Healthcare of Ontario Pension Plan Trust Fund Invests $1.69 Million in Hess Midstream LP (NYSE:HESM)

Healthcare of Ontario Pension Plan Trust Fund bought a new stake in Hess Midstream LP (NYSE:HESM - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 46,400 shares of the company's stock, valued at approximately $1,691,000.

A number of other large investors have also modified their holdings of HESM. Goldman Sachs Group Inc. grew its position in Hess Midstream by 2.2% in the fourth quarter. Goldman Sachs Group Inc. now owns 3,431,870 shares of the company's stock valued at $108,550,000 after acquiring an additional 72,548 shares during the period. Tortoise Index Solutions LLC grew its position in Hess Midstream by 15.4% in the fourth quarter. Tortoise Index Solutions LLC now owns 90,371 shares of the company's stock valued at $2,858,000 after acquiring an additional 12,055 shares during the period. Pinnacle Holdings LLC grew its position in Hess Midstream by 4.9% in the fourth quarter. Pinnacle Holdings LLC now owns 88,299 shares of the company's stock valued at $2,793,000 after acquiring an additional 4,163 shares during the period. Blackstone Inc. grew its position in Hess Midstream by 70.7% in the fourth quarter. Blackstone Inc. now owns 377,215 shares of the company's stock valued at $11,931,000 after acquiring an additional 156,215 shares during the period. Finally, GSA Capital Partners LLP grew its position in Hess Midstream by 521.7% in the fourth quarter. GSA Capital Partners LLP now owns 99,834 shares of the company's stock valued at $3,158,000 after acquiring an additional 83,777 shares during the period. 92.41% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Hess Midstream

In related news, Director Infrastructure Investor Global sold 12,650,000 shares of the firm's stock in a transaction dated 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 legal filing with the SEC, which is accessible through this link.

Hess Midstream Price Performance

Shares of HESM stock traded down $0.38 during trading hours on Tuesday, hitting $35.72. 128,982 shares of the company's stock were exchanged, compared to its average volume of 915,867. The stock's 50-day moving average is $36.21 and its 200-day moving average is $35.99. The company has a debt-to-equity ratio of 8.55, a current ratio of 1.11 and a quick ratio of 1.11. The stock has a market cap of $7.99 billion, a price-to-earnings ratio of 16.33 and a beta of 1.51. Hess Midstream LP has a 52 week low of $28.79 and a 52 week high of $39.11.

Hess Midstream (NYSE:HESM - Get Free Report) last announced its earnings results on Wednesday, July 31st. The company reported $0.59 EPS for the quarter, topping the consensus estimate of $0.54 by $0.05. The company had revenue of $365.50 million for the quarter, compared to analysts' expectations of $365.16 million. Hess Midstream had a return on equity of 41.91% and a net margin of 11.59%. The business's revenue for the quarter was up 12.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.50 earnings per share. As a group, research analysts forecast that Hess Midstream LP will post 2.36 EPS for the current year.

Hess Midstream Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Thursday, August 8th were issued a $0.6677 dividend. This is a boost from Hess Midstream's previous quarterly dividend of $0.65. The ex-dividend date of this dividend was Thursday, August 8th. This represents a $2.67 annualized dividend and a yield of 7.48%. Hess Midstream's dividend payout ratio (DPR) is currently 120.81%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on HESM shares. JPMorgan Chase & Co. upped their price target on Hess Midstream from $38.00 to $39.00 and gave the company a "neutral" rating in a research report on Wednesday, August 21st. UBS Group increased their target price on Hess Midstream from $38.00 to $40.00 and gave the stock a "buy" rating in a report on Wednesday, July 3rd.

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.