Cambridge Investment Research Advisors Inc. Boosts Stock Position in Hess Midstream LP (NYSE:HESM)

Posted by Defense World Staff on Sep 30th, 2023

Cambridge Investment Research Advisors Inc. boosted its holdings in Hess Midstream LP (NYSE:HESM – Free Report) by 9.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 75,892 shares of the company’s stock after purchasing an additional 6,539 shares during the period. Cambridge Investment Research Advisors Inc. owned about 0.17% of Hess Midstream worth $2,328,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in HESM. Goldman Sachs Group Inc. raised its stake in shares of Hess Midstream by 50.5% in the first quarter. Goldman Sachs Group Inc. now owns 1,966,157 shares of the company’s stock valued at $58,985,000 after buying an additional 659,514 shares during the period. Balyasny Asset Management LLC raised its stake in shares of Hess Midstream by 6,949.2% in the third quarter. Balyasny Asset Management LLC now owns 526,436 shares of the company’s stock valued at $13,435,000 after buying an additional 518,968 shares during the period. Clearbridge Investments LLC raised its stake in shares of Hess Midstream by 92.5% in the first quarter. Clearbridge Investments LLC now owns 996,894 shares of the company’s stock valued at $29,907,000 after buying an additional 478,894 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Hess Midstream by 21.7% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,025,251 shares of the company’s stock valued at $58,611,000 after buying an additional 361,133 shares during the period. Finally, Alps Advisors Inc. raised its stake in shares of Hess Midstream by 4.4% in the fourth quarter. Alps Advisors Inc. now owns 6,476,097 shares of the company’s stock valued at $193,765,000 after buying an additional 273,980 shares during the period. 86.34% of the stock is currently owned by institutional investors.

Insider Transactions at Hess Midstream

In other news, Director Infrastructure Investor Global sold 1,500,000 shares of the company’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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Hess Midstream Price Performance

Shares of NYSE HESM opened at $29.13 on Friday. The firm has a market capitalization of $1.66 billion, a P/E ratio of 14.64 and a beta of 1.59. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 7.04. The stock’s 50-day simple moving average is $29.99 and its two-hundred day simple moving average is $29.29. Hess Midstream LP has a twelve month low of $25.24 and a twelve month high of $32.43.

Hess Midstream (NYSE:HESM – Get Free Report) last announced its earnings results on Wednesday, July 26th. The company reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.49 by $0.01. The business had revenue of $324.00 million for the quarter, compared to analyst estimates of $325.31 million. Hess Midstream had a return on equity of 18.95% and a net margin of 7.10%. During the same period in the prior year, the company earned $0.50 EPS. As a group, equities analysts anticipate that Hess Midstream LP will post 2.02 EPS for the current fiscal year.

Hess Midstream Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 14th. Stockholders of record on Thursday, August 3rd were issued a $0.6011 dividend. This is a boost 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 8.25%. The ex-dividend date of this dividend was Wednesday, August 2nd. Hess Midstream’s dividend payout ratio is presently 120.60%.

Analyst Upgrades and Downgrades

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

Check Out Our Latest Stock Report on Hess Midstream

Hess Midstream Company Profile

(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.