CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Buys 49,003 Shares of Hess Midstream LP (NYSE:HESM)

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lifted its position in Hess Midstream LP (NYSE:HESM - Free Report) by 3.8% in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,323,803 shares of the company's stock after acquiring an additional 49,003 shares during the quarter. Hess Midstream makes up about 3.4% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT's holdings, making the stock its 15th biggest holding. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned 0.59% of Hess Midstream worth $46,691,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Allspring Global Investments Holdings LLC purchased a new stake in shares of Hess Midstream in the 1st quarter valued at approximately $30,000. Clear Point Advisors Inc. purchased a new stake in Hess Midstream in the 1st quarter worth approximately $49,000. Geneos Wealth Management Inc. lifted its position in Hess Midstream by 31.3% in the 1st quarter. Geneos Wealth Management Inc. now owns 2,100 shares of the company's stock worth $76,000 after buying an additional 500 shares in the last quarter. Comerica Bank grew its position in Hess Midstream by 7.4% in the 1st quarter. Comerica Bank now owns 5,553 shares of the company's stock worth $201,000 after purchasing an additional 385 shares during the last quarter. Finally, South Street Advisors LLC acquired a new stake in Hess Midstream in the 2nd quarter worth $211,000. Hedge funds and other institutional investors own 92.41% of the company's stock.

Hess Midstream Price Performance

Shares of NYSE:HESM traded down $0.09 during midday trading on Tuesday, reaching $35.50. 344,955 shares of the company's stock were exchanged, compared to its average volume of 905,516. The company's 50 day simple moving average is $36.13 and its two-hundred day simple moving average is $35.99. The firm has a market capitalization of $7.94 billion, a PE ratio of 16.11 and a beta of 1.51. Hess Midstream LP has a 12 month low of $29.20 and a 12 month high of $39.11. The company has a debt-to-equity ratio of 8.55, a quick ratio of 1.11 and a current ratio of 1.11.

Hess Midstream (NYSE:HESM - Get Free Report) last released its quarterly earnings data on Wednesday, July 31st. The company reported $0.59 EPS for the quarter, topping analysts' consensus estimates of $0.54 by $0.05. The company had revenue of $365.50 million during the quarter, compared to the consensus estimate of $365.16 million. Hess Midstream had a net margin of 11.59% and a return on equity of 41.91%. The firm's revenue for the quarter was up 12.8% compared to the same quarter last year. During the same period last year, the firm earned $0.50 EPS. Equities research analysts expect that Hess Midstream LP will post 2.36 earnings per share for the current fiscal 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 dividend of $0.6677 per share. This is an increase from Hess Midstream's previous quarterly dividend of $0.65. This represents a $2.67 annualized dividend and a yield of 7.52%. The ex-dividend date was Thursday, August 8th. Hess Midstream's dividend payout ratio (DPR) is currently 120.81%.

Wall Street Analyst Weigh In

Several analysts have issued reports on HESM shares. UBS Group raised their price target on shares of Hess Midstream from $38.00 to $40.00 and gave the stock a "buy" rating in a research report on Wednesday, July 3rd. 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 report on Wednesday, August 21st.

Insider Activity at Hess Midstream

In related news, Director Infrastructure Investor Global sold 12,650,000 shares of Hess Midstream stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $35.12, for a total transaction of $444,268,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

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.