Hess Midstream (NYSE:HESM) Hits New 52-Week High on Better-Than-Expected Earnings

Shares of Hess Midstream LP (NYSE:HESM) reached a new 52-week high during mid-day trading on Wednesday following a better than expected earnings announcement. The company traded as high as $41.73 and last traded at $40.57, with a volume of 125015 shares trading hands. The stock had previously closed at $40.87.

The company reported $0.68 earnings per share for the quarter, topping the consensus estimate of $0.65 by $0.03. Hess Midstream had a net margin of 13.06% and a return on equity of 47.87%.

Hess Midstream Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Thursday, February 6th will be given a dividend of $0.7012 per share. This represents a $2.80 annualized dividend and a dividend yield of 6.73%. The ex-dividend date is Thursday, February 6th. This is a boost from Hess Midstream’s previous quarterly dividend of $0.68. Hess Midstream’s dividend payout ratio is currently 118.64%.

Analysts Set New Price Targets

Separately, Raymond James raised their target price on shares of Hess Midstream from $42.00 to $45.00 and gave the company an “outperform” rating in a report on Tuesday.

Insider Transactions at Hess Midstream

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

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. ProShare Advisors LLC lifted its holdings in shares of Hess Midstream by 4.8% during the 2nd quarter. ProShare Advisors LLC now owns 7,069 shares of the company’s stock valued at $258,000 after buying an additional 323 shares during the last quarter. Algert Global LLC bought a new stake in shares of Hess Midstream during the second quarter valued at approximately $330,000. Sanctuary Advisors LLC bought a new stake in shares of Hess Midstream during the second quarter valued at approximately $426,000. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of Hess Midstream during the second quarter valued at approximately $1,691,000. Finally, SG Americas Securities LLC boosted its stake in Hess Midstream by 15.2% in the 3rd quarter. SG Americas Securities LLC now owns 202,618 shares of the company’s stock valued at $7,146,000 after buying an additional 26,725 shares in the last quarter. 98.97% of the stock is owned by institutional investors and hedge funds.

Hess Midstream Trading Up 2.0 %

The company has a 50 day moving average of $37.92 and a 200 day moving average of $36.77. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 7.85. The firm has a market cap of $9.09 billion, a price-to-earnings ratio of 17.67 and a beta of 1.52.

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.