Hess Midstream LP (NYSE:HESM) Shares Bought by Exchange Traded Concepts LLC

Exchange Traded Concepts LLC grew its stake in Hess Midstream LP (NYSE:HESM - Free Report) by 9.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 126,643 shares of the company's stock after purchasing an additional 11,324 shares during the quarter. Exchange Traded Concepts LLC owned approximately 0.06% of Hess Midstream worth $5,356,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. Farther Finance Advisors LLC lifted its holdings in Hess Midstream by 840.2% in the 1st quarter. Farther Finance Advisors LLC now owns 1,053 shares of the company's stock valued at $45,000 after purchasing an additional 941 shares in the last quarter. Steward Partners Investment Advisory LLC lifted its stake in shares of Hess Midstream by 77.2% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,329 shares of the company's stock worth $49,000 after buying an additional 579 shares in the last quarter. US Bancorp DE boosted its position in Hess Midstream by 34.0% during the fourth quarter. US Bancorp DE now owns 2,010 shares of the company's stock worth $74,000 after acquiring an additional 510 shares during the last quarter. IFP Advisors Inc grew its stake in Hess Midstream by 33.3% during the 4th quarter. IFP Advisors Inc now owns 2,934 shares of the company's stock valued at $109,000 after acquiring an additional 733 shares in the last quarter. Finally, Virtus ETF Advisers LLC raised its holdings in Hess Midstream by 9.5% in the 4th quarter. Virtus ETF Advisers LLC now owns 4,972 shares of the company's stock valued at $184,000 after acquiring an additional 432 shares during the last quarter. Hedge funds and other institutional investors own 98.97% of the company's stock.

Insider Activity at Hess Midstream

In related news, Director Geurt G. Schoonman sold 3,249 shares of Hess Midstream stock in a transaction on Monday, June 9th. The stock was sold at an average price of $39.10, for a total value of $127,035.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Blackrock Portfolio Management sold 15,022,517 shares of the stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $36.86, for a total value of $553,729,976.62. The disclosure for this sale can be found here.

Hess Midstream Trading Up 1.2%

HESM stock traded up $0.45 during midday trading on Tuesday, hitting $39.38. 104,273 shares of the company's stock were exchanged, compared to its average volume of 1,006,342. Hess Midstream LP has a 1-year low of $33.59 and a 1-year high of $44.05. 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 $8.49 billion, a PE ratio of 15.82 and a beta of 0.63. The business has a 50-day simple moving average of $37.86 and a two-hundred day simple moving average of $38.96.

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

Hess Midstream Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 14th. Stockholders of record on Thursday, May 8th were paid a $0.7098 dividend. This is a positive change from Hess Midstream's previous quarterly dividend of $0.70. The ex-dividend date was Thursday, May 8th. This represents a $2.84 annualized dividend and a dividend yield of 7.21%. Hess Midstream's dividend payout ratio (DPR) is presently 110.98%.

Wall Street Analyst Weigh In

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

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.