Hess Midstream LP (NYSE:HESM) Position Raised by Basso Capital Management L.P.

Basso Capital Management L.P. grew its holdings in shares of Hess Midstream LP (NYSE:HESM - Free Report) by 53.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 23,000 shares of the company's stock after acquiring an additional 8,000 shares during the period. Hess Midstream comprises about 0.7% of Basso Capital Management L.P.'s investment portfolio, making the stock its 24th biggest holding. Basso Capital Management L.P.'s holdings in Hess Midstream were worth $852,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Kayne Anderson Capital Advisors LP boosted its stake in Hess Midstream by 7.9% during the 3rd quarter. Kayne Anderson Capital Advisors LP now owns 2,640,514 shares of the company's stock valued at $93,131,000 after acquiring an additional 194,154 shares during the last quarter. Yaupon Capital Management LP bought a new position in shares of Hess Midstream during the third quarter worth about $44,088,000. Artemis Investment Management LLP grew its stake in Hess Midstream by 11.9% in the fourth 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. Infrastructure Capital Advisors LLC increased its holdings in Hess Midstream by 24.6% in the third quarter. Infrastructure Capital Advisors LLC now owns 614,771 shares of the company's stock valued at $21,683,000 after buying an additional 121,342 shares during the last quarter. Finally, Jennison Associates LLC raised its stake in 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 in the last quarter. 98.97% of the stock is owned by hedge funds and other institutional investors.

Remove Ads

Wall Street Analysts Forecast Growth

HESM has been the subject of several research reports. Wells Fargo & Company lifted their target price 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. Citigroup boosted their target price on shares of Hess Midstream from $41.00 to $44.00 and gave the company a "buy" rating in a research note on Tuesday, February 18th. Finally, Raymond James raised their price target on shares of Hess Midstream from $42.00 to $45.00 and gave the stock an "outperform" rating in a research report on Tuesday, January 28th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, Hess Midstream currently has an average rating of "Moderate Buy" and a consensus price target of $42.00.

Hess Midstream Stock Performance

HESM traded down $0.37 during trading on Thursday, reaching $43.52. 942,951 shares of the company were exchanged, compared to its average volume of 906,382. Hess Midstream LP has a 52 week low of $32.75 and a 52 week high of $44.05. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 7.85. The firm has a 50 day moving average of $40.68 and a 200 day moving average of $37.73. The stock has a market cap of $9.49 billion, a P/E ratio of 17.48 and a beta of 1.48.

Hess Midstream (NYSE:HESM - Get Free Report) last released its quarterly earnings results on Wednesday, January 29th. The company reported $0.68 EPS for the quarter, topping 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%. On average, sell-side analysts forecast that Hess Midstream LP will post 2.5 EPS for the current fiscal year.

Hess Midstream Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Thursday, February 6th were issued a dividend of $0.7012 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 6.45%. The ex-dividend date of this dividend 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 related news, major shareholder Blackrock Portfolio Management sold 11,000,000 shares of Hess Midstream stock in a transaction dated Wednesday, February 12th. The shares were sold at an average price of $39.11, for a total transaction of $430,210,000.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.

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.