Arrowstreet Capital Limited Partnership Decreases Stake in Hess Midstream LP (NYSE:HESM)

Arrowstreet Capital Limited Partnership lessened its holdings in shares of Hess Midstream LP (NYSE:HESM - Free Report) by 72.2% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 165,757 shares of the company's stock after selling 430,391 shares during the quarter. Arrowstreet Capital Limited Partnership owned about 0.08% of Hess Midstream worth $6,138,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of HESM. Artemis Investment Management LLP lifted its holdings in Hess Midstream by 11.9% during the 4th quarter. Artemis Investment Management LLP now owns 851,203 shares of the company's stock worth $31,520,000 after purchasing an additional 90,521 shares in the last quarter. Jennison Associates LLC increased its position in shares of Hess Midstream by 34.7% during the fourth quarter. Jennison Associates LLC now owns 587,496 shares of the company's stock valued at $21,755,000 after buying an additional 151,220 shares during the period. FMR LLC lifted its holdings in shares of Hess Midstream by 4.6% in the third quarter. FMR LLC now owns 539,518 shares of the company's stock worth $19,029,000 after buying an additional 23,700 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of Hess Midstream by 6.3% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 402,915 shares of the company's stock valued at $14,920,000 after acquiring an additional 23,844 shares during the period. Finally, Raymond James Financial Inc. purchased a new position in Hess Midstream during the fourth quarter valued at approximately $12,976,000. Hedge funds and other institutional investors own 98.97% of the company's stock.

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Insiders Place Their Bets

In related news, major shareholder Blackrock Portfolio Management sold 11,000,000 shares of Hess Midstream stock in a transaction on Wednesday, February 12th. The shares were sold at an average price of $39.11, for a total value of $430,210,000.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Raymond James increased their target price on shares of Hess Midstream from $42.00 to $45.00 and gave the stock an "outperform" rating in a research note on Tuesday, January 28th. Wells Fargo & Company increased their price objective on Hess Midstream from $40.00 to $42.00 and gave the stock an "equal weight" rating in a research report on Tuesday, February 4th. JPMorgan Chase & Co. lifted their price objective on Hess Midstream from $39.00 to $44.00 and gave the company a "neutral" rating in a research note on Thursday, March 27th. Finally, Citigroup upped their target price on Hess Midstream from $41.00 to $44.00 and gave the stock a "buy" rating in a research note on Tuesday, February 18th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, Hess Midstream currently has a consensus rating of "Moderate Buy" and an average target price of $43.00.

Hess Midstream Price Performance

Shares of Hess Midstream stock traded up $0.34 on Friday, hitting $35.65. 1,006,584 shares of the company traded hands, compared to its average volume of 995,520. Hess Midstream LP has a 12-month low of $32.75 and a 12-month high of $44.05. The firm's 50-day simple moving average is $40.46 and its 200 day simple moving average is $38.20. The company has a market cap of $7.77 billion, a P/E ratio of 14.32 and a beta of 1.14. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 7.85.

Hess Midstream (NYSE:HESM - Get Free Report) last released its quarterly earnings results on Wednesday, January 29th. The company reported $0.68 earnings per share for the quarter, beating analysts' consensus estimates of $0.65 by $0.03. Hess Midstream had a return on equity of 54.59% and a net margin of 14.92%. Analysts expect that Hess Midstream LP will post 2.5 earnings per share for the current fiscal year.

Hess Midstream Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Thursday, February 6th were given a $0.7012 dividend. This is an increase from Hess Midstream's previous quarterly dividend of $0.68. The ex-dividend date was Thursday, February 6th. This represents a $2.80 dividend on an annualized basis and a yield of 7.87%. Hess Midstream's payout ratio is presently 112.45%.

Hess Midstream Company Profile

Hess Midstream LP owns, develops, operates, and acquires midstream assets and provide fee-based services to Hess and third-party customers in the United States. It operates through three segments: Gathering; Processing and Storage; and Terminaling and Export. The Gathering segment owns natural gas gathering and compression systems; crude oil gathering systems; and produced water gathering and disposal facilities.