Hess Midstream LP (NYSE:HESM) Stake Cut by CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT reduced its position in Hess Midstream LP (NYSE:HESM - Free Report) by 2.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,294,859 shares of the company's stock after selling 28,944 shares during the quarter. Hess Midstream comprises about 3.2% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT's investment portfolio, making the stock its 14th biggest position. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned 0.59% of Hess Midstream worth $47,949,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Nordea Investment Management AB increased its position in shares of Hess Midstream by 98.0% in the fourth quarter. Nordea Investment Management AB now owns 271,051 shares of the company's stock worth $10,118,000 after acquiring an additional 134,171 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its position in Hess Midstream by 51.0% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 379,071 shares of the company's stock worth $13,370,000 after purchasing an additional 128,009 shares during the period. Stifel Financial Corp increased its holdings in Hess Midstream by 37.7% in the 3rd quarter. Stifel Financial Corp now owns 11,490 shares of the company's stock valued at $405,000 after purchasing an additional 3,148 shares in the last quarter. Raymond James & Associates raised its position in Hess Midstream by 230.7% in the third quarter. Raymond James & Associates now owns 119,488 shares of the company's stock valued at $4,214,000 after purchasing an additional 83,358 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of 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 worth $7,093,000 after purchasing an additional 17,261 shares in the last quarter. Institutional investors and hedge funds own 98.97% of the company's stock.

Hess Midstream Stock Up 1.3 %

Shares of NYSE HESM traded up $0.54 on Friday, hitting $41.38. The company had a trading volume of 764,292 shares, compared to its average volume of 706,093. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 7.85. Hess Midstream LP has a 12-month low of $32.15 and a 12-month high of $41.61. The firm has a market capitalization of $9.02 billion, a P/E ratio of 17.53 and a beta of 1.52. The business has a 50 day moving average of $37.63 and a two-hundred day moving average of $36.70.

Hess Midstream (NYSE:HESM - Get Free Report) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.63 earnings per share for the quarter, topping analysts' consensus estimates of $0.58 by $0.05. The firm had revenue of $378.50 million during the quarter, compared to analysts' expectations of $376.98 million. Hess Midstream had a return on equity of 47.87% and a net margin of 13.06%. Hess Midstream's quarterly revenue was up 4.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.57 EPS. As a group, equities research analysts forecast that Hess Midstream LP will post 2.41 earnings per share for the current fiscal year.

Hess Midstream Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Thursday, November 7th were issued a $0.6846 dividend. The ex-dividend date of this dividend was Thursday, November 7th. This represents a $2.74 dividend on an annualized basis and a yield of 6.62%. This is a positive change from Hess Midstream's previous quarterly dividend of $0.67. Hess Midstream's payout ratio is currently 115.68%.

Insider Buying and Selling at Hess Midstream

In other Hess Midstream news, CFO Jonathan C. Stein sold 7,923 shares of the 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 transaction, the chief financial officer now directly owns 59,945 shares in the company, valued at $2,117,257.40. This represents a 11.67 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

Hess Midstream 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.