Readystate Asset Management LP Makes New Investment in Hess Midstream Partners LP $HESM

Readystate Asset Management LP bought a new stake in Hess Midstream Partners LP (NYSE:HESM) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 75,405 shares of the company’s stock, valued at approximately $2,931,000.

A number of other hedge funds have also made changes to their positions in the stock. Adage Capital Partners GP L.L.C. bought a new stake in shares of Hess Midstream Partners in the fourth quarter worth $92,288,000. Bank of New York Mellon Corp grew its holdings in Hess Midstream Partners by 67.5% during the 1st quarter. Bank of New York Mellon Corp now owns 3,752,002 shares of the company’s stock worth $145,840,000 after acquiring an additional 1,512,007 shares in the last quarter. Alps Advisors Inc. grew its holdings in 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 acquiring an additional 1,007,846 shares in the last quarter. Lazard Asset Management LLC increased its position in shares of Hess Midstream Partners by 1,110.7% in the 1st quarter. Lazard Asset Management LLC now owns 1,069,244 shares of the company’s stock worth $41,562,000 after purchasing an additional 980,929 shares during the last quarter. Finally, Balyasny Asset Management L.P. raised its stake in shares of Hess Midstream Partners by 179.8% in the 2nd quarter. Balyasny Asset Management L.P. now owns 1,209,075 shares of the company’s stock valued at $46,561,000 after purchasing an additional 776,924 shares in the last quarter. Institutional investors and hedge funds own 98.97% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. The Goldman Sachs Group downgraded Hess Midstream Partners from a “neutral” rating to a “sell” rating and set a $32.00 price target for the company. in a research note on Monday, April 20th. Morgan Stanley restated an “underweight” rating and set a $39.00 price objective on shares of Hess Midstream Partners in a research note on Tuesday, July 21st. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Hess Midstream Partners in a report on Wednesday, June 24th. One investment analyst has rated the stock with a Buy rating, six have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Hess Midstream Partners has a consensus rating of “Reduce” and a consensus price target of $38.86.

Hess Midstream Partners Stock Up 0.6%

Shares of NYSE:HESM opened at $40.05 on Wednesday. The company’s fifty day moving average is $38.74 and its two-hundred day moving average is $38.07. The company has a debt-to-equity ratio of 9.97, a quick ratio of 0.92 and a current ratio of 0.92. Hess Midstream Partners LP has a 1-year low of $31.63 and a 1-year high of $44.14. The stock has a market capitalization of $8.26 billion, a price-to-earnings ratio of 13.86 and a beta of 0.53.

Hess Midstream Partners (NYSE:HESM) last posted its quarterly earnings results on Monday, May 4th. The company reported $0.68 EPS for the quarter, beating the consensus estimate of $0.65 by $0.03. Hess Midstream Partners had a net margin of 22.64% and a return on equity of 84.47%. The business had revenue of $390.10 million during the quarter, compared to analyst estimates of $389.51 million. During the same period in the previous year, the business posted $0.65 EPS. The company’s quarterly revenue was up 2.1% on a year-over-year basis. Equities analysts anticipate that Hess Midstream Partners LP will post 2.86 EPS for the current year.

Hess Midstream Partners Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Thursday, August 6th will be given a dividend of $0.7888 per share. This represents a $3.16 dividend on an annualized basis and a dividend yield of 7.9%. The ex-dividend date is Thursday, August 6th. This is a positive change from Hess Midstream Partners’s previous quarterly dividend of $0.78. Hess Midstream Partners’s payout ratio is currently 107.96%.

Hess Midstream Partners Company 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.