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M&T Bank Corp Invests $1.06 Million in Hess Midstream LP (NYSE:HESM)

Hess Midstream logo with Oils/Energy background

M&T Bank Corp acquired a new stake in shares of Hess Midstream LP (NYSE:HESM - Free Report) in the third quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 30,000 shares of the company's stock, valued at approximately $1,058,000.

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

Analysts Set New Price Targets

Separately, JPMorgan Chase & Co. boosted their price target on Hess Midstream from $38.00 to $39.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 21st.

Get Our Latest Research Report on Hess Midstream

Hess Midstream Stock Performance

Hess Midstream stock traded down $0.47 during midday trading on Monday, reaching $36.23. 716,750 shares of the company traded hands, compared to its average volume of 876,474. Hess Midstream LP has a 12 month low of $30.72 and a 12 month high of $39.11. 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 has a 50 day moving average of $35.91 and a two-hundred day moving average of $36.19. The firm has a market capitalization of $7.90 billion, a price-to-earnings ratio of 15.50 and a beta of 1.53.

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

Hess Midstream Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Thursday, November 7th were paid a dividend of $0.6846 per share. This is an increase from Hess Midstream's previous quarterly dividend of $0.67. This represents a $2.74 dividend on an annualized basis and a dividend yield of 7.56%. The ex-dividend date was Thursday, November 7th. Hess Midstream's payout ratio is currently 116.10%.

Insider Activity

In other news, CFO Jonathan C. Stein sold 7,923 shares of the business's stock in a transaction on Monday, November 11th. The shares were sold at an average price of $35.32, for a total transaction 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 $2,117,257.40. The trade was a 11.67 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Infrastructure Investor Global sold 12,650,000 shares of the firm'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 disclosure for this sale can be found here.

Hess Midstream Company Profile

(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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Institutional Ownership by Quarter for Hess Midstream (NYSE:HESM)

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