Insider Selling: Hess Midstream LP (NYSE:HESM) Director Sells 12,650,000 Shares of Stock

Hess Midstream LP (NYSE:HESM) Director Infrastructure Investor Global sold 12,650,000 shares of the business’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $35.12, for a total value of $444,268,000.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link.

Hess Midstream Price Performance

Shares of HESM traded down $0.10 during trading hours on Friday, hitting $35.57. 1,768,095 shares of the company were exchanged, compared to its average volume of 916,769. The company has a market cap of $7.95 billion, a price-to-earnings ratio of 15.98 and a beta of 1.52. Hess Midstream LP has a fifty-two week low of $27.57 and a fifty-two week high of $39.11. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 8.55. The firm’s fifty day moving average is $36.78 and its 200 day moving average is $35.95.

Hess Midstream (NYSE:HESM) last released its earnings results on Wednesday, July 31st. The company reported $0.59 earnings per share (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 analyst estimates of $365.16 million. During the same period in the prior year, the firm posted $0.50 EPS. Hess Midstream’s quarterly revenue was up 12.8% on a year-over-year basis. On average, equities analysts anticipate that Hess Midstream LP will post 2.36 earnings per share for the current fiscal year.

Hess Midstream Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Thursday, August 8th were given a dividend of $0.6677 per share. 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 7.51%. The ex-dividend date of this dividend was Thursday, August 8th. Hess Midstream’s dividend payout ratio is currently 120.81%.

Analyst Upgrades and Downgrades

HESM has been the subject of several research analyst reports. 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 research report on Wednesday, August 21st. UBS Group boosted their target price on Hess Midstream from $38.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, July 3rd. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $37.20.

Institutional Trading of Hess Midstream

Several institutional investors and hedge funds have recently modified their holdings of the business. Healthcare of Ontario Pension Plan Trust Fund bought a new position in Hess Midstream in the second quarter valued at about $1,691,000. Sanctuary Advisors LLC bought a new position in Hess Midstream in the second quarter valued at about $426,000. Algert Global LLC bought a new position in Hess Midstream in the second quarter valued at about $330,000. Duff & Phelps Investment Management Co. bought a new position in Hess Midstream in the second quarter valued at about $744,000. Finally, Susquehanna Fundamental Investments LLC raised its position in Hess Midstream by 32.1% in the second quarter. Susquehanna Fundamental Investments LLC now owns 172,168 shares of the company’s stock valued at $6,274,000 after purchasing an additional 41,832 shares during the last quarter. 92.41% of the stock is currently owned by institutional investors.

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.