Fmr LLC Grows Stake in Hess Midstream LP (NYSE:HESM)

Fmr LLC lifted its holdings in shares of Hess Midstream LP (NYSE:HESM) by 4.6% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 539,518 shares of the company’s stock after acquiring an additional 23,700 shares during the quarter. Fmr LLC owned 0.24% of Hess Midstream worth $19,029,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Brown Brothers Harriman & Co. increased its holdings in Hess Midstream by 487.4% in the third quarter. Brown Brothers Harriman & Co. now owns 3,366 shares of the company’s stock valued at $119,000 after buying an additional 2,793 shares during the last quarter. Dynamic Technology Lab Private Ltd increased its holdings in Hess Midstream by 25.2% in the third quarter. Dynamic Technology Lab Private Ltd now owns 45,029 shares of the company’s stock valued at $1,588,000 after buying an additional 9,061 shares during the last quarter. Algert Global LLC increased its holdings in Hess Midstream by 1,215.4% in the third quarter. Algert Global LLC now owns 119,105 shares of the company’s stock valued at $4,201,000 after buying an additional 110,050 shares during the last quarter. Advisors Asset Management Inc. increased its holdings in Hess Midstream by 19.4% in the third quarter. Advisors Asset Management Inc. now owns 67,939 shares of the company’s stock valued at $2,396,000 after buying an additional 11,061 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its stake in Hess Midstream by 51.0% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 379,071 shares of the company’s stock valued at $13,370,000 after acquiring an additional 128,009 shares during the period. 98.97% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, JPMorgan Chase & Co. lifted their target price on Hess Midstream from $38.00 to $39.00 and gave the company a “neutral” rating in a research note on Wednesday, August 21st.

Insider Buying and Selling at Hess Midstream

In other Hess Midstream news, CFO Jonathan C. Stein sold 7,923 shares of the business’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $35.32, for a total transaction of $279,840.36. Following the sale, the chief financial officer now directly owns 59,945 shares of the company’s stock, valued at $2,117,257.40. The trade was a 11.67 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Infrastructure Investor Global sold 12,650,000 shares of the business’s stock in a transaction 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 disclosure for this sale can be found here.

Hess Midstream Stock Performance

HESM opened at $35.95 on Wednesday. The company has a market capitalization of $7.84 billion, a price-to-earnings ratio of 15.23 and a beta of 1.53. The company has a debt-to-equity ratio of 7.85, a current ratio of 0.70 and a quick ratio of 0.70. Hess Midstream LP has a 1-year low of $30.08 and a 1-year high of $39.11. The business has a 50 day moving average price of $35.91 and a two-hundred day moving average price of $36.18.

Hess Midstream (NYSE:HESM) last released its earnings results on Wednesday, October 30th. The company reported $0.63 earnings per share for the quarter, topping analysts’ consensus estimates of $0.58 by $0.05. The firm had revenue of $378.50 million during the quarter, compared to the consensus estimate of $376.98 million. Hess Midstream had a return on equity of 47.87% and a net margin of 13.06%. The firm’s revenue for the quarter was up 4.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.57 earnings per share. Research analysts predict that Hess Midstream LP will post 2.41 EPS for the current fiscal year.

Hess Midstream Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Thursday, November 7th were issued a $0.6846 dividend. The ex-dividend date of this dividend was Thursday, November 7th. This represents a $2.74 annualized dividend and a dividend yield of 7.62%. This is a boost from Hess Midstream’s previous quarterly dividend of $0.67. Hess Midstream’s dividend payout ratio is currently 116.10%.

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.