Hess Midstream LP (NYSE:HESM) Shares Acquired by Advisors Asset Management Inc.

Advisors Asset Management Inc. boosted its stake in Hess Midstream LP (NYSE:HESM) by 19.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 67,939 shares of the company’s stock after purchasing an additional 11,061 shares during the period. Advisors Asset Management Inc.’s holdings in Hess Midstream were worth $2,396,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Clear Point Advisors Inc. purchased a new stake in shares of Hess Midstream during the 1st quarter valued at about $49,000. Tompkins Financial Corp purchased a new stake in shares of Hess Midstream during the third quarter valued at approximately $71,000. KBC Group NV lifted its position in shares of Hess Midstream by 83.9% during 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 in the last quarter. Comerica Bank boosted its stake in shares of Hess Midstream by 7.4% in the first quarter. Comerica Bank now owns 5,553 shares of the company’s stock valued at $201,000 after purchasing an additional 385 shares during the period. Finally, Seelaus Asset Management LLC grew its holdings in Hess Midstream by 5.5% during the 3rd quarter. Seelaus Asset Management LLC now owns 5,800 shares of the company’s stock valued at $205,000 after purchasing an additional 300 shares in the last quarter. 92.41% of the stock is owned by hedge funds and other institutional investors.

Hess Midstream Price Performance

Shares of NYSE HESM opened at $36.78 on Friday. The business has a 50 day moving average price of $35.62 and a two-hundred day moving average price of $36.03. Hess Midstream LP has a fifty-two week low of $30.08 and a fifty-two week high of $39.11. The firm has a market cap of $8.02 billion, a PE ratio of 15.58 and a beta of 1.51. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 7.85.

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

Hess Midstream Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Thursday, November 7th were paid a $0.6846 dividend. This represents a $2.74 dividend on an annualized basis and a dividend yield of 7.45%. The ex-dividend date was Thursday, November 7th. This is a positive change from Hess Midstream’s previous quarterly dividend of $0.67. Hess Midstream’s dividend payout ratio is 116.10%.

Insider Transactions at Hess Midstream

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

Analysts Set New Price Targets

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

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.