GAMMA Investing LLC Boosts Position in Hess Midstream LP (NYSE:HESM)

GAMMA Investing LLC grew its stake in shares of Hess Midstream LP (NYSE:HESM - Free Report) by 4,809.7% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 11,587 shares of the company's stock after acquiring an additional 11,351 shares during the quarter. GAMMA Investing LLC's holdings in Hess Midstream were worth $4,900,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Hsbc Holdings PLC purchased a new position in shares of Hess Midstream in the fourth quarter worth approximately $525,000. Van ECK Associates Corp lifted its holdings in Hess Midstream by 75.1% during the fourth quarter. Van ECK Associates Corp now owns 23,729 shares of the company's stock valued at $879,000 after purchasing an additional 10,175 shares in the last quarter. Envestnet Asset Management Inc. lifted its holdings in Hess Midstream by 2.9% during the fourth quarter. Envestnet Asset Management Inc. now owns 120,180 shares of the company's stock valued at $4,450,000 after purchasing an additional 3,412 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Hess Midstream by 6.3% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 402,915 shares of the company's stock valued at $14,920,000 after purchasing an additional 23,844 shares in the last quarter. Finally, Northern Trust Corp raised its position in shares of Hess Midstream by 17.8% during the fourth quarter. Northern Trust Corp now owns 85,550 shares of the company's stock valued at $3,168,000 after buying an additional 12,939 shares during the last quarter. Hedge funds and other institutional investors own 98.97% of the company's stock.

Insider Buying and Selling

In other news, major shareholder Blackrock Portfolio Management sold 15,022,517 shares of the firm's stock in a transaction that occurred 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 sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Geurt G. Schoonman sold 3,249 shares of the firm's stock in a transaction that occurred on Monday, June 9th. The stock was 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 Stock Performance

Shares of Hess Midstream stock traded up $0.06 during midday trading on Friday, hitting $39.51. The company had a trading volume of 1,788,192 shares, compared to its average volume of 1,008,155. The stock has a market cap of $8.51 billion, a price-to-earnings ratio of 15.87 and a beta of 0.63. 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 has a fifty day simple moving average of $37.78 and a 200 day simple moving average of $38.93. Hess Midstream LP has a 12-month low of $33.59 and a 12-month high of $44.05.

Hess Midstream (NYSE:HESM - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The company reported $0.65 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 analyst estimates of $384.28 million. Hess Midstream had a net margin of 14.92% and a return on equity of 54.59%. Hess Midstream's revenue was up 7.4% on a year-over-year basis. During the same period last year, the firm posted $0.60 EPS. As a group, analysts predict that Hess Midstream LP will post 2.5 earnings per share for the current fiscal year.

Hess Midstream Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 14th. Investors of record on Thursday, May 8th were issued a $0.7098 dividend. This represents a $2.84 annualized dividend and a yield of 7.19%. The ex-dividend date of this dividend was Thursday, May 8th. This is an increase from Hess Midstream's previous quarterly dividend of $0.70. Hess Midstream's dividend payout ratio is 110.98%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on HESM shares. Citigroup lifted their price objective 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. JPMorgan Chase & Co. boosted their price target on shares of Hess Midstream from $39.00 to $44.00 and gave the stock a "neutral" rating in a research report on Thursday, March 27th. Finally, Wells Fargo & Company reduced their price target 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. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $42.80.

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.