Bank of New York Mellon Corp Lowers Stock Holdings in Hess Midstream LP (NYSE:HESM)

Bank of New York Mellon Corp trimmed its holdings in shares of Hess Midstream LP (NYSE:HESM) by 1.3% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 914,810 shares of the company’s stock after selling 12,480 shares during the period. Bank of New York Mellon Corp owned approximately 0.42% of Hess Midstream worth $33,875,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. apricus wealth LLC raised its stake in Hess Midstream by 1.4% during the 4th quarter. apricus wealth LLC now owns 18,500 shares of the company’s stock valued at $685,000 after buying an additional 250 shares during the last quarter. Teamwork Financial Advisors LLC boosted its holdings in Hess Midstream by 2.2% in the 4th quarter. Teamwork Financial Advisors LLC now owns 13,035 shares of the company’s stock worth $483,000 after buying an additional 286 shares during the period. Seelaus Asset Management LLC lifted its stake in Hess Midstream by 5.5% in the 3rd quarter. Seelaus Asset Management LLC now owns 5,800 shares of the company’s stock worth $205,000 after purchasing an additional 300 shares in the last quarter. Icon Wealth Advisors LLC lifted its stake in Hess Midstream by 11.1% in the 3rd quarter. Icon Wealth Advisors LLC now owns 3,288 shares of the company’s stock worth $116,000 after purchasing an additional 329 shares in the last quarter. Finally, Hardy Reed LLC lifted its stake in Hess Midstream by 5.3% in the 4th quarter. Hardy Reed LLC now owns 8,990 shares of the company’s stock worth $333,000 after purchasing an additional 450 shares in the last quarter. 98.97% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Hess Midstream news, major shareholder Blackrock Portfolio Management sold 11,000,000 shares of the stock in a transaction that occurred on Wednesday, February 12th. The shares were sold at an average price of $39.11, for a total value of $430,210,000.00. The sale was disclosed in a filing with the SEC, which is available through this link.

Hess Midstream Trading Up 1.6 %

NYSE HESM opened at $40.39 on Friday. 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 company has a fifty day simple moving average of $39.93 and a two-hundred day simple moving average of $37.42. Hess Midstream LP has a 12-month low of $32.75 and a 12-month high of $42.31. The stock has a market cap of $8.80 billion, a P/E ratio of 16.22 and a beta of 1.48.

Hess Midstream (NYSE:HESM) last released its quarterly earnings results on Wednesday, January 29th. The company reported $0.68 EPS for the quarter, beating the consensus estimate of $0.65 by $0.03. Hess Midstream had a net margin of 14.92% and a return on equity of 54.59%. On average, analysts forecast that Hess Midstream LP will post 2.5 earnings per share for the current year.

Hess Midstream Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Thursday, February 6th were paid a $0.7012 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 6.94%. This is an increase from Hess Midstream’s previous quarterly dividend of $0.68. The ex-dividend date was Thursday, February 6th. Hess Midstream’s payout ratio is 112.45%.

Analysts Set New Price Targets

HESM has been the topic of several recent research reports. Citigroup upped their target price on shares of Hess Midstream from $41.00 to $44.00 and gave the company a “buy” rating in a research report on Tuesday, February 18th. Wells Fargo & Company increased their price objective on shares of Hess Midstream from $40.00 to $42.00 and gave the company an “equal weight” rating in a research note on Tuesday, February 4th. Finally, Raymond James increased their price objective on shares of Hess Midstream from $42.00 to $45.00 and gave the company an “outperform” rating in a research note on Tuesday, January 28th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $42.00.

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.