State Street Corp Increases Stock Position in Hess Midstream LP (NYSE:HESM)

State Street Corp boosted its holdings in Hess Midstream LP (NYSE:HESM - Free Report) by 70.0% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 323,747 shares of the company's stock after acquiring an additional 133,330 shares during the period. State Street Corp owned about 0.15% of Hess Midstream worth $11,419,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in HESM. Cambridge Investment Research Advisors Inc. raised its stake in Hess Midstream by 15.4% during the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 88,295 shares of the company's stock valued at $3,217,000 after acquiring an additional 11,788 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Hess Midstream by 47.3% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 24,618 shares of the company's stock valued at $897,000 after buying an additional 7,907 shares during the period. Maryland State Retirement & Pension System lifted its stake in shares of Hess Midstream by 12.5% in the 2nd quarter. Maryland State Retirement & Pension System now owns 76,782 shares of the company's stock worth $2,798,000 after acquiring an additional 8,543 shares during the period. Commonwealth Equity Services LLC increased its position in shares of Hess Midstream by 28.4% during the 2nd quarter. Commonwealth Equity Services LLC now owns 11,709 shares of the company's stock valued at $427,000 after purchasing an additional 2,589 shares during the period. Finally, TD Asset Management Inc raised its position in Hess Midstream by 10.4% in the second quarter. TD Asset Management Inc now owns 3,431,555 shares of the company's stock worth $125,046,000 after acquiring an additional 322,479 shares in the last quarter. 98.97% of the stock is owned by institutional investors.

Hess Midstream Stock Down 2.5 %

Shares of Hess Midstream stock traded down $0.93 during midday trading on Thursday, hitting $36.37. The company's stock had a trading volume of 730,158 shares, compared to its average volume of 893,657. The stock has a 50-day simple moving average of $35.99 and a 200-day simple moving average of $36.29. 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 firm has a market capitalization of $7.93 billion, a P/E ratio of 15.41 and a beta of 1.53. Hess Midstream LP has a 1-year low of $30.72 and a 1-year high of $39.11.

Hess Midstream (NYSE:HESM - Get Free Report) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.05. Hess Midstream had a return on equity of 47.87% and a net margin of 13.06%. The company had revenue of $378.50 million during the quarter, compared to the consensus estimate of $376.98 million. During the same quarter in the prior year, the company posted $0.57 EPS. The firm's revenue was up 4.2% on a year-over-year basis. As a group, sell-side analysts expect that Hess Midstream LP will post 2.41 earnings per share for the current year.

Hess Midstream Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Thursday, November 7th were paid a $0.6846 dividend. This represents a $2.74 dividend on an annualized basis and a yield of 7.53%. This is a boost from Hess Midstream's previous quarterly dividend of $0.67. The ex-dividend date of this dividend was Thursday, November 7th. Hess Midstream's payout ratio is presently 115.68%.

Insider Activity

In other Hess Midstream news, CFO Jonathan C. Stein sold 7,923 shares of the stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $35.32, for a total transaction of $279,840.36. Following the transaction, the chief financial officer now owns 59,945 shares in the company, valued at $2,117,257.40. This represents a 11.67 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

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.