Hess Midstream LP (NYSE:HESM) Short Interest Up 44.9% in March

Hess Midstream LP (NYSE:HESM) saw a significant growth in short interest during the month of March. As of March 15th, there was short interest totalling 6,260,000 shares, a growth of 44.9% from the February 28th total of 4,320,000 shares. Based on an average trading volume of 1,290,000 shares, the days-to-cover ratio is presently 4.9 days. Currently, 2.9% of the company’s shares are short sold.

Hess Midstream Stock Performance

Shares of NYSE HESM traded up $0.18 during midday trading on Tuesday, reaching $42.47. The company’s stock had a trading volume of 992,702 shares, compared to its average volume of 971,952. The stock has a market capitalization of $9.26 billion, a P/E ratio of 17.05 and a beta of 1.48. 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 price of $41.21 and a 200-day moving average price of $38.15. Hess Midstream has a 12-month low of $32.75 and a 12-month high of $44.05.

Hess Midstream (NYSE:HESM) last issued its quarterly earnings results on Wednesday, January 29th. The company reported $0.68 earnings per share (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%. As a group, equities analysts predict that Hess Midstream will post 2.5 earnings per share for the current year.

Hess Midstream Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Thursday, February 6th were issued a $0.7012 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 6.60%. 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. Hess Midstream’s dividend payout ratio is presently 112.45%.

Wall Street Analysts Forecast Growth

HESM has been the subject of a number of research reports. JPMorgan Chase & Co. raised their price target on shares of Hess Midstream from $39.00 to $44.00 and gave the stock a “neutral” rating in a report on Thursday, March 27th. Wells Fargo & Company boosted their price target 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. Citigroup upped their target price on shares of Hess Midstream from $41.00 to $44.00 and gave the stock a “buy” rating in a report on Tuesday, February 18th. Finally, Raymond James raised their target price on Hess Midstream from $42.00 to $45.00 and gave the company an “outperform” rating in a report on Tuesday, January 28th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, Hess Midstream presently has an average rating of “Moderate Buy” and an average target price of $43.00.

Insider Transactions at Hess Midstream

In other news, major shareholder Blackrock Portfolio Management sold 11,000,000 shares of Hess Midstream stock in a transaction dated Wednesday, February 12th. The stock was sold at an average price of $39.11, for a total value of $430,210,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Institutional Trading of Hess Midstream

A number of hedge funds and other institutional investors have recently bought and sold shares of HESM. Nordea Investment Management AB raised its position in shares of Hess Midstream by 98.0% in the fourth quarter. Nordea Investment Management AB now owns 271,051 shares of the company’s stock worth $10,118,000 after buying an additional 134,171 shares in the last quarter. Stifel Financial Corp lifted its position in Hess Midstream by 37.7% in the 3rd quarter. Stifel Financial Corp now owns 11,490 shares of the company’s stock worth $405,000 after buying an additional 3,148 shares during the last quarter. Van ECK Associates Corp lifted its stake in Hess Midstream by 75.1% in the fourth quarter. Van ECK Associates Corp now owns 23,729 shares of the company’s stock worth $879,000 after purchasing an additional 10,175 shares during the last quarter. Artemis Investment Management LLP boosted its holdings in Hess Midstream by 11.9% during the 4th quarter. Artemis Investment Management LLP now owns 851,203 shares of the company’s stock valued at $31,520,000 after acquiring an additional 90,521 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Hess Midstream by 9.4% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 201,106 shares of the company’s stock worth $7,093,000 after purchasing an additional 17,261 shares during the period. Institutional investors own 98.97% of the company’s stock.

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.