Hess Midstream Partners (NYSE:HESM) Shares Gap Down – Here’s What Happened

Hess Midstream Partners LP (NYSE:HESM)’s stock price gapped down before the market opened on Wednesday. The stock had previously closed at $38.69, but opened at $36.05. Hess Midstream Partners shares last traded at $32.6170, with a volume of 2,488,400 shares traded.

Wall Street Analyst Weigh In

Several research firms have weighed in on HESM. JPMorgan Chase & Co. cut shares of Hess Midstream Partners from a “neutral” rating to an “underweight” rating and set a $39.00 price objective for the company. in a research report on Friday, October 2nd. Weiss Ratings reissued a “buy (b)” rating on shares of Hess Midstream Partners in a research note on Monday, September 21st. Finally, Morgan Stanley reissued an “underweight” rating and set a $39.00 price target on shares of Hess Midstream Partners in a research note on Tuesday, July 21st. One research analyst has rated the stock with a Buy rating, three have given a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Reduce” and an average target price of $37.00.

Hess Midstream Partners Stock Performance

The firm has a fifty day moving average of $39.64 and a 200-day moving average of $39.08. The firm has a market cap of $6.73 billion, a P/E ratio of 11.20 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.

Hess Midstream Partners (NYSE:HESM) last announced its quarterly earnings data on Monday, August 3rd. The company reported $0.75 earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $399.00 million during the quarter, compared to analysts’ expectations of $395.96 million. During the same period in the previous year, the business posted $0.74 EPS. The company’s quarterly revenue was down 3.7% compared to the same quarter last year. Research analysts predict that Hess Midstream Partners LP will post 2.94 earnings per share for the current fiscal year.

Hess Midstream Partners Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Thursday, August 6th were paid a dividend of $0.7888 per share. This represents a $3.16 dividend on an annualized basis and a dividend yield of 9.7%. This is a positive change from Hess Midstream Partners’s previous quarterly dividend of $0.7792. The ex-dividend date of this dividend was Thursday, August 6th. Hess Midstream Partners’s payout ratio is presently 108.97%.

Institutional Trading of Hess Midstream Partners

A number of institutional investors have recently bought and sold shares of the business. Royal Bank of Canada grew its position in shares of Hess Midstream Partners by 25.1% during the 1st 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 boosted its stake in Hess Midstream Partners by 38.0% during 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. Miller Howard Investments Inc. NY boosted its stake in Hess Midstream Partners by 3.2% during the 1st quarter. Miller Howard Investments Inc. NY now owns 1,491,899 shares of the company’s stock worth $57,990,000 after acquiring an additional 45,584 shares during the last quarter. NEOS Investment Management LLC grew its holdings in Hess Midstream Partners by 42.4% during the second quarter. NEOS Investment Management LLC now owns 325,566 shares of the company’s stock valued at $12,241,000 after purchasing an additional 97,012 shares during the period. Finally, Squarepoint Ops LLC increased its stake in Hess Midstream Partners by 419.8% in the second quarter. Squarepoint Ops LLC now owns 106,871 shares of the company’s stock valued at $4,018,000 after purchasing an additional 86,309 shares in the last quarter. Institutional investors and hedge funds own 98.97% of the company’s stock.

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.