Renaissance Technologies LLC Sells 62,600 Shares of Hess Midstream LP (NYSE:HESM)

Renaissance Technologies LLC lowered its position in Hess Midstream LP (NYSE:HESM) by 7.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 765,295 shares of the company’s stock after selling 62,600 shares during the period. Renaissance Technologies LLC owned 0.34% of Hess Midstream worth $27,887,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Hess Midstream during the fourth quarter valued at approximately $711,000. UBS Group AG increased its position in shares of Hess Midstream by 1.8% during the fourth quarter. UBS Group AG now owns 919,314 shares of the company’s stock valued at $29,078,000 after acquiring an additional 16,074 shares during the last quarter. Wells Fargo & Company MN increased its position in shares of Hess Midstream by 30.7% during the fourth quarter. Wells Fargo & Company MN now owns 434,434 shares of the company’s stock valued at $13,741,000 after acquiring an additional 102,010 shares during the last quarter. Quest Partners LLC purchased a new stake in Hess Midstream in the fourth quarter worth $437,000. Finally, Aigen Investment Management LP purchased a new stake in Hess Midstream in the fourth quarter worth $620,000. Institutional investors own 92.41% of the company’s stock.

Hess Midstream Price Performance

Hess Midstream stock opened at $35.67 on Friday. Hess Midstream LP has a one year low of $27.57 and a one year high of $39.11. The business has a fifty day moving average price of $36.82 and a 200-day moving average price of $35.95. The company has a debt-to-equity ratio of 8.55, a current ratio of 1.11 and a quick ratio of 1.11. The firm has a market capitalization of $7.97 billion, a P/E ratio of 16.23 and a beta of 1.52.

Hess Midstream (NYSE:HESM) last posted its quarterly earnings results on Wednesday, July 31st. The company reported $0.59 EPS for the quarter, topping analysts’ consensus estimates of $0.54 by $0.05. Hess Midstream had a return on equity of 41.91% and a net margin of 11.59%. The firm had revenue of $365.50 million during the quarter, compared to analyst estimates of $365.16 million. During the same period last year, the company earned $0.50 earnings per share. The business’s revenue for the quarter was up 12.8% on a year-over-year basis. As a group, equities research analysts forecast that Hess Midstream LP will post 2.36 EPS for the current year.

Hess Midstream Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Thursday, August 8th were issued a $0.6677 dividend. This is a positive change from Hess Midstream’s previous quarterly dividend of $0.65. This represents a $2.67 dividend on an annualized basis and a dividend yield of 7.49%. The ex-dividend date of this dividend was Thursday, August 8th. Hess Midstream’s dividend payout ratio (DPR) is presently 120.81%.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on HESM. UBS Group raised their target price on Hess Midstream from $38.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday, July 3rd. JPMorgan Chase & Co. raised their target price on Hess Midstream from $38.00 to $39.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, Hess Midstream has a consensus rating of “Moderate Buy” and a consensus target price 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.