Seven Eight Capital LP Increases Stock Position in Hess Midstream LP (NYSE:HESM)

Seven Eight Capital LP increased its position in shares of Hess Midstream LP (NYSE:HESM) by 265.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 31,157 shares of the company’s stock after purchasing an additional 22,641 shares during the quarter. Seven Eight Capital LP’s holdings in Hess Midstream were worth $1,135,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC purchased a new position in shares of Hess Midstream in the 1st quarter worth approximately $30,000. Clear Point Advisors Inc. bought a new stake in Hess Midstream during the first quarter worth $49,000. Geneos Wealth Management Inc. boosted its position in Hess Midstream by 31.3% in the first 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 last quarter. Comerica Bank grew its stake in Hess Midstream by 7.4% in the 1st quarter. Comerica Bank now owns 5,553 shares of the company’s stock valued at $201,000 after purchasing an additional 385 shares during the period. Finally, South Street Advisors LLC purchased a new stake in shares of Hess Midstream during the 2nd quarter valued at $211,000. 92.41% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

HESM has been the topic of a number of research analyst reports. UBS Group boosted their price target on shares of Hess Midstream from $38.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, July 3rd. JPMorgan Chase & Co. boosted their target price on shares of Hess Midstream from $38.00 to $39.00 and gave the company a “neutral” rating in a research note on Wednesday, August 21st. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $37.20.

Insiders Place Their Bets

In related news, Director Infrastructure Investor Global sold 12,650,000 shares of the business’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $35.12, for a total transaction of $444,268,000.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Hess Midstream Stock Down 0.3 %

HESM stock opened at $35.57 on Friday. Hess Midstream LP has a fifty-two week low of $27.57 and a fifty-two week high of $39.11. The stock has a fifty day moving average of $36.78 and a 200-day moving average of $35.95. The company has a market capitalization of $7.95 billion, a price-to-earnings ratio of 16.10 and a beta of 1.52. 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 (NYSE:HESM) last posted its earnings results on Wednesday, July 31st. The company reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.54 by $0.05. The firm had revenue of $365.50 million during the quarter, compared to the consensus estimate of $365.16 million. Hess Midstream had a net margin of 11.59% and a return on equity of 41.91%. The company’s revenue was up 12.8% on a year-over-year basis. During the same quarter last year, the company earned $0.50 earnings per share. As a group, equities research analysts predict that Hess Midstream LP will post 2.36 earnings per share for the current year.

Hess Midstream Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Shareholders of record on Thursday, August 8th were issued a dividend of $0.6677 per share. This is a boost from Hess Midstream’s previous quarterly dividend of $0.65. The ex-dividend date of this dividend was Thursday, August 8th. This represents a $2.67 dividend on an annualized basis and a yield of 7.51%. Hess Midstream’s payout ratio is presently 120.81%.

Hess Midstream 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.