Pacer Advisors Inc. Reduces Position in Hess Midstream LP (NYSE:HESM)

Posted by Defense World Staff on Sep 29th, 2023

Pacer Advisors Inc. decreased its holdings in shares of Hess Midstream LP (NYSE:HESM – Free Report) by 13.6% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 31,184 shares of the company’s stock after selling 4,899 shares during the quarter. Pacer Advisors Inc. owned about 0.07% of Hess Midstream worth $957,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in HESM. Advisor Group Holdings Inc. boosted its holdings in shares of Hess Midstream by 43.0% during the first quarter. Advisor Group Holdings Inc. now owns 8,053 shares of the company’s stock worth $241,000 after purchasing an additional 2,423 shares during the last quarter. Cambridge Investment Research Advisors Inc. acquired a new position in Hess Midstream in the first quarter valued at $244,000. Cetera Advisor Networks LLC acquired a new position in Hess Midstream in the first quarter valued at $445,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new position in Hess Midstream in the first quarter valued at $1,556,000. Finally, BlackRock Inc. boosted its holdings in Hess Midstream by 220.0% in the first quarter. BlackRock Inc. now owns 391,128 shares of the company’s stock valued at $11,733,000 after acquiring an additional 268,914 shares during the last quarter. Institutional investors and hedge funds own 86.34% of the company’s stock.

Hess Midstream Stock Down 0.9 %

Shares of NYSE HESM opened at $29.33 on Friday. Hess Midstream LP has a 1 year low of $25.24 and a 1 year high of $32.43. The firm has a market cap of $1.67 billion, a price-to-earnings ratio of 14.74 and a beta of 1.59. The company has a debt-to-equity ratio of 7.04, a quick ratio of 0.77 and a current ratio of 0.77. The stock’s 50-day simple moving average is $30.04 and its 200-day simple moving average is $29.28.

Hess Midstream (NYSE:HESM – Get Free Report) last announced its earnings results on Wednesday, July 26th. The company reported $0.50 earnings per share (EPS) for the quarter, topping 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 business 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 earned $0.50 earnings per share. As a group, equities analysts anticipate that Hess Midstream LP will post 2.02 earnings per share for the current fiscal year.

Hess Midstream Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 14th. Investors of record on Thursday, August 3rd were issued a $0.6011 dividend. This is a positive change from Hess Midstream’s previous quarterly dividend of $0.59. This represents a $2.40 annualized dividend and a yield of 8.20%. The ex-dividend date was Wednesday, August 2nd. Hess Midstream’s payout ratio is currently 120.60%.

Analyst Upgrades and Downgrades

HESM has been the topic of a number of research analyst reports. Morgan Stanley reiterated an “equal weight” rating and issued a $36.00 target price on shares of Hess Midstream in a report on Tuesday, August 1st. Wells Fargo & Company boosted their price objective on Hess Midstream from $31.00 to $32.00 and gave the stock an “equal weight” rating in a research note on Friday, July 28th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $34.80.

Read Our Latest Research Report on HESM

Insider Activity at Hess Midstream

In related news, Director Infrastructure Investor Global sold 1,500,000 shares of the business’s stock in a transaction dated Tuesday, August 22nd. The stock was sold at an average price of $28.59, for a total value of $42,885,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

About Hess Midstream

(Free Report)

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.