Connor Clark & Lunn Investment Management Ltd. Has $13.37 Million Position in Hess Midstream LP (NYSE:HESM)

Connor Clark & Lunn Investment Management Ltd. boosted its position in Hess Midstream LP (NYSE:HESM - Free Report) by 51.0% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 379,071 shares of the company's stock after buying an additional 128,009 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.17% of Hess Midstream worth $13,370,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Clear Point Advisors Inc. purchased a new position in shares of Hess Midstream during the 1st quarter valued at about $49,000. Tompkins Financial Corp bought a new position in shares of Hess Midstream in the 3rd quarter valued at about $71,000. KBC Group NV raised its stake in shares of Hess Midstream by 83.9% in the third quarter. KBC Group NV now owns 2,803 shares of the company's stock valued at $99,000 after acquiring an additional 1,279 shares during the period. Comerica Bank boosted its holdings in Hess Midstream by 7.4% during the 1st quarter. Comerica Bank now owns 5,553 shares of the company's stock valued at $201,000 after acquiring an additional 385 shares during the period. Finally, South Street Advisors LLC purchased a new stake in shares of Hess Midstream in the 2nd quarter worth $211,000. 92.41% of the stock is owned by hedge funds and other institutional investors.

Hess Midstream Stock Down 0.1 %

Shares of Hess Midstream stock traded down $0.02 during trading on Friday, hitting $36.80. 379,858 shares of the stock were exchanged, compared to its average volume of 887,402. The firm's 50-day moving average price is $35.62 and its 200 day moving average price is $36.01. The stock has a market cap of $8.02 billion, a price-to-earnings ratio of 15.60 and a beta of 1.51. Hess Midstream LP has a 12-month low of $30.08 and a 12-month high of $39.11. The company has a debt-to-equity ratio of 7.85, a current ratio of 0.70 and a quick ratio of 0.70.

Hess Midstream (NYSE:HESM - Get Free Report) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.63 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.58 by $0.05. The business had revenue of $378.50 million during the quarter, compared to the consensus estimate of $376.98 million. Hess Midstream had a net margin of 13.06% and a return on equity of 47.87%. The business's revenue was up 4.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.57 EPS. As a group, analysts forecast that Hess Midstream LP will post 2.45 earnings per share for the current fiscal year.

Hess Midstream Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Thursday, November 7th were given a dividend of $0.6846 per share. This represents a $2.74 dividend on an annualized basis and a yield of 7.44%. The ex-dividend date was Thursday, November 7th. This is an increase from Hess Midstream's previous quarterly dividend of $0.67. Hess Midstream's dividend payout ratio is 115.68%.

Insider Buying and Selling at Hess Midstream

In other Hess Midstream news, CFO Jonathan C. Stein sold 7,923 shares of the business's stock in a transaction on Monday, November 11th. The shares were sold at an average price of $35.32, for a total transaction of $279,840.36. Following the sale, the chief financial officer now directly owns 59,945 shares of the company's stock, valued at $2,117,257.40. The trade was a 11.67 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Infrastructure Investor Global sold 12,650,000 shares of the business's stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $35.12, for a total value of $444,268,000.00. The disclosure for this sale can be found here.

Analyst Ratings Changes

Separately, JPMorgan Chase & Co. increased their price target on shares of Hess Midstream from $38.00 to $39.00 and gave the stock a "neutral" rating in a report on Wednesday, August 21st.

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.