Exchange Traded Concepts LLC Increases Stock Holdings in Hess Midstream LP (NYSE:HESM)

Exchange Traded Concepts LLC raised its stake in shares of Hess Midstream LP (NYSE:HESM) by 15.0% during the third quarter, Holdings Channel reports. The firm owned 122,185 shares of the company’s stock after buying an additional 15,951 shares during the quarter. Exchange Traded Concepts LLC’s holdings in Hess Midstream were worth $4,309,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in HESM. Allspring Global Investments Holdings LLC purchased a new position in shares of Hess Midstream during the first quarter valued at about $30,000. Clear Point Advisors Inc. bought a new position in shares of Hess Midstream in the 1st quarter worth approximately $49,000. Geneos Wealth Management Inc. lifted its stake in shares of Hess Midstream by 31.3% in the 1st quarter. Geneos Wealth Management Inc. now owns 2,100 shares of the company’s stock valued at $76,000 after purchasing an additional 500 shares during the period. Comerica Bank boosted its position in shares of Hess Midstream by 7.4% during the first quarter. Comerica Bank now owns 5,553 shares of the company’s stock valued at $201,000 after purchasing an additional 385 shares in the last quarter. Finally, South Street Advisors LLC purchased a new stake in Hess Midstream in the second quarter worth $211,000. 92.41% of the stock is currently owned by institutional investors.

Insider Activity at Hess Midstream

In related news, Director Infrastructure Investor Global sold 12,650,000 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $35.12, for a total value of $444,268,000.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

Hess Midstream Trading Up 1.3 %

Hess Midstream stock opened at $36.16 on Monday. Hess Midstream LP has a 12 month low of $29.20 and a 12 month high of $39.11. The company has a market capitalization of $8.08 billion, a price-to-earnings ratio of 16.36 and a beta of 1.51. The business’s fifty day simple moving average is $36.11 and its two-hundred day simple moving average is $36.00. 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 (NYSE:HESM) last announced its quarterly earnings results on Wednesday, July 31st. The company reported $0.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.54 by $0.05. The company had revenue of $365.50 million for the quarter, compared to analysts’ expectations of $365.16 million. Hess Midstream had a net margin of 11.59% and a return on equity of 41.91%. Hess Midstream’s revenue was up 12.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.50 EPS. As a group, equities analysts predict that Hess Midstream LP will post 2.36 earnings per share for the current fiscal year.

Hess Midstream Increases Dividend

The company also recently declared 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 boost from Hess Midstream’s previous quarterly dividend of $0.65. The ex-dividend date was Thursday, August 8th. This represents a $2.67 dividend on an annualized basis and a dividend yield of 7.39%. Hess Midstream’s dividend payout ratio is presently 120.81%.

Analyst Ratings Changes

Several equities analysts have commented on the company. JPMorgan Chase & Co. raised their price objective on Hess Midstream from $38.00 to $39.00 and gave the company a “neutral” rating in a research report on Wednesday, August 21st. UBS Group boosted their price objective on shares of Hess Midstream from $38.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, July 3rd.

Hess Midstream 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.