Raymond James & Associates Purchases 83,358 Shares of Hess Midstream LP (NYSE:HESM)

Raymond James & Associates grew its position in shares of Hess Midstream LP (NYSE:HESM - Free Report) by 230.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 119,488 shares of the company's stock after purchasing an additional 83,358 shares during the period. Raymond James & Associates owned about 0.05% of Hess Midstream worth $4,214,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Swiss National Bank lifted its stake in shares of Hess Midstream by 14.8% in the 1st quarter. Swiss National Bank now owns 154,600 shares of the company's stock valued at $5,586,000 after acquiring an additional 19,900 shares during the last quarter. Susquehanna Fundamental Investments LLC bought a new stake in shares of Hess Midstream in the 1st quarter valued at about $4,709,000. SG Americas Securities LLC bought a new stake in shares of Hess Midstream in the 2nd quarter valued at about $6,410,000. Illinois Municipal Retirement Fund bought a new stake in shares of Hess Midstream in the 1st quarter valued at about $1,214,000. Finally, Vanguard Group Inc. lifted its stake in shares of Hess Midstream by 13.6% in the 1st quarter. Vanguard Group Inc. now owns 456,607 shares of the company's stock valued at $16,497,000 after acquiring an additional 54,769 shares during the last quarter. Institutional investors own 92.41% of the company's stock.

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

In other Hess Midstream news, Director Infrastructure Investor Global sold 12,650,000 shares of the company's stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $35.12, for a total transaction of $444,268,000.00. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

Hess Midstream Trading Down 0.1 %

NYSE:HESM traded down $0.04 during mid-day trading on Friday, reaching $34.61. 855,454 shares of the company's stock traded hands, compared to its average volume of 723,654. Hess Midstream LP has a 12-month low of $29.20 and a 12-month high of $39.11. The firm has a market capitalization of $7.64 billion, a price-to-earnings ratio of 14.67 and a beta of 1.51. 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 company has a 50 day moving average price of $35.91 and a 200-day moving average price of $35.96.

Hess Midstream (NYSE:HESM - Get Free Report) last posted its earnings results on Wednesday, October 30th. The company reported $0.63 earnings per share for the quarter, topping analysts' consensus estimates of $0.58 by $0.05. Hess Midstream had a return on equity of 49.72% and a net margin of 13.06%. The firm had revenue of $378.50 million for the quarter, compared to the consensus estimate of $376.98 million. During the same quarter in the prior year, the business earned $0.57 EPS. The business's revenue for the quarter was up 4.2% on a year-over-year basis. On average, sell-side analysts predict that Hess Midstream LP will post 2.35 earnings per share for the current year.

Hess Midstream Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Thursday, November 7th will be issued a dividend of $0.6846 per share. This is an increase from Hess Midstream's previous quarterly dividend of $0.67. The ex-dividend date of this dividend is Thursday, November 7th. This represents a $2.74 dividend on an annualized basis and a dividend yield of 7.91%. Hess Midstream's dividend payout ratio is 113.14%.

Hess Midstream 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.