Spirit of America Management Corp NY Cuts Stake in Hess Midstream LP (NYSE:HESM)

Spirit of America Management Corp NY lessened its position in shares of Hess Midstream LP (NYSE:HESM - Free Report) by 16.1% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 153,837 shares of the company's stock after selling 29,500 shares during the quarter. Hess Midstream makes up 1.2% of Spirit of America Management Corp NY's holdings, making the stock its 23rd biggest position. Spirit of America Management Corp NY owned about 0.07% of Hess Midstream worth $5,697,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in HESM. Jennison Associates LLC increased its holdings in Hess Midstream by 34.7% in the 4th quarter. Jennison Associates LLC now owns 587,496 shares of the company's stock worth $21,755,000 after acquiring an additional 151,220 shares in the last quarter. Leisure Capital Management raised its stake in Hess Midstream by 5.8% during the fourth quarter. Leisure Capital Management now owns 26,148 shares of the company's stock worth $968,000 after purchasing an additional 1,425 shares during the period. Tokio Marine Asset Management Co. Ltd. acquired a new position in Hess Midstream in the fourth quarter valued at approximately $8,786,000. Caprock Group LLC purchased a new stake in Hess Midstream in the 4th quarter valued at about $324,000. Finally, Pacer Advisors Inc. raised its position in Hess Midstream by 26.1% in the fourth quarter. Pacer Advisors Inc. now owns 50,654 shares of the company's stock valued at $1,876,000 after purchasing an additional 10,492 shares during the period. Hedge funds and other institutional investors own 98.97% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the stock. Raymond James raised their price objective on shares of Hess Midstream from $42.00 to $45.00 and gave the company an "outperform" rating in a research note on Tuesday, January 28th. Wells Fargo & Company raised their price target on shares of Hess Midstream from $40.00 to $42.00 and gave the company an "equal weight" rating in a research report on Tuesday.

Hess Midstream Stock Performance

Shares of HESM stock traded down $0.04 during mid-day trading on Friday, hitting $40.42. The stock had a trading volume of 589,011 shares, compared to its average volume of 1,130,651. The firm has a market cap of $8.81 billion, a PE ratio of 16.23 and a beta of 1.53. The company's 50-day simple moving average is $38.45 and its 200-day simple moving average is $36.90. The company has a debt-to-equity ratio of 7.85, a current ratio of 0.70 and a quick ratio of 0.70. Hess Midstream LP has a fifty-two week low of $32.15 and a fifty-two week high of $42.15.

Hess Midstream (NYSE:HESM - Get Free Report) last announced its quarterly earnings data on Wednesday, January 29th. The company reported $0.68 earnings per share 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%. Sell-side analysts anticipate that Hess Midstream LP will post 2.5 earnings per share for the current year.

Hess Midstream Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Thursday, February 6th will be given a dividend of $0.7012 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 6.94%. This is an increase from Hess Midstream's previous quarterly dividend of $0.68. The ex-dividend date is Thursday, February 6th. Hess Midstream's dividend payout ratio (DPR) is presently 112.45%.

Insider Buying and Selling

In other Hess Midstream news, CFO Jonathan C. Stein sold 7,923 shares of Hess Midstream stock in a transaction dated 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 transaction, the chief financial officer now owns 59,945 shares in the company, valued at approximately $2,117,257.40. The trade was a 11.67 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.

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.