Bank of New York Mellon Corp Decreases Position in Hess Midstream LP (NYSE:HESM)

Posted by Defense World Staff on Mar 12th, 2023

Bank of New York Mellon Corp lessened its holdings in Hess Midstream LP (NYSE:HESM – Get Rating) by 0.4% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,728,325 shares of the company’s stock after selling 7,679 shares during the period. Bank of New York Mellon Corp owned approximately 3.93% of Hess Midstream worth $44,107,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Catalyst Capital Advisors LLC boosted its position in Hess Midstream by 6.3% in the 3rd quarter. Catalyst Capital Advisors LLC now owns 134,607 shares of the company’s stock valued at $3,435,000 after buying an additional 8,000 shares during the period. Stokes Capital Advisors LLC lifted its position in shares of Hess Midstream by 14.0% during the 3rd quarter. Stokes Capital Advisors LLC now owns 53,907 shares of the company’s stock worth $1,376,000 after purchasing an additional 6,618 shares during the last quarter. Blackstone Inc. lifted its position in shares of Hess Midstream by 66.1% during the 3rd quarter. Blackstone Inc. now owns 264,721 shares of the company’s stock worth $6,756,000 after purchasing an additional 105,343 shares during the last quarter. Arizona State Retirement System lifted its position in shares of Hess Midstream by 3.7% during the 3rd quarter. Arizona State Retirement System now owns 11,958 shares of the company’s stock worth $305,000 after purchasing an additional 423 shares during the last quarter. Finally, Energy Income Partners LLC lifted its position in shares of Hess Midstream by 2.9% during the 3rd quarter. Energy Income Partners LLC now owns 3,168,911 shares of the company’s stock worth $80,870,000 after purchasing an additional 89,620 shares during the last quarter. Hedge funds and other institutional investors own 87.59% of the company’s stock.

Insider Buying and Selling at Hess Midstream

In other Hess Midstream news, COO John A. Gatling sold 1,512 shares of Hess Midstream stock in a transaction on Thursday, March 9th. The shares were sold at an average price of $28.26, for a total value of $42,729.12. Following the transaction, the chief operating officer now directly owns 45,090 shares in the company, valued at $1,274,243.40. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Hess Midstream news, CFO Jonathan C. Stein sold 2,239 shares of Hess Midstream stock in a transaction on Thursday, March 9th. The shares were sold at an average price of $28.26, for a total value of $63,274.14. Following the transaction, the chief financial officer now directly owns 39,389 shares in the company, valued at $1,113,133.14. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO John A. Gatling sold 1,512 shares of Hess Midstream stock in a transaction on Thursday, March 9th. The shares were sold at an average price of $28.26, for a total transaction of $42,729.12. Following the completion of the transaction, the chief operating officer now owns 45,090 shares in the company, valued at $1,274,243.40. The disclosure for this sale can be found here.

Hess Midstream Price Performance

Shares of NYSE:HESM opened at $27.23 on Friday. The company’s fifty day moving average price is $29.70 and its 200 day moving average price is $28.83. Hess Midstream LP has a 12 month low of $24.33 and a 12 month high of $34.99. The firm has a market capitalization of $1.20 billion, a P/E ratio of 13.55 and a beta of 1.61.

Hess Midstream Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, February 13th. Shareholders of record on Thursday, February 2nd were paid a $0.57 dividend. The ex-dividend date was Wednesday, February 1st. This is a positive change from Hess Midstream’s previous quarterly dividend of $0.56. This represents a $2.28 dividend on an annualized basis and a yield of 8.37%. Hess Midstream’s payout ratio is currently 113.43%.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on HESM shares. Morgan Stanley lifted their price objective on shares of Hess Midstream from $34.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Monday, January 9th. Citigroup assumed coverage on shares of Hess Midstream in a research note on Friday, December 9th. They set a “buy” rating and a $34.00 price target on the stock.

About Hess Midstream

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Hess Midstream LP engages in the ownership, development, and acquisition of midstream assets to provide services to third-party crude oil and natural gas producers. It operates through the following segments: Gathering, Processing and Storage, and Terminaling and Export. The Gathering segment consists of natural gas and crude oil gathering and compression.