Hess Midstream LP (NYSE:HESM) Shares Sold by Millennium Management LLC

Millennium Management LLC cut its stake in shares of Hess Midstream LP (NYSE:HESM) by 45.2% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 257,438 shares of the company’s stock after selling 212,715 shares during the period. Millennium Management LLC owned 0.12% of Hess Midstream worth $9,381,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Westwood Holdings Group Inc. grew its position in Hess Midstream by 126.8% during the second quarter. Westwood Holdings Group Inc. now owns 1,936,522 shares of the company’s stock valued at $70,567,000 after acquiring an additional 1,082,840 shares during the period. Tortoise Capital Advisors L.L.C. raised its holdings in Hess Midstream by 12.4% in the second quarter. Tortoise Capital Advisors L.L.C. now owns 7,428,262 shares of the company’s stock valued at $270,686,000 after buying an additional 822,311 shares during the period. TD Asset Management Inc lifted its position in Hess Midstream by 33.1% during the first quarter. TD Asset Management Inc now owns 3,109,076 shares of the company’s stock valued at $112,331,000 after buying an additional 773,119 shares in the last quarter. BROOKFIELD Corp ON grew its stake in Hess Midstream by 434.8% during the first quarter. BROOKFIELD Corp ON now owns 843,577 shares of the company’s stock worth $30,478,000 after buying an additional 685,847 shares during the period. Finally, Epoch Investment Partners Inc. grew its stake in Hess Midstream by 33.3% during the first quarter. Epoch Investment Partners Inc. now owns 2,390,636 shares of the company’s stock worth $86,374,000 after buying an additional 597,750 shares during the period. 92.41% of the stock is currently owned by institutional investors and hedge funds.

Hess Midstream Price Performance

Shares of HESM stock opened at $35.84 on Wednesday. The firm has a fifty day simple moving average of $36.17 and a 200-day simple moving average of $35.99. The company has a market capitalization of $8.01 billion, a PE ratio of 16.22 and a beta of 1.51. Hess Midstream LP has a twelve month low of $28.79 and a twelve month high of $39.11. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 8.55.

Hess Midstream (NYSE:HESM) last posted its quarterly earnings data on Wednesday, July 31st. The company reported $0.59 earnings per share for the quarter, beating analysts’ consensus estimates of $0.54 by $0.05. Hess Midstream had a net margin of 11.59% and a return on equity of 41.91%. The company had revenue of $365.50 million during the quarter, compared to analysts’ expectations of $365.16 million. During the same period in the prior year, the company posted $0.50 EPS. The firm’s revenue for the quarter was up 12.8% on a year-over-year basis. Equities research 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. Shareholders of record on Thursday, August 8th were issued a dividend of $0.6677 per share. The ex-dividend date of this dividend was Thursday, August 8th. This is an increase from Hess Midstream’s previous quarterly dividend of $0.65. This represents a $2.67 annualized dividend and a yield of 7.45%. Hess Midstream’s payout ratio is currently 120.81%.

Insider Buying and Selling at Hess Midstream

In other news, Director Infrastructure Investor Global sold 12,650,000 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $35.12, for a total transaction of $444,268,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. UBS Group raised their target price on shares of Hess Midstream from $38.00 to $40.00 and gave the company 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 stock a “neutral” rating in a research note on Wednesday, August 21st.

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.