market perform” rating in a report on Monday, January 5th. Finally, Weiss Ratings upgraded shares of Hess Midstream Partners from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, March 2nd. One investment analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $40.14.

Institutional Trading of Hess Midstream Partners

A number of hedge funds and other institutional investors have recently made changes to their positions in HESM. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of Hess Midstream Partners during the 3rd quarter worth approximately $187,691,000. Adage Capital Partners GP L.L.C. acquired a new stake in shares of Hess Midstream Partners during the 4th quarter worth approximately $92,288,000. CIBC Bancorp USA Inc. acquired a new stake in shares of Hess Midstream Partners during the 3rd quarter worth approximately $58,480,000. JPMorgan Chase & Co. increased its holdings in shares of Hess Midstream Partners by 179.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,269,146 shares of the company’s stock worth $78,399,000 after buying an additional 1,456,627 shares during the last quarter. Finally, Alps Advisors Inc. increased its holdings in shares of Hess Midstream Partners by 3.4% during the 4th quarter. Alps Advisors Inc. now owns 30,303,091 shares of the company’s stock worth $1,045,457,000 after buying an additional 1,007,846 shares during the last quarter. Institutional investors and hedge funds own 98.97% of the company’s stock.

Hess Midstream Partners Price Performance

The stock’s fifty day moving average price is $38.74 and its 200-day moving average price is $35.88. The firm has a market cap of $8.11 billion, a price-to-earnings ratio of 13.72 and a beta of 0.54. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 8.54.

About Hess Midstream Partners

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.