Hess Midstream Partners LP (NYSE:HESM) Sees Large Increase in Short Interest

Hess Midstream Partners LP (NYSE:HESM) was the recipient of a large growth in short interest during the month of October. As of October 15th, there was short interest totaling 12,754,528 shares, a growth of 65.7% from the September 30th total of 7,695,343 shares. Approximately 6.2% of the company’s shares are sold short. Based on an average trading volume of 3,393,816 shares, the days-to-cover ratio is currently 3.8 days.

Hess Midstream Partners Stock Down 0.9%

Shares of HESM opened at $32.41 on Tuesday. The firm has a market capitalization of $6.68 billion, a P/E ratio of 11.10 and a beta of 0.58. Hess Midstream Partners has a 12-month low of $29.52 and a 12-month high of $41.44. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 9.39. The firm has a fifty day moving average price of $36.39 and a 200-day moving average price of $37.93.

Hess Midstream Partners (NYSE:HESM) last posted its quarterly earnings results on Friday, October 30th. The company reported $0.77 EPS for the quarter, topping analysts’ consensus estimates of $0.72 by $0.05. The firm had revenue of $410.10 million for the quarter, compared to analysts’ expectations of $404.67 million. Hess Midstream Partners had a net margin of 23.23% and a return on equity of 92.18%. The business’s revenue for the quarter was down 2.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.75 earnings per share. Equities research analysts expect that Hess Midstream Partners will post 3.29 earnings per share for the current year.

Hess Midstream Partners Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 13th. Shareholders of record on Thursday, November 5th will be paid a $0.7985 dividend. The ex-dividend date is Thursday, November 5th. This represents a $3.19 dividend on an annualized basis and a yield of 9.9%. This is an increase from Hess Midstream Partners’s previous quarterly dividend of $0.7888. Hess Midstream Partners’s payout ratio is currently 108.22%.

Hedge Funds Weigh In On Hess Midstream Partners

A number of institutional investors have recently modified their holdings of HESM. Alps Advisors Inc. boosted its holdings in shares of Hess Midstream Partners by 4.0% in the third quarter. Alps Advisors Inc. now owns 30,427,712 shares of the company’s stock valued at $1,137,084,000 after purchasing an additional 1,173,638 shares during the period. Bank of New York Mellon Corp increased 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 purchasing an additional 1,512,007 shares during the period. Miller Howard Investments Inc. NY increased its holdings in Hess Midstream Partners by 1.8% during the 3rd quarter. Miller Howard Investments Inc. NY now owns 1,586,630 shares of the company’s stock worth $59,292,000 after purchasing an additional 28,499 shares during the period. Lazard Asset Management LLC raised its position in Hess Midstream Partners by 1,110.7% during the 1st quarter. Lazard Asset Management LLC now owns 1,069,244 shares of the company’s stock valued at $41,562,000 after purchasing an additional 980,929 shares in the last quarter. Finally, First Trust Advisors LP raised its position in Hess Midstream Partners by 34.9% during the 1st quarter. First Trust Advisors LP now owns 959,321 shares of the company’s stock valued at $37,289,000 after purchasing an additional 247,973 shares in the last quarter. 98.97% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

HESM has been the subject of a number of recent analyst reports. Weiss Ratings cut shares of Hess Midstream Partners from a “buy (b)” rating to a “buy (b-)” rating in a research note on Thursday, October 22nd. Morgan Stanley reduced 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 report on Tuesday, October 13th. JPMorgan Chase & Co. downgraded shares of Hess Midstream Partners from a “neutral” rating to an “underweight” rating and set a $39.00 price objective for the company. in a research note on Friday, October 2nd. Barclays set a $32.00 target price on Hess Midstream Partners in a research report on Friday, October 23rd. Finally, UBS Group cut their target price on Hess Midstream Partners from $37.00 to $34.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 13th. Two equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Reduce” and an average price target of $34.00.

Hess Midstream Partners Company Profile

Hess Midstream Partners LP (NYSE:HESM) is a midstream energy company that owns and operates infrastructure supporting oil and gas production, primarily in the Bakken and Three Forks shale plays of North Dakota. The company provides essential services between the wellhead and downstream markets rather than exploring for or producing hydrocarbons itself.

Its operations include gathering, processing, storage and transportation services for crude oil, natural gas and natural gas liquids. Hess Midstream also provides produced-water gathering and disposal services, helping manage water generated during oil and gas production.