Jennison Associates LLC Raises Position in Hess Midstream Partners LP $HESM

Jennison Associates LLC lifted its position in shares of Hess Midstream Partners LP (NYSE:HESM) by 4.6% during the first quarter, HoldingsChannel reports. The fund owned 367,745 shares of the company’s stock after acquiring an additional 16,095 shares during the quarter. Jennison Associates LLC’s holdings in Hess Midstream Partners were worth $14,294,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the company. Adage Capital Partners GP L.L.C. purchased a new position in Hess Midstream Partners during the fourth quarter worth about $92,288,000. Bank of New York Mellon Corp boosted its holdings in Hess Midstream Partners by 67.5% in the 1st 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 in the last quarter. Alps Advisors Inc. increased its position 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 purchasing an additional 1,007,846 shares during the period. Balyasny Asset Management L.P. increased its position in Hess Midstream Partners by 179.8% during the 2nd quarter. Balyasny Asset Management L.P. now owns 1,209,075 shares of the company’s stock worth $46,561,000 after purchasing an additional 776,924 shares during the period. Finally, Invesco Ltd. increased its position in Hess Midstream Partners by 10.7% during the 4th quarter. Invesco Ltd. now owns 6,619,868 shares of the company’s stock worth $228,385,000 after purchasing an additional 641,092 shares during the period. 98.97% of the stock is owned by hedge funds and other institutional investors.

Hess Midstream Partners Stock Performance

NYSE HESM opened at $39.94 on Wednesday. The business has a 50 day moving average price of $38.69 and a 200 day moving average price of $37.85. The company has a market capitalization of $8.23 billion, a P/E ratio of 13.82 and a beta of 0.53. Hess Midstream Partners LP has a 1-year low of $31.63 and a 1-year high of $44.14. The company has a debt-to-equity ratio of 9.97, a current ratio of 0.92 and a quick ratio of 0.92.

Hess Midstream Partners (NYSE:HESM) last posted its earnings results on Monday, May 4th. The company reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.03. Hess Midstream Partners had a return on equity of 84.47% and a net margin of 22.64%.The company had revenue of $390.10 million for the quarter, compared to analyst estimates of $389.51 million. During the same quarter in the prior year, the company earned $0.65 earnings per share. Hess Midstream Partners’s revenue was up 2.1% compared to the same quarter last year. Sell-side analysts expect that Hess Midstream Partners LP will post 2.9 EPS for the current fiscal year.

Hess Midstream Partners Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 14th. Investors of record on Thursday, May 7th were given a $0.7792 dividend. The ex-dividend date was Thursday, May 7th. This represents a $3.12 annualized dividend and a dividend yield of 7.8%. This is a boost from Hess Midstream Partners’s previous quarterly dividend of $0.76. Hess Midstream Partners’s payout ratio is presently 107.96%.

Wall Street Analysts Forecast Growth

HESM has been the subject of several recent analyst reports. The Goldman Sachs Group cut Hess Midstream Partners from a “neutral” rating to a “sell” rating and set a $32.00 price target for the company. in a report on Monday, April 20th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Hess Midstream Partners in a report on Wednesday, June 24th. Finally, Morgan Stanley reiterated an “underweight” rating and issued a $39.00 price objective on shares of Hess Midstream Partners in a research report on Tuesday. One 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. According to data from MarketBeat.com, the company has an average rating of “Reduce” and a consensus price target of $38.86.

About Hess Midstream Partners

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.