Hess Midstream LP (NYSE:HESM) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp decreased its position in shares of Hess Midstream LP (NYSE:HESM - Free Report) by 1.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 914,810 shares of the company's stock after selling 12,480 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.42% of Hess Midstream worth $33,875,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Yaupon Capital Management LP bought a new stake in shares of Hess Midstream in the 3rd quarter valued at about $44,088,000. Soros Fund Management LLC acquired a new stake in Hess Midstream in the third quarter valued at approximately $14,108,000. Tokio Marine Asset Management Co. Ltd. purchased a new position in Hess Midstream in the fourth quarter worth $8,786,000. Kayne Anderson Capital Advisors LP grew its holdings in Hess Midstream by 7.9% in the third quarter. Kayne Anderson Capital Advisors LP now owns 2,640,514 shares of the company's stock worth $93,131,000 after purchasing an additional 194,154 shares during the last quarter. Finally, 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 worth $21,755,000 after purchasing an additional 151,220 shares in the last quarter. Hedge funds and other institutional investors own 98.97% of the company's stock.

Hess Midstream Stock Performance

Shares of Hess Midstream stock traded up $0.35 on Tuesday, reaching $40.69. 1,083,746 shares of the stock were exchanged, compared to its average volume of 1,221,316. Hess Midstream LP has a twelve month low of $32.75 and a twelve month high of $42.31. The business has a 50 day moving average price of $40.07 and a two-hundred day moving average price of $37.48. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 7.85. The firm has a market capitalization of $8.87 billion, a price-to-earnings ratio of 16.34 and a beta of 1.48.

Remove Ads

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

Hess Midstream Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Thursday, February 6th were issued a $0.7012 dividend. This represents a $2.80 annualized dividend and a dividend yield of 6.89%. The ex-dividend date was Thursday, February 6th. This is a boost from Hess Midstream's previous quarterly dividend of $0.68. Hess Midstream's payout ratio is 112.45%.

Insider Transactions at Hess Midstream

In other Hess Midstream 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Analyst Ratings Changes

A number of analysts have recently weighed in on HESM shares. Citigroup raised their price objective on Hess Midstream from $41.00 to $44.00 and gave the stock a "buy" rating in a research report on Tuesday, February 18th. Wells Fargo & Company raised their price target on Hess Midstream from $40.00 to $42.00 and gave the stock an "equal weight" rating in a report on Tuesday, February 4th. Finally, Raymond James increased their price objective on shares of Hess Midstream from $42.00 to $45.00 and gave the company an "outperform" rating in a research report on Tuesday, January 28th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $42.00.

About Hess Midstream

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.