Hess Midstream LP (NYSE:HESM) Sees Large Decline in Short Interest

Hess Midstream LP (NYSE:HESM) saw a large drop in short interest in the month of June. As of June 15th, there was short interest totalling 4,510,000 shares, a drop of 19.5% from the May 31st total of 5,600,000 shares. Based on an average daily volume of 957,600 shares, the days-to-cover ratio is presently 4.7 days.

Insider Buying and Selling

In other Hess Midstream news, Director Infrastructure Investor Global sold 1,500,000 shares of the business’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $34.02, for a total transaction of $51,030,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Institutional Investors Weigh In On Hess Midstream

A number of hedge funds have recently bought and sold shares of HESM. Allspring Global Investments Holdings LLC bought a new stake in shares of Hess Midstream in the 1st quarter worth about $30,000. Clear Point Advisors Inc. bought a new stake in Hess Midstream during the first quarter worth approximately $49,000. First Horizon Advisors Inc. raised its position in Hess Midstream by 183.4% during the fourth quarter. First Horizon Advisors Inc. now owns 1,791 shares of the company’s stock valued at $57,000 after purchasing an additional 1,159 shares during the period. Parkside Financial Bank & Trust lifted its stake in shares of Hess Midstream by 348.5% in the 4th quarter. Parkside Financial Bank & Trust now owns 2,323 shares of the company’s stock valued at $73,000 after purchasing an additional 1,805 shares during the last quarter. Finally, Geneos Wealth Management Inc. boosted its holdings in shares of Hess Midstream by 31.3% in the 1st quarter. Geneos Wealth Management Inc. now owns 2,100 shares of the company’s stock worth $76,000 after purchasing an additional 500 shares during the period. Hedge funds and other institutional investors own 92.41% of the company’s stock.

Hess Midstream Stock Up 0.9 %

Shares of HESM stock opened at $36.77 on Tuesday. The company’s fifty day simple moving average is $35.25 and its two-hundred day simple moving average is $34.31. Hess Midstream has a 52 week low of $27.57 and a 52 week high of $37.13. The stock has a market cap of $8.22 billion, a P/E ratio of 16.64 and a beta of 1.52. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 8.67.

Hess Midstream (NYSE:HESM) last announced its quarterly earnings results on Thursday, April 25th. The company reported $0.59 EPS for the quarter, beating analysts’ consensus estimates of $0.55 by $0.04. The company had revenue of $355.60 million during the quarter, compared to analyst estimates of $354.98 million. Hess Midstream had a return on equity of 35.08% and a net margin of 10.18%. Analysts predict that Hess Midstream will post 2.5 EPS for the current fiscal year.

Hess Midstream Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, May 14th. Investors of record on Thursday, May 2nd were given a $0.6516 dividend. This represents a $2.61 annualized dividend and a yield of 7.09%. The ex-dividend date of this dividend was Wednesday, May 1st. This is a boost from Hess Midstream’s previous quarterly dividend of $0.63. Hess Midstream’s payout ratio is currently 118.10%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. JPMorgan Chase & Co. increased their price objective on shares of Hess Midstream from $37.00 to $38.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 16th. Wells Fargo & Company raised their price target on Hess Midstream from $36.00 to $37.00 and gave the company an “equal weight” rating in a report on Monday, April 29th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $36.50.

Hess Midstream Company Profile

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.