Blackstone Inc. Trims Holdings in Hess Midstream LP (NYSE:HESM)

Blackstone Inc. lowered its stake in Hess Midstream LP (NYSE:HESM - Free Report) by 34.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,869,146 shares of the company's stock after selling 993,644 shares during the period. Blackstone Inc. owned 0.86% of Hess Midstream worth $69,214,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Nordea Investment Management AB lifted its position in Hess Midstream by 98.0% during the 4th quarter. Nordea Investment Management AB now owns 271,051 shares of the company's stock worth $10,118,000 after acquiring an additional 134,171 shares during the period. A. D. Beadell Investment Counsel Inc. raised its stake in shares of Hess Midstream by 23.7% in the fourth quarter. A. D. Beadell Investment Counsel Inc. now owns 29,460 shares of the company's stock worth $1,090,000 after purchasing an additional 5,650 shares during the last quarter. Artemis Investment Management LLP lifted its holdings in shares of Hess Midstream by 11.9% during the fourth quarter. Artemis Investment Management LLP now owns 851,203 shares of the company's stock worth $31,520,000 after purchasing an additional 90,521 shares during the period. Stokes Capital Advisors LLC boosted its position in Hess Midstream by 1.2% in the fourth quarter. Stokes Capital Advisors LLC now owns 148,762 shares of the company's stock valued at $5,509,000 after buying an additional 1,725 shares during the last quarter. Finally, Janney Montgomery Scott LLC raised its position in Hess Midstream by 7.9% during the 4th quarter. Janney Montgomery Scott LLC now owns 13,970 shares of the company's stock worth $517,000 after buying an additional 1,024 shares during the last quarter. 98.97% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

HESM has been the topic of a number of research reports. JPMorgan Chase & Co. increased their price objective on shares of Hess Midstream from $39.00 to $44.00 and gave the stock a "neutral" rating in a research note on Thursday, March 27th. Raymond James upped their target price on Hess Midstream from $42.00 to $45.00 and gave the stock an "outperform" rating in a research note on Tuesday, January 28th. Citigroup lifted their price target on Hess Midstream from $41.00 to $44.00 and gave the company a "buy" rating in a research report on Tuesday, February 18th. Finally, Wells Fargo & Company cut their target price on shares of Hess Midstream from $42.00 to $41.00 and set an "equal weight" rating for the company in a report on Thursday, May 1st. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $42.80.

Insider Transactions at Hess Midstream

In other news, major shareholder Blackrock Portfolio Management sold 11,000,000 shares of the business's 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 sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Hess Midstream Price Performance

HESM stock traded up $0.28 during mid-day trading on Wednesday, reaching $37.52. 1,020,266 shares of the company's stock were exchanged, compared to its average volume of 993,637. The company has a debt-to-equity ratio of 7.85, a current ratio of 0.70 and a quick ratio of 0.70. Hess Midstream LP has a 12-month low of $33.59 and a 12-month high of $44.05. The stock's 50 day moving average is $39.37 and its 200 day moving average is $38.40. The company has a market cap of $8.18 billion, a price-to-earnings ratio of 15.07 and a beta of 0.67.

Hess Midstream (NYSE:HESM - Get Free Report) last announced its earnings results on Wednesday, April 30th. The company reported $0.65 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.63 by $0.02. Hess Midstream had a return on equity of 54.59% and a net margin of 14.92%. The firm had revenue of $382.00 million for the quarter, compared to analyst estimates of $384.28 million. During the same quarter last year, the firm posted $0.60 EPS. The business's revenue was up 7.4% on a year-over-year basis. On average, 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 paid a dividend of $0.7098 per share. This represents a $2.84 annualized dividend and a yield of 7.57%. The ex-dividend date of this dividend is Thursday, May 8th. This is a boost from Hess Midstream's previous quarterly dividend of $0.70. Hess Midstream's payout ratio is 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.