Hess Midstream (NYSE:HESM) Shares Gap Down to $36.87

Hess Midstream LP (NYSE:HESM) gapped down prior to trading on Thursday . The stock had previously closed at $36.87, but opened at $35.78. Hess Midstream shares last traded at $35.90, with a volume of 1,154,375 shares trading hands.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on HESM shares. UBS Group increased their price objective on Hess Midstream from $38.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, July 3rd. JPMorgan Chase & Co. increased their price target on Hess Midstream from $38.00 to $39.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $37.20.

Hess Midstream Trading Down 0.3 %

The company has a market capitalization of $7.95 billion, a PE ratio of 16.10 and a beta of 1.52. The company has a debt-to-equity ratio of 8.55, a current ratio of 1.11 and a quick ratio of 1.11. The company’s fifty day moving average is $36.78 and its 200-day moving average is $35.95.

Hess Midstream (NYSE:HESM) last released its quarterly earnings results on Wednesday, July 31st. The company reported $0.59 EPS for the quarter, topping the consensus estimate of $0.54 by $0.05. Hess Midstream had a return on equity of 41.91% and a net margin of 11.59%. The firm had revenue of $365.50 million during the quarter, compared to analyst estimates of $365.16 million. During the same period in the previous year, the company posted $0.50 EPS. The business’s revenue for the quarter was up 12.8% compared to the same quarter last year. On average, analysts anticipate that Hess Midstream LP will post 2.36 EPS for the current fiscal year.

Hess Midstream Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Thursday, August 8th were given a $0.6677 dividend. The ex-dividend date was Thursday, August 8th. This represents a $2.67 dividend on an annualized basis and a dividend yield of 7.51%. This is an increase from Hess Midstream’s previous quarterly dividend of $0.65. Hess Midstream’s payout ratio is presently 120.81%.

Insider Buying and Selling

In other Hess Midstream 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 value of $444,268,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Institutional Investors Weigh In On Hess Midstream

Several institutional investors have recently added to or reduced their stakes in HESM. TD Asset Management Inc raised its position in shares of Hess Midstream by 190.8% in the 4th quarter. TD Asset Management Inc now owns 2,335,957 shares of the company’s stock valued at $73,886,000 after purchasing an additional 1,532,700 shares during the last quarter. Westwood Holdings Group Inc. lifted its stake in shares of Hess Midstream by 126.8% during the second quarter. Westwood Holdings Group Inc. now owns 1,936,522 shares of the company’s stock worth $70,567,000 after buying an additional 1,082,840 shares during the period. Tortoise Capital Advisors L.L.C. grew its holdings in shares of Hess Midstream by 12.4% during 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 last quarter. Epoch Investment Partners Inc. increased its position in shares of Hess Midstream by 82.8% in the 4th quarter. Epoch Investment Partners Inc. now owns 1,792,886 shares of the company’s stock valued at $56,709,000 after acquiring an additional 811,976 shares during the period. Finally, BROOKFIELD Corp ON raised its stake in Hess Midstream by 434.8% in the 1st quarter. BROOKFIELD Corp ON now owns 843,577 shares of the company’s stock worth $30,478,000 after acquiring an additional 685,847 shares during the last quarter. Institutional investors and hedge funds own 92.41% of the company’s stock.

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.