State Street Corp Increases Holdings in Hess Midstream LP (NYSE:HESM)

State Street Corp grew its position in shares of Hess Midstream LP (NYSE:HESM) by 70.0% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 323,747 shares of the company’s stock after purchasing an additional 133,330 shares during the quarter. State Street Corp owned approximately 0.15% of Hess Midstream worth $11,419,000 as of its most recent filing with the SEC.

A number of other hedge funds have also modified their holdings of the business. Stifel Financial Corp lifted its holdings in shares of Hess Midstream by 37.7% during the third quarter. Stifel Financial Corp now owns 11,490 shares of the company’s stock worth $405,000 after purchasing an additional 3,148 shares during the period. Maven Securities LTD purchased a new position in shares of Hess Midstream in the third quarter valued at $3,527,000. Millburn Ridgefield Corp purchased a new position in shares of Hess Midstream during the 3rd quarter worth approximately $100,000. Janus Henderson Group PLC boosted its stake in shares of Hess Midstream by 25.9% during the third quarter. Janus Henderson Group PLC now owns 45,104 shares of the company’s stock valued at $1,591,000 after acquiring an additional 9,269 shares during the last quarter. Finally, HighTower Advisors LLC raised its position in shares of Hess Midstream by 67.7% in the third quarter. HighTower Advisors LLC now owns 23,587 shares of the company’s stock valued at $830,000 after buying an additional 9,526 shares during the last quarter. 98.97% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Hess Midstream

In other news, CFO Jonathan C. Stein sold 7,923 shares of the firm’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $35.32, for a total transaction of $279,840.36. Following the transaction, the chief financial officer now directly owns 59,945 shares of the company’s stock, valued at approximately $2,117,257.40. This trade represents a 11.67 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Hess Midstream Price Performance

Shares of NYSE:HESM opened at $37.30 on Thursday. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 7.85. The company has a market cap of $8.13 billion, a P/E ratio of 15.81 and a beta of 1.53. Hess Midstream LP has a 52 week low of $30.72 and a 52 week high of $39.11. The business has a fifty day simple moving average of $35.98 and a 200-day simple moving average of $36.29.

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

Hess Midstream Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Thursday, November 7th were paid a $0.6846 dividend. This represents a $2.74 dividend on an annualized basis and a dividend yield of 7.34%. The ex-dividend date was Thursday, November 7th. This is a positive change from Hess Midstream’s previous quarterly dividend of $0.67. Hess Midstream’s payout ratio is 115.68%.

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.