Van ECK Associates Corp boosted its holdings in shares of Hess Midstream LP (NYSE:HESM – Free Report) by 6.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 12,156 shares of the company’s stock after buying an additional 781 shares during the period. Van ECK Associates Corp’s holdings in Hess Midstream were worth $352,000 as of its most recent SEC filing.
Other large investors have also recently made changes to their positions in the company. Clearbridge Investments LLC grew its holdings in Hess Midstream by 51.9% during the fourth quarter. Clearbridge Investments LLC now owns 1,976,885 shares of the company’s stock worth $59,148,000 after buying an additional 675,200 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in Hess Midstream by 50.5% in the first quarter. Goldman Sachs Group Inc. now owns 1,966,157 shares of the company’s stock worth $58,985,000 after purchasing an additional 659,514 shares during the last quarter. Balyasny Asset Management LLC grew its stake in Hess Midstream by 6,949.2% in the 3rd quarter. Balyasny Asset Management LLC now owns 526,436 shares of the company’s stock valued at $13,435,000 after purchasing an additional 518,968 shares during the period. Strategic Income Management LLC purchased a new stake in shares of Hess Midstream during the 4th quarter valued at $11,870,000. Finally, Alps Advisors Inc. boosted its holdings in shares of Hess Midstream by 4.4% in the 4th quarter. Alps Advisors Inc. now owns 6,476,097 shares of the company’s stock worth $193,765,000 after buying an additional 273,980 shares during the last quarter. 84.63% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
Several analysts have commented on the stock. Morgan Stanley reaffirmed an “equal weight” rating and issued a $36.00 price objective on shares of Hess Midstream in a research report on Tuesday, August 1st. Wells Fargo & Company upped their price objective on Hess Midstream from $31.00 to $32.00 and gave the company an “equal weight” rating in a research note on Friday, July 28th. Raymond James assumed coverage on Hess Midstream in a research report on Friday, April 21st. They issued an “outperform” rating and a $35.00 target price for the company. Finally, UBS Group initiated coverage on Hess Midstream in a research report on Wednesday, May 10th. They set a “buy” rating and a $37.00 price target on the stock. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $34.80.
Hess Midstream Trading Up 1.1 %
Shares of HESM stock opened at $30.96 on Tuesday. The stock has a market capitalization of $1.37 billion, a price-to-earnings ratio of 15.56 and a beta of 1.59. The company’s fifty day simple moving average is $30.10 and its two-hundred day simple moving average is $29.14. Hess Midstream LP has a 1 year low of $24.33 and a 1 year high of $32.43. The company has a debt-to-equity ratio of 7.04, a current ratio of 0.77 and a quick ratio of 0.77.
Hess Midstream (NYSE:HESM – Get Free Report) last released its quarterly earnings data on Wednesday, July 26th. The company reported $0.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.49 by $0.01. Hess Midstream had a return on equity of 18.95% and a net margin of 7.10%. The company had revenue of $324.00 million for the quarter, compared to analyst estimates of $325.31 million. During the same period in the previous year, the company posted $0.50 EPS. As a group, analysts anticipate that Hess Midstream LP will post 2.04 earnings per share for the current year.
Hess Midstream Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 14th. Stockholders of record on Thursday, August 3rd will be given a $0.6011 dividend. This is a positive change from Hess Midstream’s previous quarterly dividend of $0.59. This represents a $2.40 dividend on an annualized basis and a dividend yield of 7.77%. The ex-dividend date is Wednesday, August 2nd. Hess Midstream’s dividend payout ratio (DPR) is 120.60%.
Insider Activity at Hess Midstream
In other Hess Midstream news, Director Corp Hess sold 6,382,500 shares of the stock in a transaction that occurred on Friday, May 19th. The shares were sold at an average price of $26.12, for a total value of $166,710,900.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link.
About Hess Midstream
Hess Midstream LP owns, develops, operates, and acquires midstream assets. The company 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.
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