Quest Partners LLC Grows Position in Hess Midstream LP (NYSE:HESM)

Quest Partners LLC increased its holdings in Hess Midstream LP (NYSE:HESM) by 16.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 65,537 shares of the company’s stock after acquiring an additional 9,028 shares during the quarter. Quest Partners LLC’s holdings in Hess Midstream were worth $2,311,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Swiss National Bank lifted its stake in Hess Midstream by 14.8% in the first quarter. Swiss National Bank now owns 154,600 shares of the company’s stock worth $5,586,000 after acquiring an additional 19,900 shares during the period. SG Americas Securities LLC purchased a new stake in Hess Midstream in the second quarter worth about $6,410,000. Vanguard Group Inc. lifted its stake in Hess Midstream by 13.6% in the first quarter. Vanguard Group Inc. now owns 456,607 shares of the company’s stock worth $16,497,000 after acquiring an additional 54,769 shares during the period. Westwood Holdings Group Inc. lifted its stake in Hess Midstream by 26.0% in the first quarter. Westwood Holdings Group Inc. now owns 853,682 shares of the company’s stock worth $30,844,000 after acquiring an additional 176,119 shares during the period. Finally, MGO One Seven LLC lifted its stake in Hess Midstream by 20.3% in the second quarter. MGO One Seven LLC now owns 174,476 shares of the company’s stock worth $6,358,000 after acquiring an additional 29,434 shares during the period. 92.41% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Infrastructure Investor Global sold 12,650,000 shares of the stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $35.12, for a total value of $444,268,000.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Jonathan C. Stein sold 7,923 shares of the stock in a transaction that occurred 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 owns 59,945 shares in the company, valued at approximately $2,117,257.40. This trade represents a 11.67 % decrease in their position. The disclosure for this sale can be found here.

Hess Midstream Stock Performance

HESM stock opened at $35.34 on Monday. The firm has a market cap of $7.80 billion, a price-to-earnings ratio of 14.97 and a beta of 1.51. The firm has a 50-day simple moving average of $35.58 and a two-hundred day simple moving average of $35.98. Hess Midstream LP has a one year low of $30.08 and a one year high of $39.11. 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 released its quarterly earnings results on Wednesday, October 30th. The company reported $0.63 EPS for the quarter, beating the consensus estimate of $0.58 by $0.05. Hess Midstream had a net margin of 13.06% and a return on equity of 47.87%. The business had revenue of $378.50 million during the quarter, compared to analyst estimates of $376.98 million. During the same period in the prior year, the firm posted $0.57 earnings per share. The company’s quarterly revenue was up 4.2% on a year-over-year basis. On average, equities analysts forecast that Hess Midstream LP will post 2.45 EPS for the current fiscal year.

Hess Midstream Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Thursday, November 7th were issued a dividend of $0.6846 per share. The ex-dividend date of this dividend was Thursday, November 7th. This represents a $2.74 annualized dividend and a dividend yield of 7.75%. This is an increase from Hess Midstream’s previous quarterly dividend of $0.67. Hess Midstream’s dividend payout ratio is 115.68%.

Analysts Set New Price Targets

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

Hess Midstream Company Profile

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.