Hess Midstream (NYSE:HESM) Hits New 1-Year High - Here's What Happened

Hess Midstream LP (NYSE:HESM - Get Free Report)'s share price reached a new 52-week high on Tuesday . The stock traded as high as $41.41 and last traded at $41.40, with a volume of 26460 shares changing hands. The stock had previously closed at $41.28.

Hess Midstream Trading Down 0.4 %

The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 7.85. The business has a 50-day simple moving average of $37.13 and a 200-day simple moving average of $36.59. The company has a market cap of $8.96 billion, a PE ratio of 17.41 and a beta of 1.52.

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

Hess Midstream Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Thursday, November 7th were paid a dividend of $0.6846 per share. This represents a $2.74 annualized dividend and a yield of 6.66%. This is a boost from Hess Midstream's previous quarterly dividend of $0.67. The ex-dividend date was Thursday, November 7th. Hess Midstream's payout ratio is presently 115.68%.

Insider Buying and Selling at Hess Midstream

In related news, CFO Jonathan C. Stein sold 7,923 shares of the stock in a transaction on Monday, November 11th. The stock was sold at an average price of $35.32, for a total value of $279,840.36. Following the transaction, the chief financial officer now owns 59,945 shares of the company's stock, valued at $2,117,257.40. This represents a 11.67 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

Hedge Funds Weigh In On Hess Midstream

Several hedge funds have recently added to or reduced their stakes in HESM. Tompkins Financial Corp purchased a new stake in Hess Midstream in the third quarter valued at approximately $71,000. KBC Group NV boosted its stake in Hess Midstream by 83.9% during the 3rd quarter. KBC Group NV now owns 2,803 shares of the company's stock worth $99,000 after purchasing an additional 1,279 shares during the period. Millburn Ridgefield Corp purchased a new position in Hess Midstream during the 3rd quarter worth $100,000. Icon Wealth Advisors LLC increased its stake in Hess Midstream by 11.1% in the third quarter. Icon Wealth Advisors LLC now owns 3,288 shares of the company's stock valued at $116,000 after purchasing an additional 329 shares during the period. Finally, Brown Brothers Harriman & Co. raised its holdings in shares of Hess Midstream by 487.4% in the third quarter. Brown Brothers Harriman & Co. now owns 3,366 shares of the company's stock valued at $119,000 after buying an additional 2,793 shares during the last quarter. 98.97% of the stock is currently owned by hedge funds and other institutional investors.

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.