Van ECK Associates Corp Raises Holdings in Hess Midstream LP (NYSE:HESM)

Van ECK Associates Corp lifted its holdings in shares of Hess Midstream LP (NYSE:HESM - Free Report) by 75.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,729 shares of the company's stock after purchasing an additional 10,175 shares during the period. Van ECK Associates Corp's holdings in Hess Midstream were worth $879,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Nordea Investment Management AB increased its stake in shares of Hess Midstream by 98.0% during the 4th quarter. Nordea Investment Management AB now owns 271,051 shares of the company's stock worth $10,118,000 after purchasing an additional 134,171 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its position in Hess Midstream by 51.0% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 379,071 shares of the company's stock worth $13,370,000 after acquiring an additional 128,009 shares during the last quarter. Stifel Financial Corp boosted its position in Hess Midstream by 37.7% during the third quarter. Stifel Financial Corp now owns 11,490 shares of the company's stock worth $405,000 after acquiring an additional 3,148 shares during the last quarter. Raymond James & Associates boosted its position in Hess Midstream by 230.7% during the third quarter. Raymond James & Associates now owns 119,488 shares of the company's stock worth $4,214,000 after acquiring an additional 83,358 shares during the last quarter. Finally, Artemis Investment Management LLP boosted its position in Hess Midstream by 11.9% during the fourth quarter. Artemis Investment Management LLP now owns 851,203 shares of the company's stock worth $31,520,000 after acquiring an additional 90,521 shares during the last quarter. 98.97% of the stock is owned by hedge funds and other institutional investors.

Hess Midstream Stock Performance

Shares of HESM stock opened at $40.66 on Friday. Hess Midstream LP has a 52 week low of $32.75 and a 52 week high of $42.15. The company has a market cap of $8.86 billion, a PE ratio of 16.33 and a beta of 1.53. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 7.85. The company's fifty day simple moving average is $39.17 and its 200-day simple moving average is $37.11.

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

Hess Midstream Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Thursday, February 6th were given a dividend of $0.7012 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 6.90%. The ex-dividend date was Thursday, February 6th. This is an increase from Hess Midstream's previous quarterly dividend of $0.68. Hess Midstream's dividend payout ratio is currently 112.45%.

Analyst Upgrades and Downgrades

HESM has been the topic of a number of analyst reports. Raymond James raised their target price on shares of Hess Midstream from $42.00 to $45.00 and gave the stock an "outperform" rating in a research report on Tuesday, January 28th. Citigroup raised their target price on shares of Hess Midstream from $41.00 to $44.00 and gave the stock a "buy" rating in a research report on Tuesday. 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 research report on Tuesday, February 4th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $42.00.

Insider Activity at Hess Midstream

In other Hess Midstream news, major shareholder Blackrock Portfolio Management sold 11,000,000 shares of the company's stock in a transaction dated Wednesday, February 12th. The shares were sold at an average price of $39.11, for a total value of $430,210,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

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.

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