Dividend Assets Capital LLC Buys 9,446 Shares of Hess Midstream LP (NYSE:HESM)

Dividend Assets Capital LLC increased its holdings in shares of Hess Midstream LP (NYSE:HESM - Free Report) by 37.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 34,569 shares of the company's stock after buying an additional 9,446 shares during the period. Dividend Assets Capital LLC's holdings in Hess Midstream were worth $1,462,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of HESM. Empowered Funds LLC lifted its stake in Hess Midstream by 12.4% in the fourth quarter. Empowered Funds LLC now owns 81,171 shares of the company's stock valued at $3,006,000 after buying an additional 8,972 shares during the period. Entropy Technologies LP increased its stake in shares of Hess Midstream by 3.9% in the 4th quarter. Entropy Technologies LP now owns 29,797 shares of the company's stock valued at $1,103,000 after acquiring an additional 1,106 shares during the last quarter. Stephens Inc. AR raised its position in shares of Hess Midstream by 11.8% in the 4th quarter. Stephens Inc. AR now owns 103,169 shares of the company's stock valued at $3,820,000 after acquiring an additional 10,888 shares during the period. Newbridge Financial Services Group Inc. bought a new position in Hess Midstream during the 4th quarter worth approximately $338,000. Finally, Naples Global Advisors LLC grew its holdings in Hess Midstream by 0.9% during the fourth quarter. Naples Global Advisors LLC now owns 64,175 shares of the company's stock valued at $2,376,000 after purchasing an additional 600 shares during the period. 98.97% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on HESM. Citigroup lifted 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. Wells Fargo & Company cut their price objective on shares of Hess Midstream from $42.00 to $41.00 and set an "equal weight" rating on the stock in a research report on Thursday, May 1st. Finally, JPMorgan Chase & Co. increased their target price on Hess Midstream from $39.00 to $44.00 and gave the stock a "neutral" rating in a report on Thursday, March 27th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $42.80.

Hess Midstream Stock Up 1.2%

Shares of NYSE HESM traded up $0.47 during midday trading on Wednesday, reaching $39.27. The company's stock had a trading volume of 903,764 shares, compared to its average volume of 1,007,401. The stock has a 50 day simple moving average of $37.63 and a 200-day simple moving average of $38.89. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 7.85. The stock has a market capitalization of $8.46 billion, a price-to-earnings ratio of 15.77 and a beta of 0.63. Hess Midstream LP has a fifty-two week low of $33.59 and a fifty-two week high of $44.05.

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

Hess Midstream Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, May 14th. Shareholders of record on Thursday, May 8th were given a dividend of $0.7098 per share. This is a positive change from Hess Midstream's previous quarterly dividend of $0.70. This represents a $2.84 annualized dividend and a yield of 7.23%. The ex-dividend date was Thursday, May 8th. Hess Midstream's dividend payout ratio is 110.98%.

Insider Activity

In other news, major shareholder Blackrock Portfolio Management sold 15,022,517 shares of the firm's stock in a transaction dated 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 legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Geurt G. Schoonman sold 3,249 shares of the company's stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $39.10, for a total transaction of $127,035.90. The disclosure for this sale can be found here.

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.