Verition Fund Management LLC Boosts Stock Position in Hess Midstream LP (NYSE:HESM)

Verition Fund Management LLC boosted its stake in shares of Hess Midstream LP (NYSE:HESM - Free Report) by 204.0% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 66,390 shares of the company's stock after buying an additional 44,553 shares during the quarter. Verition Fund Management LLC's holdings in Hess Midstream were worth $2,342,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Westwood Holdings Group Inc. raised its position in shares of Hess Midstream by 126.8% in the 2nd quarter. Westwood Holdings Group Inc. now owns 1,936,522 shares of the company's stock worth $70,567,000 after acquiring an additional 1,082,840 shares in the last quarter. Tortoise Capital Advisors L.L.C. increased its holdings in Hess Midstream by 12.4% in the second quarter. Tortoise Capital Advisors L.L.C. now owns 7,428,262 shares of the company's stock worth $270,686,000 after purchasing an additional 822,311 shares in the last quarter. Epoch Investment Partners Inc. lifted its stake in Hess Midstream by 23.5% in the second quarter. Epoch Investment Partners Inc. now owns 2,953,324 shares of the company's stock valued at $107,619,000 after buying an additional 562,688 shares during the period. TD Asset Management Inc boosted its holdings in shares of Hess Midstream by 10.4% during the 2nd quarter. TD Asset Management Inc now owns 3,431,555 shares of the company's stock worth $125,046,000 after buying an additional 322,479 shares in the last quarter. Finally, Kayne Anderson Capital Advisors LP grew its position in shares of Hess Midstream by 7.9% during the 3rd quarter. Kayne Anderson Capital Advisors LP now owns 2,640,514 shares of the company's stock worth $93,131,000 after buying an additional 194,154 shares during the period. Institutional investors own 92.41% of the company's stock.

Insider Buying and Selling

In other Hess Midstream news, CFO Jonathan C. Stein sold 7,923 shares of Hess Midstream stock in a transaction 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 directly owns 59,945 shares of the company's stock, valued at $2,117,257.40. The trade was a 11.67 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Infrastructure Investor Global sold 12,650,000 shares of the stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $35.12, for a total transaction of $444,268,000.00. The disclosure for this sale can be found here.

Hess Midstream Stock Up 0.6 %

NYSE:HESM traded up $0.21 on Friday, hitting $37.37. The stock had a trading volume of 860,922 shares, compared to its average volume of 879,628. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 7.85. Hess Midstream LP has a 52 week low of $30.08 and a 52 week high of $39.11. The business's fifty day moving average is $35.84 and its 200 day moving average is $36.16. The company has a market cap of $8.15 billion, a PE ratio of 15.75 and a beta of 1.53.

Hess Midstream (NYSE:HESM - Get Free Report) last issued its earnings results on Wednesday, October 30th. The company reported $0.63 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.58 by $0.05. The company had revenue of $378.50 million for the quarter, compared to analysts' expectations of $376.98 million. Hess Midstream had a return on equity of 47.87% and a net margin of 13.06%. Hess Midstream's quarterly revenue was up 4.2% compared to the same quarter last year. During the same period last year, the business earned $0.57 EPS. On average, equities research analysts expect that Hess Midstream LP will post 2.45 EPS for the current fiscal year.

Hess Midstream Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Thursday, November 7th were given a dividend of $0.6846 per share. The ex-dividend date was Thursday, November 7th. This is an increase from Hess Midstream's previous quarterly dividend of $0.67. This represents a $2.74 annualized dividend and a dividend yield of 7.33%. Hess Midstream's payout ratio is presently 116.10%.

Analyst Upgrades and Downgrades

Separately, JPMorgan Chase & Co. increased their target price on shares of Hess Midstream from $38.00 to $39.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 21st.

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.