GoodHaven Capital Management LLC Has $5.68 Million Position in Hess Midstream LP (NYSE:HESM)

GoodHaven Capital Management LLC cut its position in shares of Hess Midstream LP (NYSE:HESM - Free Report) by 5.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 134,375 shares of the company's stock after selling 7,738 shares during the quarter. Hess Midstream accounts for about 1.9% of GoodHaven Capital Management LLC's investment portfolio, making the stock its 14th largest holding. GoodHaven Capital Management LLC owned about 0.06% of Hess Midstream worth $5,683,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in HESM. Capital Investment Advisors LLC acquired a new position in Hess Midstream in the first quarter valued at approximately $217,000. Stokes Capital Advisors LLC lifted its holdings in shares of Hess Midstream by 0.8% in the 1st quarter. Stokes Capital Advisors LLC now owns 149,974 shares of the company's stock worth $6,342,000 after purchasing an additional 1,212 shares during the last quarter. Naples Global Advisors LLC lifted its holdings in shares of Hess Midstream by 1.6% in the 1st quarter. Naples Global Advisors LLC now owns 65,225 shares of the company's stock worth $2,758,000 after purchasing an additional 1,050 shares during the last quarter. Chickasaw Capital Management LLC boosted its position in Hess Midstream by 866.7% during the 1st quarter. Chickasaw Capital Management LLC now owns 87,000 shares of the company's stock valued at $3,679,000 after purchasing an additional 78,000 shares during the period. Finally, NBC Securities Inc. grew its stake in 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 during the last quarter. Institutional investors and hedge funds own 98.97% of the company's stock.

Hess Midstream Price Performance

HESM traded up $0.12 on Thursday, reaching $39.40. The company had a trading volume of 753,613 shares, compared to its average volume of 1,006,389. The company has a market capitalization of $8.49 billion, a P/E ratio of 15.82 and a beta of 0.63. 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 company has a fifty day moving average of $37.63 and a 200-day moving average of $38.89. Hess Midstream LP has a one year low of $33.59 and a one year high of $44.05.

Hess Midstream (NYSE:HESM - Get Free Report) last announced its earnings results on Wednesday, April 30th. The company reported $0.65 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 analysts' expectations of $384.28 million. Hess Midstream had a return on equity of 54.59% and a net margin of 14.92%. The firm's quarterly revenue was up 7.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.60 earnings per share. As a group, equities research analysts anticipate that Hess Midstream LP will post 2.5 earnings per share for the current year.

Hess Midstream Increases Dividend

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

Analyst Upgrades and Downgrades

A number of research firms have issued reports on HESM. Citigroup raised their target price on Hess Midstream from $41.00 to $44.00 and gave the company a "buy" rating in a research note on Tuesday, February 18th. Wells Fargo & Company decreased their target price on shares of Hess Midstream from $42.00 to $41.00 and set an "equal weight" rating for the company in a research report on Thursday, May 1st. Finally, JPMorgan Chase & Co. lifted their price target on Hess Midstream from $39.00 to $44.00 and gave the company a "neutral" rating in a report on Thursday, March 27th. 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, Hess Midstream presently has an average rating of "Moderate Buy" and an average price target of $42.80.

Insider Activity

In related news, major shareholder Blackrock Portfolio Management sold 15,022,517 shares of the business'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 value of $553,729,976.62. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Geurt G. Schoonman sold 3,249 shares of the stock in a transaction that occurred on 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.