Bank of America Corp DE Purchases 36,315 Shares of Hess Midstream LP (NYSE:HESM)

Bank of America Corp DE boosted its stake in Hess Midstream LP (NYSE:HESM - Free Report) by 16.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 260,314 shares of the company's stock after purchasing an additional 36,315 shares during the quarter. Bank of America Corp DE owned about 0.12% of Hess Midstream worth $9,639,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of HESM. Janney Montgomery Scott LLC lifted its position in shares of 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. apricus wealth LLC lifted its holdings in shares of Hess Midstream by 1.4% in the fourth quarter. apricus wealth LLC now owns 18,500 shares of the company's stock worth $685,000 after acquiring an additional 250 shares during the last quarter. KBC Group NV boosted its stake in shares of Hess Midstream by 80.0% in the 4th quarter. KBC Group NV now owns 5,046 shares of the company's stock valued at $187,000 after purchasing an additional 2,243 shares in the last quarter. Pacer Advisors Inc. grew its holdings in shares of Hess Midstream by 26.1% during the 4th quarter. Pacer Advisors Inc. now owns 50,654 shares of the company's stock valued at $1,876,000 after purchasing an additional 10,492 shares during the last quarter. Finally, Caprock Group LLC acquired a new position in Hess Midstream during the 4th quarter worth approximately $324,000. Institutional investors own 98.97% of the company's stock.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Citigroup raised their target price on shares of Hess Midstream from $41.00 to $44.00 and gave the company a "buy" rating in a research report on Tuesday, February 18th. Wells Fargo & Company cut their price objective 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. Finally, JPMorgan Chase & Co. boosted their price objective on Hess Midstream from $39.00 to $44.00 and gave the stock a "neutral" rating in a research report on Thursday, March 27th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, Hess Midstream currently has a consensus rating of "Moderate Buy" and an average target price of $42.80.

Hess Midstream Trading Down 2.4%

NYSE:HESM traded down $0.92 during mid-day trading on Thursday, hitting $37.28. 6,186,962 shares of the company's stock were exchanged, compared to its average volume of 1,011,481. Hess Midstream LP has a fifty-two week low of $33.59 and a fifty-two week 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 firm has a market capitalization of $8.13 billion, a P/E ratio of 14.97 and a beta of 0.67. The company has a 50 day simple moving average of $38.28 and a 200-day simple moving average of $38.73.

Hess Midstream (NYSE:HESM - Get Free Report) last released 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. The firm had revenue of $382.00 million during the quarter, compared to the consensus estimate of $384.28 million. Hess Midstream had a net margin of 14.92% and a return on equity of 54.59%. The company's revenue for the quarter was up 7.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.60 earnings per share. As a group, research analysts expect that Hess Midstream LP will post 2.5 earnings per share for the current year.

Hess Midstream Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 14th. Investors 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 7.62%. The ex-dividend date of this dividend was Thursday, May 8th. Hess Midstream's dividend payout ratio (DPR) 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.