Chickasaw Capital Management LLC Increases Position in Hess Midstream LP (NYSE:HESM)

Chickasaw Capital Management LLC grew its position in shares of Hess Midstream LP (NYSE:HESM - Free Report) by 866.7% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 87,000 shares of the company's stock after buying an additional 78,000 shares during the quarter. Chickasaw Capital Management LLC's holdings in Hess Midstream were worth $3,679,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of the company. NBC Securities Inc. lifted its position in shares of Hess Midstream by 107,126.9% during the 1st quarter. NBC Securities Inc. now owns 27,879 shares of the company's stock worth $1,179,000 after buying an additional 27,853 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of Hess Midstream by 4,809.7% during the 1st quarter. GAMMA Investing LLC now owns 11,587 shares of the company's stock worth $4,900,000 after buying an additional 11,351 shares in the last quarter. California State Teachers Retirement System lifted its position in shares of Hess Midstream by 12.3% during the 4th quarter. California State Teachers Retirement System now owns 89,624 shares of the company's stock worth $3,319,000 after buying an additional 9,808 shares in the last quarter. Investment Management Corp VA ADV purchased a new stake in shares of Hess Midstream during the 4th quarter worth approximately $315,000. Finally, Zimmer Partners LP purchased a new stake in shares of Hess Midstream during the 4th quarter worth approximately $23,415,000. Institutional investors own 98.97% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on HESM shares. Wells Fargo & Company decreased their price target on shares of Hess Midstream from $42.00 to $41.00 and set an "equal weight" rating for the company in a research note on Thursday, May 1st. Citigroup raised their price target on shares of Hess Midstream from $41.00 to $44.00 and gave the stock a "buy" rating in a research note on Tuesday, February 18th. Finally, JPMorgan Chase & Co. raised their price target 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. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $42.80.

Hess Midstream Stock Performance

HESM traded up $0.60 on Friday, hitting $38.97. The company's stock had a trading volume of 711,820 shares, compared to its average volume of 1,007,464. Hess Midstream LP has a 12 month low of $33.59 and a 12 month high of $44.05. The firm has a market cap of $8.50 billion, a P/E ratio of 15.65 and a beta of 0.67. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 7.85. The company's 50 day simple moving average is $37.72 and its 200-day simple moving average is $38.84.

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

Hess Midstream Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 14th. Investors of record on Thursday, May 8th were paid a $0.7098 dividend. This represents a $2.84 dividend on an annualized basis and a yield of 7.29%. This is a positive change from Hess Midstream's previous quarterly dividend of $0.70. The ex-dividend date was Thursday, May 8th. Hess Midstream's payout ratio is currently 110.98%.

Insider Activity at Hess Midstream

In other news, major shareholder Blackrock Portfolio Management sold 15,022,517 shares of the business's stock in a transaction on Friday, May 30th. The shares were sold at an average price of $36.86, for a total transaction of $553,729,976.62. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

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.