Vestcor Inc Buys New Shares in Hess Midstream LP (NYSE:HESM)

Vestcor Inc purchased a new position in Hess Midstream LP (NYSE:HESM) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 9,283 shares of the company’s stock, valued at approximately $344,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of HESM. Steward Partners Investment Advisory LLC increased its holdings in Hess Midstream by 77.2% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 1,329 shares of the company’s stock worth $49,000 after acquiring an additional 579 shares in the last quarter. US Bancorp DE raised its position in shares of Hess Midstream by 34.0% during the 4th quarter. US Bancorp DE now owns 2,010 shares of the company’s stock valued at $74,000 after purchasing an additional 510 shares during the period. KBC Group NV lifted its stake in shares of Hess Midstream by 83.9% during the 3rd quarter. KBC Group NV now owns 2,803 shares of the company’s stock valued at $99,000 after buying an additional 1,279 shares in the last quarter. Millburn Ridgefield Corp bought a new position in Hess Midstream in the 3rd quarter worth $100,000. Finally, IFP Advisors Inc increased its stake in Hess Midstream by 33.3% in the 4th quarter. IFP Advisors Inc now owns 2,934 shares of the company’s stock worth $109,000 after buying an additional 733 shares in the last quarter. Hedge funds and other institutional investors own 98.97% of the company’s stock.

Hess Midstream Stock Up 2.6 %

NYSE HESM opened at $43.19 on Tuesday. The stock has a 50 day moving average price of $40.47 and a 200-day moving average price of $37.64. Hess Midstream LP has a one year low of $32.75 and a one year high of $43.42. The company has a market capitalization of $9.42 billion, a P/E ratio of 17.35 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 issued its quarterly earnings data on Wednesday, January 29th. The company reported $0.68 EPS for the quarter, topping analysts’ consensus estimates of $0.65 by $0.03. Hess Midstream had a net margin of 14.92% and a return on equity of 54.59%. As a group, equities analysts predict that Hess Midstream LP will post 2.5 EPS for the current fiscal year.

Hess Midstream Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Thursday, February 6th were paid a $0.7012 dividend. This represents a $2.80 annualized dividend and a dividend yield of 6.49%. This is a positive change from Hess Midstream’s previous quarterly dividend of $0.68. The ex-dividend date was Thursday, February 6th. Hess Midstream’s dividend payout ratio (DPR) is presently 112.45%.

Analysts Set New Price Targets

Several brokerages have recently commented on HESM. Raymond James boosted their price objective on Hess Midstream from $42.00 to $45.00 and gave the company an “outperform” rating in a research report on Tuesday, January 28th. Wells Fargo & Company increased their price objective on shares of Hess Midstream from $40.00 to $42.00 and gave the company an “equal weight” rating in a report on Tuesday, February 4th. Finally, Citigroup upped their target price on shares of Hess Midstream from $41.00 to $44.00 and gave the stock a “buy” rating in a research report on Tuesday, February 18th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $42.00.

Insider Transactions at Hess Midstream

In related news, major shareholder Blackrock Portfolio Management sold 11,000,000 shares of Hess Midstream stock in a transaction dated Wednesday, February 12th. The shares were sold at an average price of $39.11, for a total transaction of $430,210,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

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.