Fmr LLC Boosts Stake in Hess Midstream LP (NYSE:HESM)

FMR LLC lifted its position in shares of Hess Midstream LP (NYSE:HESM - Free Report) by 4.6% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 539,518 shares of the company's stock after buying an additional 23,700 shares during the period. FMR LLC owned 0.24% of Hess Midstream worth $19,029,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of HESM. Vanguard Group Inc. lifted its holdings in shares of Hess Midstream by 13.6% during the first quarter. Vanguard Group Inc. now owns 456,607 shares of the company's stock valued at $16,497,000 after purchasing an additional 54,769 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Hess Midstream by 51.0% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 379,071 shares of the company's stock worth $13,370,000 after buying an additional 128,009 shares during the last quarter. MGO One Seven LLC raised its position in shares of Hess Midstream by 20.3% during the second quarter. MGO One Seven LLC now owns 174,476 shares of the company's stock worth $6,358,000 after purchasing an additional 29,434 shares during the period. Raymond James & Associates boosted its position in Hess Midstream by 230.7% during 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 last quarter. Finally, Leisure Capital Management acquired a new stake in Hess Midstream in the 3rd quarter valued at about $872,000. 98.97% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Hess Midstream

In related news, CFO Jonathan C. Stein sold 7,923 shares of the stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $35.32, for a total value of $279,840.36. Following the completion of the transaction, the chief financial officer now directly owns 59,945 shares of the company's stock, valued at $2,117,257.40. This trade represents a 11.67 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Infrastructure Investor Global sold 12,650,000 shares of the company's stock in a transaction that occurred on Friday, September 20th. The stock was 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.

Wall Street Analysts Forecast Growth

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

Hess Midstream Stock Performance

Shares of HESM stock traded up $0.03 during trading on Wednesday, hitting $35.98. The company's stock had a trading volume of 691,309 shares, compared to its average volume of 878,608. The company has a market cap of $7.84 billion, a PE ratio of 15.23 and a beta of 1.53. The business has a fifty day moving average of $35.91 and a 200-day moving average of $36.18. 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 $30.08 and a 52 week high of $39.11.

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

Hess Midstream Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Thursday, November 7th were paid a $0.6846 dividend. This is a boost from Hess Midstream's previous quarterly dividend of $0.67. This represents a $2.74 dividend on an annualized basis and a dividend yield of 7.61%. The ex-dividend date was Thursday, November 7th. Hess Midstream's dividend payout ratio is currently 116.10%.

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.