Short Interest in Hess Midstream LP (NYSE:HESM) Rises By 6.6%

Hess Midstream LP (NYSE:HESM) was the recipient of a large growth in short interest in October. As of October 31st, there was short interest totalling 4,500,000 shares, a growth of 6.6% from the October 15th total of 4,220,000 shares. Based on an average daily trading volume, of 860,300 shares, the days-to-cover ratio is presently 5.2 days.

Analyst Ratings Changes

Separately, JPMorgan Chase & Co. lifted their target price on shares of Hess Midstream from $38.00 to $39.00 and gave the company a “neutral” rating in a report on Wednesday, August 21st.

Hess Midstream Stock Up 0.5 %

NYSE HESM traded up $0.19 on Tuesday, reaching $36.09. The company had a trading volume of 243,339 shares, compared to its average volume of 890,223. The firm has a market capitalization of $7.87 billion, a PE ratio of 15.21 and a beta of 1.51. The company has a debt-to-equity ratio of 7.85, a current ratio of 0.70 and a quick ratio of 0.70. The firm has a 50-day moving average of $35.59 and a 200-day moving average of $35.99. Hess Midstream has a 1 year low of $30.08 and a 1 year high of $39.11.

Hess Midstream (NYSE:HESM) last issued its earnings results on Wednesday, October 30th. The company reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.05. The firm had revenue of $378.50 million for the quarter, compared to analyst estimates of $376.98 million. Hess Midstream had a return on equity of 47.87% and a net margin of 13.06%. The firm’s revenue for the quarter was up 4.2% on a year-over-year basis. During the same period last year, the company earned $0.57 earnings per share. On average, equities research analysts anticipate that Hess Midstream will post 2.45 EPS for the current fiscal year.

Hess Midstream Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Thursday, November 7th were issued a $0.6846 dividend. The ex-dividend date was Thursday, November 7th. This represents a $2.74 dividend on an annualized basis and a dividend yield of 7.59%. This is a positive change from Hess Midstream’s previous quarterly dividend of $0.67. Hess Midstream’s dividend payout ratio is presently 116.10%.

Insider Activity

In other news, Director Infrastructure Investor Global sold 12,650,000 shares of the company’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $35.12, for a total transaction of $444,268,000.00. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Jonathan C. Stein sold 7,923 shares of the company’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $35.32, for a total transaction of $279,840.36. Following the completion of the sale, the chief financial officer now directly owns 59,945 shares in the company, valued at approximately $2,117,257.40. The trade was a 11.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Hedge Funds Weigh In On Hess Midstream

A number of hedge funds have recently modified their holdings of HESM. Swiss National Bank lifted its stake in shares of Hess Midstream by 14.8% in the first quarter. Swiss National Bank now owns 154,600 shares of the company’s stock worth $5,586,000 after buying an additional 19,900 shares during the last quarter. SG Americas Securities LLC acquired a new position in shares of Hess Midstream during the second quarter worth about $6,410,000. Vanguard Group Inc. increased its position in shares of Hess Midstream by 13.6% in the first quarter. Vanguard Group Inc. now owns 456,607 shares of the company’s stock valued at $16,497,000 after acquiring an additional 54,769 shares during the last quarter. Westwood Holdings Group Inc. lifted its stake in Hess Midstream by 26.0% in the 1st quarter. Westwood Holdings Group Inc. now owns 853,682 shares of the company’s stock valued at $30,844,000 after purchasing an additional 176,119 shares during the last quarter. Finally, MGO One Seven LLC grew its stake in Hess Midstream by 20.3% in the 2nd quarter. MGO One Seven LLC now owns 174,476 shares of the company’s stock valued at $6,358,000 after buying an additional 29,434 shares during the last quarter. 92.41% of the stock is owned by institutional investors and hedge funds.

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.