Zurcher Kantonalbank Zurich Cantonalbank Increases Holdings in Hess Midstream LP (NYSE:HESM)

Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Hess Midstream LP (NYSE:HESM) by 47.3% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 24,618 shares of the company’s stock after acquiring an additional 7,907 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Hess Midstream were worth $897,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Naples Global Advisors LLC increased its position in shares of Hess Midstream by 0.5% during the 2nd quarter. Naples Global Advisors LLC now owns 62,220 shares of the company’s stock valued at $2,267,000 after purchasing an additional 300 shares during the last quarter. ProShare Advisors LLC raised its stake in shares of Hess Midstream by 5.2% in the first quarter. ProShare Advisors LLC now owns 6,746 shares of the company’s stock valued at $244,000 after acquiring an additional 332 shares during the period. Granite Group Advisors LLC lifted its holdings in shares of Hess Midstream by 5.6% in the 1st quarter. Granite Group Advisors LLC now owns 7,106 shares of the company’s stock worth $257,000 after acquiring an additional 375 shares during the last quarter. Comerica Bank boosted its stake in shares of Hess Midstream by 7.4% during the 1st quarter. Comerica Bank now owns 5,553 shares of the company’s stock worth $201,000 after purchasing an additional 385 shares during the period. Finally, Peapack Gladstone Financial Corp grew its holdings in Hess Midstream by 5.7% during the 4th quarter. Peapack Gladstone Financial Corp now owns 8,957 shares of the company’s stock valued at $283,000 after purchasing an additional 484 shares during the last quarter. 92.41% of the stock is currently owned by hedge funds and other institutional investors.

Hess Midstream Stock Performance

Shares of NYSE:HESM opened at $36.59 on Wednesday. The firm’s 50 day simple moving average is $36.96 and its 200-day simple moving average is $35.80. The company has a debt-to-equity ratio of 8.55, a quick ratio of 1.11 and a current ratio of 1.11. Hess Midstream LP has a one year low of $27.57 and a one year high of $39.11. The firm has a market cap of $8.08 billion, a PE ratio of 16.56 and a beta of 1.52.

Hess Midstream (NYSE:HESM) last released its quarterly earnings data on Wednesday, July 31st. The company reported $0.59 EPS for the quarter, topping the consensus estimate of $0.54 by $0.05. Hess Midstream had a return on equity of 41.91% and a net margin of 11.59%. The company had revenue of $365.50 million for the quarter, compared to the consensus estimate of $365.16 million. During the same period last year, the business posted $0.50 EPS. Hess Midstream’s quarterly revenue was up 12.8% on a year-over-year basis. As a group, equities analysts predict that Hess Midstream LP will post 2.09 EPS for the current year.

Hess Midstream Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Thursday, August 8th were issued a $0.6677 dividend. This is an increase from Hess Midstream’s previous quarterly dividend of $0.65. This represents a $2.67 annualized dividend and a dividend yield of 7.30%. The ex-dividend date of this dividend was Thursday, August 8th. Hess Midstream’s payout ratio is presently 120.81%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on HESM shares. UBS Group raised their price objective on shares of Hess Midstream from $38.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, July 3rd. JPMorgan Chase & Co. boosted their price objective on Hess Midstream from $38.00 to $39.00 and gave the company a “neutral” rating in a report on Wednesday, August 21st. Two 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, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $37.20.

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.