Investment Management Corp VA ADV Purchases New Position in Hess Midstream LP (NYSE:HESM)

Investment Management Corp VA ADV purchased a new stake in Hess Midstream LP (NYSE:HESM - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 8,508 shares of the company's stock, valued at approximately $315,000.

A number of other large investors have also recently modified their holdings of HESM. Zimmer Partners LP purchased a new stake in Hess Midstream during the fourth quarter worth $23,415,000. HITE Hedge Asset Management LLC purchased a new stake in Hess Midstream during the fourth quarter worth $19,642,000. Deutsche Bank AG lifted its holdings in Hess Midstream by 56.3% during the fourth quarter. Deutsche Bank AG now owns 1,405,510 shares of the company's stock worth $52,046,000 after buying an additional 506,430 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Hess Midstream by 11.0% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,011,069 shares of the company's stock worth $185,560,000 after buying an additional 496,464 shares during the period. Finally, Raymond James Financial Inc. purchased a new stake in Hess Midstream during the fourth quarter worth $12,976,000. Hedge funds and other institutional investors own 98.97% of the company's stock.

Hess Midstream Stock Performance

Shares of HESM stock opened at $38.12 on Friday. The business's fifty day simple moving average is $38.80 and its 200-day simple moving average is $38.64. The company has a market cap of $8.31 billion, a PE ratio of 15.31 and a beta of 0.67. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 7.85. 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 issued its quarterly earnings results on Wednesday, April 30th. The company reported $0.65 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.63 by $0.02. The business had revenue of $382.00 million for the quarter, compared to the consensus estimate of $384.28 million. Hess Midstream had a return on equity of 54.59% and a net margin of 14.92%. The business's quarterly revenue was up 7.4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.60 earnings per share. Analysts expect that Hess Midstream LP will post 2.5 earnings per share for the current fiscal year.

Hess Midstream Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 14th. Investors of record on Thursday, May 8th were given a $0.7098 dividend. This represents a $2.84 annualized dividend and a dividend yield of 7.45%. This is an increase from Hess Midstream's previous quarterly dividend of $0.70. The ex-dividend date was Thursday, May 8th. Hess Midstream's dividend payout ratio is presently 110.98%.

Analyst Ratings Changes

A number of research firms have weighed in on HESM. Wells Fargo & Company lowered their target price on Hess Midstream from $42.00 to $41.00 and set an "equal weight" rating for the company in a report on Thursday, May 1st. Raymond James upped their target price on Hess Midstream from $42.00 to $45.00 and gave the stock an "outperform" rating in a report on Tuesday, January 28th. JPMorgan Chase & Co. upped 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. Finally, Citigroup upped their price target on Hess Midstream from $41.00 to $44.00 and gave the stock a "buy" rating in a research report on Tuesday, February 18th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target 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.

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