Hess Midstream Partners (NYSE:HESM) Stock Rating Lowered by JPMorgan Chase & Co.

Hess Midstream Partners (NYSE:HESM) was downgraded by analysts at JPMorgan Chase & Co. from a “neutral” rating to an “underweight” rating in a report issued on Friday, MarketBeat.com reports. They presently have a $39.00 price target on the stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 3.29% from the stock’s current price.

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

Hess Midstream Partners Price Performance

NYSE HESM traded down $0.29 during trading hours on Friday, hitting $37.76. 1,244,012 shares of the company’s stock traded hands, compared to its average volume of 1,547,893. Hess Midstream Partners has a 52-week low of $31.63 and a 52-week high of $41.44. The company has a market capitalization of $7.79 billion, a PE ratio of 13.02 and a beta of 0.58. The company has a debt-to-equity ratio of 9.39, a current ratio of 0.77 and a quick ratio of 0.77. The firm’s 50-day moving average is $39.75 and its 200-day moving average is $39.10.

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

Institutional Trading of Hess Midstream Partners

Several hedge funds have recently made changes to their positions in the company. Envestnet Asset Management Inc. lifted its holdings in shares of Hess Midstream Partners by 0.8% in the 2nd quarter. Envestnet Asset Management Inc. now owns 147,778 shares of the company’s stock worth $5,556,000 after acquiring an additional 1,203 shares during the last quarter. State Street Corp lifted its holdings in shares of Hess Midstream Partners by 38.0% in the 2nd quarter. State Street Corp now owns 365,577 shares of the company’s stock worth $13,746,000 after acquiring an additional 100,611 shares during the last quarter. Tidal Investments LLC lifted its holdings in shares of Hess Midstream Partners by 37.2% in the 2nd quarter. Tidal Investments LLC now owns 7,881 shares of the company’s stock worth $296,000 after acquiring an additional 2,138 shares during the last quarter. Integrated Wealth Concepts LLC acquired a new position in shares of Hess Midstream Partners in the 2nd quarter worth approximately $77,000. Finally, Squarepoint Ops LLC lifted its holdings in shares of Hess Midstream Partners by 419.8% in the 2nd quarter. Squarepoint Ops LLC now owns 106,871 shares of the company’s stock worth $4,018,000 after acquiring an additional 86,309 shares during the last quarter. Hedge funds and other institutional investors own 98.97% of the company’s stock.

Hess Midstream Partners Company Profile

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.