CI Investments Inc. Trims Stock Holdings in Hess Midstream Partners LP $HESM

CI Investments Inc. lessened its holdings in shares of Hess Midstream Partners LP (NYSE:HESM) by 1.3% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,551,776 shares of the company’s stock after selling 20,394 shares during the quarter. CI Investments Inc. owned 0.75% of Hess Midstream Partners worth $60,318,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Royal Bank of Canada boosted its stake in shares of Hess Midstream Partners by 33.7% during the 1st quarter. Royal Bank of Canada now owns 129,902 shares of the company’s stock valued at $5,494,000 after buying an additional 32,740 shares during the last quarter. NewEdge Advisors LLC acquired a new stake in shares of Hess Midstream Partners during the first quarter worth approximately $235,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Hess Midstream Partners by 20.2% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 224,741 shares of the company’s stock worth $9,504,000 after buying an additional 37,794 shares during the last quarter. Geode Capital Management LLC raised its holdings in Hess Midstream Partners by 21.6% in the second quarter. Geode Capital Management LLC now owns 5,778 shares of the company’s stock valued at $223,000 after acquiring an additional 1,026 shares in the last quarter. Finally, Creative Planning raised its holdings in Hess Midstream Partners by 10.6% in the second quarter. Creative Planning now owns 8,596 shares of the company’s stock valued at $331,000 after acquiring an additional 826 shares in the last quarter. 98.97% of the stock is currently owned by hedge funds and other institutional investors.

Hess Midstream Partners Stock Performance

Shares of NYSE HESM opened at $39.94 on Wednesday. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 9.97. The firm’s 50-day moving average price is $38.69 and its two-hundred day moving average price is $37.85. Hess Midstream Partners LP has a 52-week low of $31.63 and a 52-week high of $44.14. The stock has a market capitalization of $8.23 billion, a P/E ratio of 13.82 and a beta of 0.53.

Hess Midstream Partners (NYSE:HESM) last posted its 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. The company had revenue of $390.10 million during the quarter, compared to analyst estimates of $389.51 million. Hess Midstream Partners had a return on equity of 84.47% and a net margin of 22.64%.The business’s revenue was up 2.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.65 earnings per share. As a group, sell-side analysts forecast that Hess Midstream Partners LP will post 2.9 earnings per share for the current year.

Hess Midstream Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 14th. Investors of record on Thursday, May 7th were paid a dividend of $0.7792 per share. This represents a $3.12 dividend on an annualized basis and a yield of 7.8%. The ex-dividend date was Thursday, May 7th. This is an increase from Hess Midstream Partners’s previous quarterly dividend of $0.76. Hess Midstream Partners’s dividend payout ratio (DPR) is currently 107.96%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Weiss Ratings reissued a “buy (b)” rating on shares of Hess Midstream Partners in a report on Wednesday, June 24th. The Goldman Sachs Group downgraded shares of Hess Midstream Partners from a “neutral” rating to a “sell” rating and set a $32.00 target price for the company. in a research report on Monday, April 20th. Finally, Morgan Stanley restated an “underweight” rating and issued a $39.00 target price on shares of Hess Midstream Partners in a research note on Tuesday. One research analyst has rated the stock with a Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Reduce” and a consensus price target of $38.86.

Hess Midstream Partners 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.