Hess Midstream (NYSE:HESM) Reaches New 52-Week High Following Earnings Beat

Hess Midstream LP (NYSE:HESM)’s stock price reached a new 52-week high on Wednesday following a better than expected earnings announcement. The company traded as high as $41.73 and last traded at $40.57, with a volume of 125015 shares. The stock had previously closed at $40.87.

The company reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.03. Hess Midstream had a return on equity of 47.87% and a net margin of 13.06%.

Hess Midstream Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Thursday, February 6th will be given a dividend of $0.7012 per share. The ex-dividend date is Thursday, February 6th. This represents a $2.80 dividend on an annualized basis and a yield of 6.79%. This is a boost from Hess Midstream’s previous quarterly dividend of $0.68. Hess Midstream’s dividend payout ratio is 116.10%.

Wall Street Analyst Weigh In

Separately, Raymond James lifted their price objective on shares of Hess Midstream from $42.00 to $45.00 and gave the company an “outperform” rating in a research note on Tuesday.

Insider Activity at Hess Midstream

In other news, 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 value of $279,840.36. Following the completion of the transaction, the chief financial officer now directly owns 59,945 shares in the company, valued at approximately $2,117,257.40. The trade was a 11.67 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Institutional Investors Weigh In On Hess Midstream

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Kayne Anderson Capital Advisors LP lifted its holdings in Hess Midstream by 7.9% in the 3rd quarter. Kayne Anderson Capital Advisors LP now owns 2,640,514 shares of the company’s stock worth $93,131,000 after buying an additional 194,154 shares during the period. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT boosted its holdings in Hess Midstream by 3.8% in the third quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,323,803 shares of the company’s stock valued at $46,691,000 after acquiring an additional 49,003 shares in the last quarter. Yaupon Capital Management LP purchased a new position in Hess Midstream during the 3rd quarter valued at $44,088,000. Artemis Investment Management LLP raised its holdings in Hess Midstream by 11.9% in the 4th quarter. Artemis Investment Management LLP now owns 851,203 shares of the company’s stock worth $31,520,000 after purchasing an additional 90,521 shares in the last quarter. Finally, Infrastructure Capital Advisors LLC lifted its position in shares of Hess Midstream by 24.6% in the 3rd quarter. Infrastructure Capital Advisors LLC now owns 614,771 shares of the company’s stock worth $21,683,000 after purchasing an additional 121,342 shares during the period. 98.97% of the stock is owned by hedge funds and other institutional investors.

Hess Midstream Price Performance

The business’s 50 day moving average price is $37.81 and its two-hundred day moving average price is $36.73. The stock has a market cap of $9.01 billion, a P/E ratio of 17.44 and a beta of 1.52. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 7.85.

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.