Connor Clark & Lunn Investment Management Ltd. Trims Stock Position in Hess Midstream Partners LP $HESM

Connor Clark & Lunn Investment Management Ltd. cut its stake in shares of Hess Midstream Partners LP (NYSE:HESM) by 33.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 64,337 shares of the company’s stock after selling 32,625 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Hess Midstream Partners were worth $2,419,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of HESM. Royal Bank of Canada lifted its stake in shares of Hess Midstream Partners by 33.7% in the 1st quarter. Royal Bank of Canada now owns 129,902 shares of the company’s stock worth $5,494,000 after acquiring an additional 32,740 shares during the period. NewEdge Advisors LLC purchased a new position in Hess Midstream Partners during the first quarter worth about $235,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in 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 valued at $9,504,000 after purchasing an additional 37,794 shares during the period. Geode Capital Management LLC lifted its position 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 purchasing an additional 1,026 shares during the period. Finally, Creative Planning boosted its holdings in Hess Midstream Partners by 10.6% in the 2nd quarter. Creative Planning now owns 8,596 shares of the company’s stock valued at $331,000 after purchasing 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 Down 0.7%

HESM opened at $39.57 on Friday. Hess Midstream Partners LP has a 12 month low of $31.63 and a 12 month high of $41.63. The business has a 50-day moving average of $39.42 and a two-hundred day moving average of $38.85. The company has a debt-to-equity ratio of 9.39, a current ratio of 0.77 and a quick ratio of 0.77. The stock has a market capitalization of $8.16 billion, a price-to-earnings ratio of 13.64 and a beta of 0.52.

Hess Midstream Partners (NYSE:HESM) last announced its quarterly earnings results on Monday, August 3rd. The company reported $0.75 EPS for the quarter, topping the consensus estimate of $0.67 by $0.08. The company had revenue of $399.00 million during the quarter, compared to analyst estimates of $395.96 million. Hess Midstream Partners had a return on equity of 92.18% and a net margin of 23.23%.The firm’s revenue was down 3.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.74 earnings per share. On average, research analysts expect that Hess Midstream Partners LP will post 2.94 earnings per share for the current year.

Hess Midstream Partners Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Thursday, August 6th were issued a dividend of $0.7888 per share. This represents a $3.16 dividend on an annualized basis and a yield of 8.0%. The ex-dividend date of this dividend was Thursday, August 6th. This is a positive change from Hess Midstream Partners’s previous quarterly dividend of $0.78. Hess Midstream Partners’s dividend payout ratio (DPR) is 108.97%.

Analysts Set New Price Targets

A number of analysts recently weighed in on the company. Weiss Ratings restated a “buy (b)” rating on shares of Hess Midstream Partners in a research note on Wednesday, June 24th. Morgan Stanley restated an “underweight” rating and set a $39.00 target price on shares of Hess Midstream Partners in a research report on Tuesday, July 21st. One analyst has rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Reduce” and an average price target of $37.67.

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.