Krane Funds Advisors LLC Lowers Stake in Hess Midstream LP (NYSE:HESM)

Krane Funds Advisors LLC cut its position in Hess Midstream LP (NYSE:HESM) by 2.1% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 12,435 shares of the company’s stock after selling 272 shares during the period. Krane Funds Advisors LLC’s holdings in Hess Midstream were worth $460,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of HESM. Raymond James Financial Inc. acquired a new stake in shares of Hess Midstream in the fourth quarter valued at $12,976,000. Tokio Marine Asset Management Co. Ltd. acquired a new stake in Hess Midstream in the 4th quarter valued at about $8,786,000. CIBC Private Wealth Group LLC boosted its stake in shares of Hess Midstream by 54.4% in the 4th quarter. CIBC Private Wealth Group LLC now owns 631,123 shares of the company’s stock valued at $24,254,000 after buying an additional 222,358 shares during the period. Invesco Ltd. grew its position in shares of Hess Midstream by 4.9% during the fourth quarter. Invesco Ltd. now owns 4,091,011 shares of the company’s stock worth $151,490,000 after buying an additional 191,175 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Hess Midstream during the fourth quarter worth approximately $7,069,000. 98.97% of the stock is owned by institutional investors and hedge funds.

Hess Midstream Stock Performance

NYSE HESM opened at $37.22 on Monday. The business’s 50-day moving average price is $41.17 and its 200 day moving average price is $38.23. 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 firm has a market cap of $8.11 billion, a P/E ratio of 14.95 and a beta of 1.14. Hess Midstream LP has a 52-week low of $32.75 and a 52-week high of $44.05.

Hess Midstream (NYSE:HESM) last posted its quarterly earnings data on Wednesday, January 29th. The company reported $0.68 earnings per share 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%. On average, equities research analysts expect that Hess Midstream LP will post 2.5 earnings per share for the current year.

Hess Midstream Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Thursday, February 6th were issued a $0.7012 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 7.54%. The ex-dividend date was Thursday, February 6th. This is a positive change from Hess Midstream’s previous quarterly dividend of $0.68. Hess Midstream’s payout ratio is currently 112.45%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on HESM. Raymond James lifted their price target on shares of Hess Midstream from $42.00 to $45.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 28th. JPMorgan Chase & Co. boosted their target price on shares of Hess Midstream from $39.00 to $44.00 and gave the stock a “neutral” rating in a research note on Thursday, March 27th. Wells Fargo & Company raised their price target on Hess Midstream from $40.00 to $42.00 and gave the company an “equal weight” rating in a research note on Tuesday, February 4th. Finally, Citigroup lifted their price target on Hess Midstream from $41.00 to $44.00 and gave the stock a “buy” rating in a report on Tuesday, February 18th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Hess Midstream presently has an average rating of “Moderate Buy” and a consensus price target of $43.00.

Insiders Place Their Bets

In other Hess Midstream news, major shareholder Blackrock Portfolio Management sold 11,000,000 shares of the firm’s stock in a transaction 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

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.