Dividend Assets Capital LLC Decreases Position in Hess Midstream LP (NYSE:HESM)

Dividend Assets Capital LLC reduced its stake in Hess Midstream LP (NYSE:HESM) by 5.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 25,123 shares of the company’s stock after selling 1,563 shares during the period. Dividend Assets Capital LLC’s holdings in Hess Midstream were worth $930,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in HESM. Tompkins Financial Corp bought a new stake in Hess Midstream in the 3rd quarter worth $71,000. KBC Group NV grew its stake in shares of Hess Midstream by 83.9% in the third quarter. KBC Group NV now owns 2,803 shares of the company’s stock worth $99,000 after purchasing an additional 1,279 shares during the last quarter. Millburn Ridgefield Corp purchased a new position in Hess Midstream during the 3rd quarter valued at about $100,000. Icon Wealth Advisors LLC raised its position in Hess Midstream by 11.1% during the 3rd quarter. Icon Wealth Advisors LLC now owns 3,288 shares of the company’s stock valued at $116,000 after purchasing an additional 329 shares during the last quarter. Finally, Brown Brothers Harriman & Co. raised its position in Hess Midstream by 487.4% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 3,366 shares of the company’s stock valued at $119,000 after purchasing an additional 2,793 shares during the last quarter. 98.97% of the stock is owned by hedge funds and other institutional investors.

Hess Midstream Stock Performance

Shares of HESM stock opened at $40.66 on Friday. The company’s fifty day moving average price is $39.17 and its 200-day moving average price is $37.11. The stock has a market cap of $8.86 billion, a PE ratio of 16.33 and a beta of 1.53. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 7.85. Hess Midstream LP has a 12 month low of $32.75 and a 12 month high of $42.15.

Hess Midstream (NYSE:HESM) last posted its quarterly earnings data on Wednesday, January 29th. The company reported $0.68 EPS for the quarter, topping the consensus estimate of $0.65 by $0.03. Hess Midstream had a net margin of 14.92% and a return on equity of 54.59%. On average, equities analysts expect that Hess Midstream LP will post 2.5 EPS for the current fiscal year.

Hess Midstream Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Thursday, February 6th were given a $0.7012 dividend. This is a boost from Hess Midstream’s previous quarterly dividend of $0.68. This represents a $2.80 dividend on an annualized basis and a dividend yield of 6.90%. The ex-dividend date was Thursday, February 6th. Hess Midstream’s payout ratio is currently 112.45%.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on HESM. Raymond James boosted their target price on Hess Midstream from $42.00 to $45.00 and gave the company an “outperform” rating in a research note on Tuesday, January 28th. Citigroup lifted their target price on shares of Hess Midstream from $41.00 to $44.00 and gave the company a “buy” rating in a research note on Tuesday. Finally, Wells Fargo & Company increased their price target on shares of Hess Midstream from $40.00 to $42.00 and gave the stock an “equal weight” rating in a research note on Tuesday, February 4th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $42.00.

Insider Buying and Selling

In related news, major shareholder Blackrock Portfolio Management sold 11,000,000 shares of the company’s stock in a transaction dated Wednesday, February 12th. The shares were sold at an average price of $39.11, for a total value of $430,210,000.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.

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.