Hess Midstream LP (NYSE:HESM) Sees Significant Growth in Short Interest

Hess Midstream LP (NYSE:HESM - Get Free Report) was the recipient of a significant increase in short interest in March. As of March 15th, there was short interest totalling 6,260,000 shares, an increase of 44.9% from the February 28th total of 4,320,000 shares. Based on an average daily trading volume, of 1,290,000 shares, the days-to-cover ratio is currently 4.9 days. Approximately 2.9% of the company's stock are sold short.

Hess Midstream Price Performance

Shares of HESM traded down $1.42 during midday trading on Thursday, hitting $41.47. The company's stock had a trading volume of 232,229 shares, compared to its average volume of 1,234,629. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 7.85. The stock has a market capitalization of $9.04 billion, a price-to-earnings ratio of 16.65 and a beta of 1.14. Hess Midstream has a one year low of $32.75 and a one year high of $44.05. The company's fifty day simple moving average is $41.25 and its two-hundred day simple moving average is $38.19.

Hess Midstream (NYSE:HESM - Get Free Report) last announced its quarterly earnings results on Wednesday, January 29th. The company reported $0.68 EPS for the quarter, beating analysts' consensus estimates of $0.65 by $0.03. Hess Midstream had a return on equity of 54.59% and a net margin of 14.92%. As a group, equities analysts expect that Hess Midstream will post 2.5 earnings per share for the current fiscal year.

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Hess Midstream Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Thursday, February 6th were given a $0.7012 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 6.76%. The ex-dividend date was Thursday, February 6th. This is a positive change from Hess Midstream's previous quarterly dividend of $0.68. Hess Midstream's payout ratio is 112.45%.

Insider Buying and Selling at Hess Midstream

In other news, major shareholder Blackrock Portfolio Management sold 11,000,000 shares of the firm's stock in a transaction that occurred on Wednesday, February 12th. The shares were sold at an average price of $39.11, for a total transaction of $430,210,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Institutional Trading of Hess Midstream

A number of institutional investors and hedge funds have recently added to or reduced their stakes in HESM. Yaupon Capital Management LP acquired a new position in Hess Midstream in the third quarter valued at approximately $44,088,000. Zimmer Partners LP bought a new stake in shares of Hess Midstream in the 4th quarter worth $23,415,000. HITE Hedge Asset Management LLC purchased a new stake in Hess Midstream in the 4th quarter valued at about $19,642,000. Deutsche Bank AG lifted its holdings in Hess Midstream by 56.3% during the fourth quarter. Deutsche Bank AG now owns 1,405,510 shares of the company's stock worth $52,046,000 after acquiring an additional 506,430 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Hess Midstream by 11.0% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,011,069 shares of the company's stock worth $185,560,000 after buying an additional 496,464 shares during the last quarter. Institutional investors and hedge funds own 98.97% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on HESM. JPMorgan Chase & Co. increased their price target on Hess Midstream from $39.00 to $44.00 and gave the company a "neutral" rating in a research report on Thursday, March 27th. Raymond James lifted their target price on shares of Hess Midstream from $42.00 to $45.00 and gave the stock an "outperform" rating in a report on Tuesday, January 28th. Citigroup upped their price objective on Hess Midstream from $41.00 to $44.00 and gave the company a "buy" rating in a report on Tuesday, February 18th. Finally, Wells Fargo & Company raised their target price on shares of Hess Midstream from $40.00 to $42.00 and gave the stock an "equal weight" rating in a report on Tuesday, February 4th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $43.00.

About Hess Midstream

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.