Hess Midstream LP (NYSE:HESM) Sees Significant Decline in Short Interest

Hess Midstream LP (NYSE:HESM - Get Free Report) was the recipient of a large decline in short interest in February. As of February 28th, there was short interest totalling 4,320,000 shares, a decline of 35.5% from the February 13th total of 6,700,000 shares. Approximately 2.0% of the company's stock are sold short. Based on an average daily trading volume, of 1,160,000 shares, the short-interest ratio is currently 3.7 days.

Insider Activity

In other news, major shareholder Blackrock Portfolio Management sold 11,000,000 shares of the business's stock in a transaction on Wednesday, February 12th. The shares were sold at an average price of $39.11, for a total transaction of $430,210,000.00. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Institutional Investors Weigh In On Hess Midstream

Several hedge funds and other institutional investors have recently made changes to their positions in HESM. Yaupon Capital Management LP bought a new position in shares of Hess Midstream during the 3rd quarter valued at approximately $44,088,000. Zimmer Partners LP bought a new position in shares of Hess Midstream during the 4th quarter valued at approximately $23,415,000. HITE Hedge Asset Management LLC bought a new position in shares of Hess Midstream during the 4th quarter valued at approximately $19,642,000. Deutsche Bank AG grew its stake in shares of Hess Midstream by 56.3% during the 4th quarter. Deutsche Bank AG now owns 1,405,510 shares of the company's stock valued at $52,046,000 after acquiring an additional 506,430 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Hess Midstream by 11.0% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,011,069 shares of the company's stock valued at $185,560,000 after acquiring an additional 496,464 shares during the period. Hedge funds and other institutional investors own 98.97% of the company's stock.

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Hess Midstream Stock Performance

NYSE:HESM traded up $0.54 during mid-day trading on Wednesday, reaching $43.75. The company's stock had a trading volume of 479,868 shares, compared to its average volume of 902,075. Hess Midstream has a 12-month low of $32.75 and a 12-month high of $43.98. The firm's fifty day moving average price is $40.57 and its two-hundred day moving average price is $37.69. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 7.85. The stock has a market cap of $9.54 billion, a P/E ratio of 17.58 and a beta of 1.48.

Hess Midstream (NYSE:HESM - Get Free Report) last issued its earnings results on Wednesday, January 29th. The company reported $0.68 earnings per share 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%. On average, equities analysts forecast that Hess Midstream will post 2.5 EPS for the current fiscal year.

Hess Midstream Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Thursday, February 6th were given a $0.7012 dividend. This is a positive change from Hess Midstream's previous quarterly dividend of $0.68. The ex-dividend date of this dividend was Thursday, February 6th. This represents a $2.80 dividend on an annualized basis and a yield of 6.41%. Hess Midstream's payout ratio is 112.45%.

Analysts Set New Price Targets

A number of analysts have recently commented on HESM shares. Citigroup boosted their target price on shares of Hess Midstream from $41.00 to $44.00 and gave the company a "buy" rating in a report on Tuesday, February 18th. Wells Fargo & Company lifted their price target 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. Finally, Raymond James lifted their price target on Hess Midstream from $42.00 to $45.00 and gave the stock an "outperform" rating in a research report on Tuesday, January 28th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $42.00.

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.