Entropy Technologies LP Grows Stock Position in Hess Midstream LP (NYSE:HESM)

Entropy Technologies LP lifted its holdings in shares of Hess Midstream LP (NYSE:HESM) by 33.2% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 28,691 shares of the company’s stock after acquiring an additional 7,150 shares during the period. Entropy Technologies LP’s holdings in Hess Midstream were worth $1,012,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the stock. Allspring Global Investments Holdings LLC acquired a new stake in Hess Midstream in the 1st quarter worth approximately $30,000. Clear Point Advisors Inc. acquired a new stake in shares of Hess Midstream during the first quarter worth $49,000. Tompkins Financial Corp purchased a new stake in shares of Hess Midstream during the third quarter valued at $71,000. Comerica Bank increased its position in shares of Hess Midstream by 7.4% in the 1st quarter. Comerica Bank now owns 5,553 shares of the company’s stock valued at $201,000 after acquiring an additional 385 shares during the period. Finally, South Street Advisors LLC purchased a new position in Hess Midstream in the 2nd quarter worth $211,000. Institutional investors and hedge funds own 92.41% of the company’s stock.

Analysts Set New Price Targets

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

Insider Transactions at Hess Midstream

In related news, Director Infrastructure Investor Global sold 12,650,000 shares of Hess Midstream stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $35.12, for a total transaction of $444,268,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CFO Jonathan C. Stein sold 7,923 shares of the firm’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $35.32, for a total transaction of $279,840.36. Following the sale, the chief financial officer now directly owns 59,945 shares in the company, valued at $2,117,257.40. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Infrastructure Investor Global sold 12,650,000 shares of the company’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $35.12, for a total value of $444,268,000.00. The disclosure for this sale can be found here.

Hess Midstream Stock Performance

Shares of NYSE HESM opened at $34.19 on Thursday. The company has a 50 day simple moving average of $35.61 and a two-hundred day simple moving average of $35.95. The stock has a market cap of $7.55 billion, a price-to-earnings ratio of 14.49 and a beta of 1.51. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 7.85. Hess Midstream LP has a 12 month low of $29.90 and a 12 month high of $39.11.

Hess Midstream (NYSE:HESM) last issued its earnings results on Wednesday, October 30th. The company reported $0.63 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $378.50 million during the quarter, compared to analysts’ expectations of $376.98 million. During the same quarter last year, the company posted $0.57 earnings per share. The firm’s revenue was up 4.2% compared to the same quarter last year. As a group, analysts predict that Hess Midstream LP will post 2.45 earnings per share for the current year.

Hess Midstream Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Thursday, November 7th will be issued a $0.6846 dividend. This represents a $2.74 annualized dividend and a dividend yield of 8.01%. The ex-dividend date is Thursday, November 7th. This is a boost from Hess Midstream’s previous quarterly dividend of $0.67. Hess Midstream’s payout ratio is 115.68%.

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.