Hess Midstream Partners (NYSE:HESM) Given New $34.00 Price Target at Wells Fargo & Company

Hess Midstream Partners (NYSE:HESM) had its price target cut by equities researchers at Wells Fargo & Company from $40.00 to $34.00 in a report released on Wednesday, Benzinga reports. The firm presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price indicates a potential upside of 5.12% from the company’s current price.

Several other research firms have also issued reports on HESM. UBS Group decreased 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. JPMorgan Chase & Co. downgraded Hess Midstream Partners from a “neutral” rating to an “underweight” rating and set a $39.00 target price for the company. in a research report on Friday, October 2nd. Weiss Ratings lowered shares of Hess Midstream Partners from a “buy (b)” rating to a “buy (b-)” rating in a research note on Thursday, October 22nd. Raymond James Financial raised shares of Hess Midstream Partners from a “market perform” rating to an “outperform” rating and set a $32.00 price target on the stock in a research report on Friday, October 23rd. Finally, Morgan Stanley lowered their price objective on shares of Hess Midstream Partners from $39.00 to $30.00 and set an “underweight” rating for the company in a research note on Tuesday, October 13th. Two equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, Hess Midstream Partners has an average rating of “Reduce” and an average price target of $33.25.

Hess Midstream Partners Stock Down 1.1%

Hess Midstream Partners stock opened at $32.34 on Wednesday. The company has a market capitalization of $6.67 billion, a PE ratio of 11.09 and a beta of 0.68. The company has a debt-to-equity ratio of 9.39, a quick ratio of 0.77 and a current ratio of 0.77. Hess Midstream Partners has a fifty-two week low of $29.52 and a fifty-two week high of $41.44. The firm has a 50 day moving average price of $36.26 and a 200 day moving average price of $37.92.

Hess Midstream Partners (NYSE:HESM) last released 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. Hess Midstream Partners had a return on equity of 94.12% and a net margin of 23.49%. The company had revenue of $410.10 million for the quarter, compared to analysts’ expectations of $404.67 million. During the same period in the prior year, the firm earned $0.75 earnings per share. The firm’s revenue was down 2.6% compared to the same quarter last year. Research analysts expect that Hess Midstream Partners will post 3.29 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Alps Advisors Inc. raised 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 buying an additional 1,173,638 shares during the last quarter. Arrow Investment Advisors LLC grew its holdings in shares of Hess Midstream Partners by 16.3% during the third quarter. Arrow Investment Advisors LLC now owns 6,506 shares of the company’s stock worth $243,000 after buying an additional 912 shares during the last quarter. Kestra Advisory Services LLC grew its holdings in shares of Hess Midstream Partners by 7.7% during the third quarter. Kestra Advisory Services LLC now owns 8,974 shares of the company’s stock worth $335,000 after buying an additional 640 shares during the last quarter. Commonwealth Equity Services LLC increased its position in Hess Midstream Partners by 265.8% in the 3rd quarter. Commonwealth Equity Services LLC now owns 24,356 shares of the company’s stock valued at $910,000 after acquiring an additional 17,697 shares during the period. Finally, Compass Financial Management LLC raised its stake in Hess Midstream Partners by 149.4% during the 3rd quarter. Compass Financial Management LLC now owns 868 shares of the company’s stock valued at $32,000 after acquiring an additional 520 shares during the last quarter. 98.97% of the stock is owned by hedge funds and other institutional investors.

About Hess Midstream Partners

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.