Cinctive Capital Management LP Invests $3.67 Million in Hess Midstream LP (NYSE:HESM)

Cinctive Capital Management LP purchased a new stake in Hess Midstream LP (NYSE:HESM - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 99,111 shares of the company's stock, valued at approximately $3,670,000.

A number of other hedge funds have also recently made changes to their positions in HESM. Nordea Investment Management AB grew its position in Hess Midstream by 98.0% during the fourth quarter. Nordea Investment Management AB now owns 271,051 shares of the company's stock worth $10,118,000 after buying an additional 134,171 shares in the last quarter. Stifel Financial Corp grew its holdings in shares of Hess Midstream by 37.7% during the third quarter. Stifel Financial Corp now owns 11,490 shares of the company's stock worth $405,000 after purchasing an additional 3,148 shares in the last quarter. Van ECK Associates Corp increased its position in shares of Hess Midstream by 75.1% in the fourth quarter. Van ECK Associates Corp now owns 23,729 shares of the company's stock worth $879,000 after purchasing an additional 10,175 shares during the last quarter. Artemis Investment Management LLP raised 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 valued at $31,520,000 after purchasing an additional 90,521 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Hess Midstream by 9.4% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 201,106 shares of the company's stock valued at $7,093,000 after purchasing an additional 17,261 shares during the last quarter. 98.97% of the stock is currently owned by hedge funds and other institutional investors.

Remove Ads

Wall Street Analyst Weigh In

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

Hess Midstream Trading Down 9.5 %

Shares of NYSE:HESM traded down $3.91 during trading on Friday, reaching $37.22. 1,491,947 shares of the company traded hands, compared to its average volume of 978,699. 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 LP has a 52-week low of $32.75 and a 52-week high of $44.05. The firm has a market capitalization of $8.11 billion, a price-to-earnings ratio of 14.95 and a beta of 1.14. The business's fifty day moving average is $41.17 and its 200-day moving average is $38.22.

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

Hess Midstream Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Thursday, February 6th were paid a dividend of $0.7012 per share. 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. This represents a $2.80 annualized dividend and a dividend yield of 7.54%. Hess Midstream's payout ratio is 112.45%.

Insider Activity at Hess Midstream

In other Hess Midstream news, major shareholder Blackrock Portfolio Management sold 11,000,000 shares of the firm's stock in a transaction dated 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 document filed with the Securities & Exchange Commission, which is available through the SEC website.

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.