Hess Midstream Partners (NYSE:HESM) Stock Gets Price Target Cut from Citigroup

Hess Midstream Partners (NYSE:HESM) had its price target reduced by Citigroup from $37.00 to $33.00 in a research note released on Tuesday,Benzinga reports. Citigroup currently has a neutral rating on the stock.

A number of other equities research analysts also recently weighed in on the stock. JPMorgan Chase & Co. downgraded shares of Hess Midstream Partners from a “neutral” rating to an “underweight” rating and set a $39.00 price target for the company. in a report on Friday, October 2nd. UBS Group reduced their price objective on shares of Hess Midstream Partners from $37.00 to $34.00 and set a “neutral” rating for the company in a research report on Tuesday. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Hess Midstream Partners in a research note on Monday, September 21st. Finally, Morgan Stanley lowered their price objective on shares of Hess Midstream Partners from $39.00 to $30.00 and set an “underweight” rating on the stock in a research note on Tuesday. One analyst has rated the stock with a Buy rating, five have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Reduce” and a consensus target price of $34.71.

Hess Midstream Partners Trading Down 0.0%

Shares of Hess Midstream Partners stock opened at $30.64 on Tuesday. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 9.39. The firm has a market cap of $6.32 billion, a price-to-earnings ratio of 10.56 and a beta of 0.58. The business has a fifty day simple moving average of $38.47 and a 200-day simple moving average of $38.69. Hess Midstream Partners has a fifty-two week low of $29.85 and a fifty-two week high of $41.44.

Hess Midstream Partners (NYSE:HESM) last announced its earnings results on Monday, August 3rd. The company reported $0.75 earnings per share for the quarter, beating the consensus estimate of $0.67 by $0.08. The business had revenue of $399.00 million during the quarter, compared to analysts’ expectations of $395.96 million. Hess Midstream Partners had a return on equity of 92.18% and a net margin of 23.23%. The company’s quarterly revenue was down 3.7% on a year-over-year basis. During the same quarter last year, the business posted $0.74 earnings per share. On average, equities analysts forecast that Hess Midstream Partners will post 3.22 EPS for the current fiscal year.

Hess Midstream Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Thursday, August 6th were paid a dividend of $0.7888 per share. The ex-dividend date of this dividend was Thursday, August 6th. This represents a $3.16 annualized dividend and a dividend yield of 10.3%. This is a boost from Hess Midstream Partners’s previous quarterly dividend of $0.7792. Hess Midstream Partners’s dividend payout ratio is 108.97%.

Hedge Funds Weigh In On Hess Midstream Partners

Hedge funds have recently modified their holdings of the stock. Bank of New York Mellon Corp lifted its holdings in shares of Hess Midstream Partners by 67.5% during the first quarter. Bank of New York Mellon Corp now owns 3,752,002 shares of the company’s stock valued at $145,840,000 after purchasing an additional 1,512,007 shares during the last quarter. Lazard Asset Management LLC increased its stake in 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 in the last quarter. Algert Global LLC increased its stake in Hess Midstream Partners by 362.1% in the 2nd quarter. Algert Global LLC now owns 377,010 shares of the company’s stock worth $14,176,000 after purchasing an additional 295,432 shares in the last quarter. First Trust Advisors LP increased its stake in Hess Midstream Partners by 34.9% in the 1st quarter. First Trust Advisors LP now owns 959,321 shares of the company’s stock worth $37,289,000 after purchasing an additional 247,973 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership acquired a new stake in Hess Midstream Partners during the 1st quarter worth about $6,756,000. 98.97% of the stock is currently owned by institutional investors and hedge funds.

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.