Hess Midstream (NYSE:HESM) Reaches New 52-Week High – What’s Next?

Hess Midstream LP (NYSE:HESM) reached a new 52-week high during trading on Thursday . The company traded as high as $44.05 and last traded at $43.87, with a volume of 1352882 shares trading hands. The stock had previously closed at $43.21.

Analysts Set New Price Targets

HESM has been the topic of several research analyst reports. Raymond James raised their target price on shares of Hess Midstream from $42.00 to $45.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 28th. Citigroup lifted their price target on shares of Hess Midstream from $41.00 to $44.00 and gave the company a “buy” rating in a report on Tuesday, February 18th. Finally, Wells Fargo & Company boosted their price objective on shares of Hess Midstream from $40.00 to $42.00 and gave the company an “equal weight” rating in a research note on Tuesday, February 4th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, Hess Midstream currently has an average rating of “Moderate Buy” and an average price target of $42.00.

Hess Midstream Price Performance

The stock has a market cap of $9.31 billion, a PE ratio of 17.15 and a beta of 1.48. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 7.85. The company’s fifty day moving average is $40.88 and its 200 day moving average is $37.81.

Hess Midstream (NYSE:HESM) last issued its earnings results on Wednesday, January 29th. The company reported $0.68 EPS for the quarter, beating analysts’ consensus estimates of $0.65 by $0.03. Hess Midstream had a net margin of 14.92% and a return on equity of 54.59%. As a group, sell-side analysts anticipate that Hess Midstream LP will post 2.5 earnings per share for the current fiscal year.

Hess Midstream Increases Dividend

The business also recently announced 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 an increase from Hess Midstream’s previous quarterly dividend of $0.68. The ex-dividend date of this dividend was Thursday, February 6th. This represents a $2.80 annualized dividend and a dividend yield of 6.57%. Hess Midstream’s dividend payout ratio is presently 112.45%.

Insider Activity

In related news, major shareholder Blackrock Portfolio Management sold 11,000,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 12th. The stock was sold at an average price of $39.11, for a total value of $430,210,000.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website.

Hedge Funds Weigh In On Hess Midstream

Several large investors have recently bought and sold shares of the stock. KBC Group NV grew its stake in shares of Hess Midstream by 83.9% in the 3rd 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. Thrivent Financial for Lutherans lifted its position in Hess Midstream by 147.6% in the 3rd quarter. Thrivent Financial for Lutherans now owns 200,062 shares of the company’s stock worth $7,056,000 after buying an additional 119,277 shares in the last quarter. Swiss National Bank boosted its position in Hess Midstream by 13.1% during the third quarter. Swiss National Bank now owns 200,000 shares of the company’s stock valued at $7,054,000 after purchasing an additional 23,100 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position in Hess Midstream by 51.0% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 379,071 shares of the company’s stock valued at $13,370,000 after acquiring an additional 128,009 shares in the last quarter. Finally, Advisors Asset Management Inc. lifted its stake in shares of Hess Midstream by 19.4% in the 3rd quarter. Advisors Asset Management Inc. now owns 67,939 shares of the company’s stock valued at $2,396,000 after purchasing an additional 11,061 shares during the last quarter. Institutional investors and hedge funds own 98.97% of the company’s stock.

About Hess Midstream

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.