Hess Midstream LP (NYSE:HESM) Position Trimmed by Longfellow Investment Management Co. LLC

Longfellow Investment Management Co. LLC decreased its stake in shares of Hess Midstream LP (NYSE:HESM) by 10.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 345,764 shares of the company’s stock after selling 41,100 shares during the quarter. Hess Midstream comprises 3.2% of Longfellow Investment Management Co. LLC’s holdings, making the stock its 6th biggest position. Longfellow Investment Management Co. LLC owned approximately 0.15% of Hess Midstream worth $12,600,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. TD Asset Management Inc lifted its stake in Hess Midstream by 190.8% during the 4th quarter. TD Asset Management Inc now owns 2,335,957 shares of the company’s stock valued at $73,886,000 after acquiring an additional 1,532,700 shares during the period. Tortoise Capital Advisors L.L.C. boosted its holdings in Hess Midstream by 12.4% in the second quarter. Tortoise Capital Advisors L.L.C. now owns 7,428,262 shares of the company’s stock valued at $270,686,000 after purchasing an additional 822,311 shares during the last quarter. Epoch Investment Partners Inc. raised its stake in shares of Hess Midstream by 82.8% during the 4th quarter. Epoch Investment Partners Inc. now owns 1,792,886 shares of the company’s stock valued at $56,709,000 after buying an additional 811,976 shares during the last quarter. BROOKFIELD Corp ON lifted its holdings in shares of Hess Midstream by 434.8% in the 1st quarter. BROOKFIELD Corp ON now owns 843,577 shares of the company’s stock valued at $30,478,000 after buying an additional 685,847 shares during the period. Finally, Kayne Anderson Capital Advisors LP boosted its stake in shares of Hess Midstream by 55.8% in the first quarter. Kayne Anderson Capital Advisors LP now owns 1,305,561 shares of the company’s stock worth $47,170,000 after buying an additional 467,601 shares during the last quarter. 92.41% of the stock is currently owned by institutional investors and hedge funds.

Hess Midstream Price Performance

HESM traded down $0.42 during midday trading on Monday, hitting $35.47. 20,001 shares of the company traded hands, compared to its average volume of 898,668. The company has a market capitalization of $7.83 billion, a price-to-earnings ratio of 16.24 and a beta of 1.52. The business has a 50 day simple moving average of $36.94 and a two-hundred day simple moving average of $35.85. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 8.55. Hess Midstream LP has a 52-week low of $27.57 and a 52-week high of $39.11.

Hess Midstream (NYSE:HESM) last posted its quarterly earnings data on Wednesday, July 31st. The company reported $0.59 EPS for the quarter, topping the consensus estimate of $0.54 by $0.05. The company had revenue of $365.50 million during the quarter, compared to analyst estimates of $365.16 million. Hess Midstream had a return on equity of 41.91% and a net margin of 11.59%. Hess Midstream’s quarterly revenue was up 12.8% on a year-over-year basis. During the same period in the previous year, the business earned $0.50 EPS. On average, equities analysts forecast that Hess Midstream LP will post 2.09 earnings per share for the current fiscal year.

Hess Midstream Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Thursday, August 8th were issued a dividend of $0.6677 per share. This is a positive change from Hess Midstream’s previous quarterly dividend of $0.65. The ex-dividend date of this dividend was Thursday, August 8th. This represents a $2.67 dividend on an annualized basis and a dividend yield of 7.53%. Hess Midstream’s dividend payout ratio is presently 120.81%.

Wall Street Analysts Forecast Growth

HESM has been the subject of a number of analyst reports. UBS Group boosted their price target on Hess Midstream from $38.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, July 3rd. JPMorgan Chase & Co. increased their price target 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. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $37.20.

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.