First Trust Advisors LP lifted its stake in shares of Hess Midstream LP (NYSE:HESM - Free Report) by 5.3% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 608,837 shares of the company's stock after buying an additional 30,871 shares during the quarter. First Trust Advisors LP owned 0.28% of Hess Midstream worth $22,545,000 as of its most recent filing with the SEC.
Several other hedge funds have also modified their holdings of the stock. Epoch Investment Partners Inc. raised its holdings in shares of Hess Midstream by 5.3% during the 4th quarter. Epoch Investment Partners Inc. now owns 3,309,547 shares of the company's stock valued at $122,553,000 after buying an additional 165,933 shares during the period. HITE Hedge Asset Management LLC purchased a new stake in shares of Hess Midstream during the 4th quarter valued at about $19,642,000. CANADA LIFE ASSURANCE Co raised its holdings in shares of Hess Midstream by 25.8% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 13,150 shares of the company's stock valued at $486,000 after buying an additional 2,701 shares during the period. Canada Pension Plan Investment Board purchased a new stake in shares of Hess Midstream during the 4th quarter valued at about $3,607,000. Finally, Insigneo Advisory Services LLC acquired a new stake in Hess Midstream during the 4th quarter valued at approximately $218,000. 98.97% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
A number of brokerages have weighed in on HESM. Citigroup raised their price objective on Hess Midstream from $41.00 to $44.00 and gave the company a "buy" rating in a research note on Tuesday, February 18th. Wells Fargo & Company raised their price objective on Hess Midstream from $40.00 to $42.00 and gave the company an "equal weight" rating in a research note on Tuesday, February 4th. JPMorgan Chase & Co. lifted their target price on Hess Midstream from $39.00 to $44.00 and gave the stock a "neutral" rating in a research report on Thursday, March 27th. Finally, Raymond James lifted their target price 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 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.
Get Our Latest Stock Analysis on HESM
Hess Midstream Stock Performance
Shares of HESM traded down $0.51 during mid-day trading on Tuesday, hitting $38.39. The stock had a trading volume of 713,710 shares, compared to its average volume of 992,288. The company has a market cap of $8.37 billion, a PE ratio of 15.42 and a beta of 1.14. The company's fifty day simple moving average is $39.87 and its two-hundred day simple moving average is $38.36. 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 fifty-two week low of $32.75 and a fifty-two week high of $44.05.
Hess Midstream (NYSE:HESM - Get Free Report) last issued its quarterly earnings data on Wednesday, January 29th. The company reported $0.68 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%. On average, equities analysts expect that Hess Midstream LP will post 2.5 earnings per share for the current year.
Hess Midstream Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 14th. Investors of record on Thursday, May 8th will be issued a $0.7098 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 7.40%. The ex-dividend date is Thursday, May 8th. This is a boost from Hess Midstream's previous quarterly dividend of $0.70. Hess Midstream's dividend payout ratio (DPR) is 112.45%.
Insider Buying and Selling
In related news, major shareholder Blackrock Portfolio Management sold 11,000,000 shares of the stock in a transaction dated Wednesday, February 12th. The shares were sold at an average price of $39.11, for a total value of $430,210,000.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.
About Hess Midstream
(
Free Report)
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.
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