State of New Jersey Common Pension Fund D Boosts Position in Hess Midstream Partners LP (HESM)
State of New Jersey Common Pension Fund D boosted its position in shares of Hess Midstream Partners LP (NASDAQ:HESM) by 128.4% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 284,400 shares of the company’s stock after acquiring an additional 159,900 shares during the quarter. State of New Jersey Common Pension Fund D owned 0.52% of Hess Midstream Partners worth $6,248,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently bought and sold shares of HESM. Spirit of America Management Corp NY purchased a new stake in Hess Midstream Partners during the second quarter valued at $3,111,000. Russell Investments Group Ltd. purchased a new stake in Hess Midstream Partners during the second quarter valued at $7,013,000. Acadian Asset Management LLC purchased a new stake in Hess Midstream Partners during the second quarter valued at $119,000. Kornitzer Capital Management Inc. KS purchased a new stake in Hess Midstream Partners during the second quarter valued at $735,000. Finally, Center Coast Capital Advisors LP purchased a new stake in Hess Midstream Partners during the second quarter valued at $1,037,000.
Hess Midstream Partners (NASDAQ:HESM) last released its quarterly earnings data on Thursday, October 26th. The company reported $0.27 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.24 by $0.03. The business had revenue of $146.70 million during the quarter, compared to analyst estimates of $116.27 million. Hess Midstream Partners had a return on equity of 3.23% and a net margin of 49.24%.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 13th. Shareholders of record on Friday, November 3rd will be paid a dividend of $0.3107 per share. The ex-dividend date is Thursday, November 2nd. This represents a $1.24 dividend on an annualized basis and a dividend yield of 6.26%.
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A number of brokerages have commented on HESM. Scotiabank set a $31.00 price target on Hess Midstream Partners and gave the stock a “buy” rating in a research report on Saturday, July 22nd. Morgan Stanley upgraded Hess Midstream Partners from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $25.00 to $26.00 in a research report on Wednesday, August 30th. BidaskClub cut Hess Midstream Partners from a “sell” rating to a “strong sell” rating in a research report on Saturday, October 21st. Finally, Zacks Investment Research cut Hess Midstream Partners from a “buy” rating to a “hold” rating in a research report on Friday, July 21st. One equities research analyst has rated the stock with a sell rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $27.83.
About Hess Midstream Partners
Hess Midstream Partners LP is a fee-based, traditional master limited partnership formed to own, operate, develop and acquire a set of midstream assets to provide services to Hess and third-party crude oil and natural gas producers. The Company’s assets are primarily located in the Bakken and Three Forks shale plays in the Williston Basin area of North Dakota (collectively referred as the Bakken).
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