Jennison Associates LLC Increases Stock Holdings in Hess Midstream LP (NYSE:HESM)

Jennison Associates LLC grew its stake in shares of Hess Midstream LP (NYSE:HESM - Free Report) by 34.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 587,496 shares of the company's stock after acquiring an additional 151,220 shares during the period. Jennison Associates LLC owned 0.27% of Hess Midstream worth $21,755,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Tompkins Financial Corp bought a new stake in Hess Midstream during the 3rd quarter worth approximately $71,000. KBC Group NV increased its holdings in shares of Hess Midstream by 83.9% in the third 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 bought a new position in shares of Hess Midstream in the third quarter worth $100,000. Icon Wealth Advisors LLC raised its position in shares of Hess Midstream by 11.1% in the third quarter. Icon Wealth Advisors LLC now owns 3,288 shares of the company's stock worth $116,000 after buying an additional 329 shares in the last quarter. Finally, Brown Brothers Harriman & Co. boosted its stake in Hess Midstream by 487.4% during 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 period. 98.97% of the stock is owned by institutional investors.

Hess Midstream Price Performance

HESM traded down $0.04 during trading on Friday, reaching $40.42. The stock had a trading volume of 589,011 shares, compared to its average volume of 1,130,651. The business has a 50-day moving average of $38.45 and a 200-day moving average of $36.89. Hess Midstream LP has a one year low of $32.15 and a one year high of $42.15. 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 stock has a market cap of $8.81 billion, a PE ratio of 16.23 and a beta of 1.53.

Hess Midstream (NYSE:HESM - Get Free Report) last announced its quarterly earnings data on Wednesday, January 29th. The company reported $0.68 earnings per share for the quarter, beating 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, equities research analysts anticipate that Hess Midstream LP will post 2.5 EPS for the current fiscal year.

Hess Midstream Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Thursday, February 6th will be issued a $0.7012 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 6.94%. This is a positive change from Hess Midstream's previous quarterly dividend of $0.68. The ex-dividend date is Thursday, February 6th. Hess Midstream's payout ratio is presently 112.45%.

Insider Activity

In other news, CFO Jonathan C. Stein sold 7,923 shares of the business's stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $35.32, for a total value of $279,840.36. Following the completion of the sale, the chief financial officer now owns 59,945 shares of the company's stock, valued at approximately $2,117,257.40. The trade was a 11.67 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on HESM shares. Raymond James upped their target price on Hess Midstream from $42.00 to $45.00 and gave the stock an "outperform" rating in a research note on Tuesday, January 28th. Wells Fargo & Company upped their price objective on shares of Hess Midstream from $40.00 to $42.00 and gave the stock an "equal weight" rating in a research report on Tuesday, February 4th.

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.