Corigliano Investment Advisers LLC Makes New $9.54 Million Investment in Hess Midstream LP (NYSE:HESM)

Corigliano Investment Advisers LLC purchased a new stake in shares of Hess Midstream LP (NYSE:HESM - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 257,503 shares of the company's stock, valued at approximately $9,535,000. Hess Midstream accounts for 4.6% of Corigliano Investment Advisers LLC's holdings, making the stock its 8th biggest position. Corigliano Investment Advisers LLC owned approximately 0.12% of Hess Midstream at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of HESM. Tortoise Capital Advisors L.L.C. lifted its holdings in Hess Midstream by 1.1% during the fourth quarter. Tortoise Capital Advisors L.L.C. now owns 7,581,106 shares of the company's stock valued at $280,728,000 after purchasing an additional 83,943 shares in the last quarter. Invesco Ltd. raised its position in shares of Hess Midstream by 4.9% during the 4th quarter. Invesco Ltd. now owns 4,091,011 shares of the company's stock worth $151,490,000 after purchasing an additional 191,175 shares during the last quarter. Epoch Investment Partners Inc. lifted its stake in Hess Midstream by 5.3% in the 4th quarter. Epoch Investment Partners Inc. now owns 3,309,547 shares of the company's stock valued at $122,553,000 after buying an additional 165,933 shares in the last quarter. Clearbridge Investments LLC boosted its holdings in Hess Midstream by 11.8% in the 4th quarter. Clearbridge Investments LLC now owns 1,751,875 shares of the company's stock worth $64,872,000 after buying an additional 184,290 shares during the last quarter. Finally, BROOKFIELD Corp ON increased its stake in Hess Midstream by 14.9% during the 4th quarter. BROOKFIELD Corp ON now owns 1,270,612 shares of the company's stock worth $47,051,000 after buying an additional 165,067 shares in the last quarter. Institutional investors and hedge funds own 98.97% of the company's stock.

Insider Buying and Selling at Hess Midstream

In related news, major shareholder Blackrock Portfolio Management sold 11,000,000 shares of the stock in a transaction that occurred on 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 is available at this hyperlink.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on HESM shares. Raymond James raised their target price 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 lowered their target price on shares of Hess Midstream from $42.00 to $41.00 and set an "equal weight" rating on the stock in a research note on Thursday, May 1st. JPMorgan Chase & Co. increased their target price on shares of Hess Midstream from $39.00 to $44.00 and gave the company a "neutral" rating in a research report on Thursday, March 27th. Finally, Citigroup boosted their price target 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, Hess Midstream presently has a consensus rating of "Moderate Buy" and a consensus target price of $42.80.

Hess Midstream Trading Down 0.2 %

Shares of NYSE HESM traded down $0.06 during trading on Friday, hitting $37.01. 635,558 shares of the company were exchanged, compared to its average volume of 989,590. 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 LP has a 12-month low of $33.59 and a 12-month high of $44.05. The company has a fifty day moving average price of $39.22 and a 200-day moving average price of $38.42. The firm has a market capitalization of $8.07 billion, a PE ratio of 14.86 and a beta of 0.67.

Hess Midstream (NYSE:HESM - Get Free Report) last posted its earnings results on Wednesday, April 30th. The company reported $0.65 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.02. The company had revenue of $382.00 million for the quarter, compared to analyst estimates of $384.28 million. Hess Midstream had a net margin of 14.92% and a return on equity of 54.59%. Hess Midstream's revenue was up 7.4% on a year-over-year basis. During the same period in the previous year, the business posted $0.60 EPS. As a group, equities research analysts expect that Hess Midstream LP will post 2.5 EPS for the current year.

Hess Midstream Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 14th. Shareholders of record on Thursday, May 8th will be given a $0.7098 dividend. The ex-dividend date of this dividend is Thursday, May 8th. This represents a $2.84 dividend on an annualized basis and a yield of 7.67%. This is an increase from Hess Midstream's previous quarterly dividend of $0.70. Hess Midstream's payout ratio is currently 110.98%.

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.