TD Asset Management Inc. Reduces Stake in Hess Midstream LP (NYSE:HESM)

TD Asset Management Inc. lessened its stake in shares of Hess Midstream LP (NYSE:HESM) by 7.0% during the 4th quarter, Holdings Channel reports. The fund owned 3,329,405 shares of the company’s stock after selling 252,478 shares during the quarter. TD Asset Management Inc.’s holdings in Hess Midstream were worth $123,288,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. apricus wealth LLC lifted its holdings in Hess Midstream by 1.4% in the fourth quarter. apricus wealth LLC now owns 18,500 shares of the company’s stock valued at $685,000 after acquiring an additional 250 shares during the last quarter. Teamwork Financial Advisors LLC lifted its stake in shares of Hess Midstream by 2.2% in the 4th quarter. Teamwork Financial Advisors LLC now owns 13,035 shares of the company’s stock valued at $483,000 after purchasing an additional 286 shares during the last quarter. Oppenheimer Asset Management Inc. grew its holdings in shares of Hess Midstream by 2.6% during the 4th quarter. Oppenheimer Asset Management Inc. now owns 11,857 shares of the company’s stock worth $439,000 after purchasing an additional 298 shares during the period. Icon Wealth Advisors LLC increased its position in shares of Hess Midstream by 11.1% during the 3rd quarter. Icon Wealth Advisors LLC now owns 3,288 shares of the company’s stock worth $116,000 after purchasing an additional 329 shares during the last quarter. Finally, Hardy Reed LLC raised its holdings in Hess Midstream by 5.3% in the 4th quarter. Hardy Reed LLC now owns 8,990 shares of the company’s stock valued at $333,000 after buying an additional 450 shares during the period. Institutional investors and hedge funds own 98.97% of the company’s stock.

Hess Midstream Trading Down 0.4 %

Shares of HESM stock opened at $42.82 on Wednesday. Hess Midstream LP has a fifty-two week low of $32.75 and a fifty-two week high of $44.05. The company has a 50 day moving average price of $41.02 and a 200 day moving average price of $37.92. The stock has a market capitalization of $9.34 billion, a P/E ratio of 17.20 and a beta of 1.48. The company has a debt-to-equity ratio of 7.85, a quick ratio of 0.70 and a current ratio of 0.70.

Hess Midstream (NYSE:HESM) last posted its quarterly earnings results 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%. Equities research analysts predict 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. Shareholders of record on Thursday, February 6th were given a $0.7012 dividend. The ex-dividend date was Thursday, February 6th. This represents a $2.80 dividend on an annualized basis and a yield of 6.55%. This is a positive change from Hess Midstream’s previous quarterly dividend of $0.68. Hess Midstream’s dividend payout ratio (DPR) is currently 112.45%.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on HESM shares. Wells Fargo & Company lifted 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 report on Tuesday, February 4th. Raymond James lifted their target price on shares of Hess Midstream from $42.00 to $45.00 and gave the company an “outperform” rating in a report on Tuesday, January 28th. Finally, Citigroup upped their price target on Hess Midstream from $41.00 to $44.00 and gave the stock a “buy” rating in a research note on Tuesday, February 18th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $42.00.

Insider Activity

In other Hess Midstream news, major shareholder Blackrock Portfolio Management sold 11,000,000 shares of the stock in a transaction that occurred on 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 filing with the SEC, which is available through this link.

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.