Kovitz Investment Group Partners LLC purchased a new stake in Hess Midstream LP (NYSE:HESM - Free Report) during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 51,883 shares of the company's stock, valued at approximately $1,830,000.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in HESM. Naples Global Advisors LLC raised its holdings in shares of Hess Midstream by 0.5% during the second quarter. Naples Global Advisors LLC now owns 62,220 shares of the company's stock valued at $2,267,000 after acquiring an additional 300 shares during the last quarter. Seelaus Asset Management LLC raised its stake in Hess Midstream by 5.5% in the 3rd quarter. Seelaus Asset Management LLC now owns 5,800 shares of the company's stock valued at $205,000 after purchasing an additional 300 shares during the last quarter. ProShare Advisors LLC lifted its holdings in Hess Midstream by 4.8% in the 2nd quarter. ProShare Advisors LLC now owns 7,069 shares of the company's stock valued at $258,000 after purchasing an additional 323 shares in the last quarter. Icon Wealth Advisors LLC boosted its stake in Hess Midstream by 11.1% during the 3rd quarter. Icon Wealth Advisors LLC now owns 3,288 shares of the company's stock worth $116,000 after purchasing an additional 329 shares during the last quarter. Finally, Comerica Bank grew its holdings in shares of Hess Midstream by 7.4% during the first quarter. Comerica Bank now owns 5,553 shares of the company's stock worth $201,000 after buying an additional 385 shares in the last quarter. Hedge funds and other institutional investors own 98.97% of the company's stock.
Hess Midstream Price Performance
Shares of NYSE:HESM traded up $0.03 during midday trading on Wednesday, hitting $35.98. The company had a trading volume of 691,309 shares, compared to its average volume of 878,608. Hess Midstream LP has a twelve month low of $30.08 and a twelve month high of $39.11. The stock has a market cap of $7.84 billion, a price-to-earnings ratio of 15.23 and a beta of 1.53. The company has a debt-to-equity ratio of 7.85, a current ratio of 0.70 and a quick ratio of 0.70. The business's 50-day simple moving average is $35.91 and its 200-day simple moving average is $36.18.
Hess Midstream (NYSE:HESM - Get Free Report) last issued its 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. Hess Midstream had a return on equity of 47.87% and a net margin of 13.06%. The business had revenue of $378.50 million during the quarter, compared to the consensus estimate of $376.98 million. During the same period last year, the company earned $0.57 EPS. The company's revenue for the quarter was up 4.2% on a year-over-year basis. On average, research analysts predict that Hess Midstream LP will post 2.41 earnings per share for the current year.
Hess Midstream Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Thursday, November 7th were given a $0.6846 dividend. This represents a $2.74 annualized dividend and a yield of 7.61%. This is a positive change from Hess Midstream's previous quarterly dividend of $0.67. The ex-dividend date was Thursday, November 7th. Hess Midstream's dividend payout ratio is presently 116.10%.
Insiders Place Their Bets
In related news, Director Infrastructure Investor Global sold 12,650,000 shares of the business's stock in a transaction 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 transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Jonathan C. Stein sold 7,923 shares of the firm's stock in a transaction dated Monday, November 11th. The shares were 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 trade represents a 11.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here.
Wall Street Analyst Weigh In
Separately, JPMorgan Chase & Co. raised their price target on shares of Hess Midstream from $38.00 to $39.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 21st.
View Our Latest Research Report on HESM
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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