Evergreen Capital Management LLC Takes Position in Hess Midstream LP (NYSE:HESM)

Evergreen Capital Management LLC acquired a new stake in shares of Hess Midstream LP (NYSE:HESM - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 16,760 shares of the company's stock, valued at approximately $621,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Invesco Ltd. raised its stake in Hess Midstream by 4.9% during the 4th quarter. Invesco Ltd. now owns 4,091,011 shares of the company's stock valued at $151,490,000 after purchasing an additional 191,175 shares during the period. Clearbridge Investments LLC grew its holdings in Hess Midstream by 11.8% during the 4th quarter. Clearbridge Investments LLC now owns 1,751,875 shares of the company's stock valued at $64,872,000 after buying an additional 184,290 shares in the last quarter. Renaissance Technologies LLC grew its holdings in Hess Midstream by 2.7% during the 4th quarter. Renaissance Technologies LLC now owns 1,134,495 shares of the company's stock valued at $42,010,000 after buying an additional 30,200 shares in the last quarter. Artemis Investment Management LLP lifted its holdings in shares of 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 buying an additional 90,521 shares in the last quarter. Finally, CIBC Private Wealth Group LLC boosted its position in shares of Hess Midstream by 54.4% during the fourth quarter. CIBC Private Wealth Group LLC now owns 631,123 shares of the company's stock worth $24,254,000 after acquiring an additional 222,358 shares during the last quarter. 98.97% of the stock is owned by hedge funds and other institutional investors.

Hess Midstream Trading Up 0.9 %

HESM stock traded up $0.32 during midday trading on Wednesday, reaching $37.75. 686,066 shares of the company traded hands, compared to its average volume of 999,447. The firm has a market capitalization of $8.23 billion, a price-to-earnings ratio of 15.16 and a beta of 1.14. The company has a debt-to-equity ratio of 7.85, a quick ratio of 0.70 and a current ratio of 0.70. The business has a 50 day moving average of $40.01 and a 200-day moving average of $38.27. Hess Midstream LP has a 52-week low of $32.75 and a 52-week high of $44.05.

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

Hess Midstream Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Thursday, February 6th were issued a dividend of $0.7012 per share. This represents a $2.80 annualized dividend and a yield of 7.43%. This is an increase from Hess Midstream's previous quarterly dividend of $0.68. The ex-dividend date was Thursday, February 6th. Hess Midstream's dividend payout ratio is presently 112.45%.

Wall Street Analyst Weigh In

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

Insider Buying and Selling

In other Hess Midstream news, major shareholder Blackrock Portfolio Management sold 11,000,000 shares of the stock in a transaction on Wednesday, February 12th. The stock was sold at an average price of $39.11, for a total value of $430,210,000.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

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.