Zurich Insurance Group Ltd FI Purchases New Shares in Hess Midstream LP (NYSE:HESM)

Zurich Insurance Group Ltd FI bought a new stake in shares of Hess Midstream LP (NYSE:HESM - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 33,900 shares of the company's stock, valued at approximately $1,255,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. HITE Hedge Asset Management LLC bought a new stake in Hess Midstream during the fourth quarter worth about $19,642,000. Deutsche Bank AG lifted its holdings in shares of Hess Midstream by 56.3% during the fourth quarter. Deutsche Bank AG now owns 1,405,510 shares of the company's stock valued at $52,046,000 after purchasing an additional 506,430 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Hess Midstream by 11.0% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,011,069 shares of the company's stock worth $185,560,000 after purchasing an additional 496,464 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Hess Midstream in the 4th quarter worth approximately $12,976,000. Finally, Corigliano Investment Advisers LLC bought a new position in Hess Midstream during the 4th quarter valued at approximately $9,535,000. 98.97% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on HESM shares. Citigroup boosted their target price on Hess Midstream from $41.00 to $44.00 and gave the stock a "buy" rating in a report on Tuesday, February 18th. Wells Fargo & Company reduced their price objective on shares of Hess Midstream from $42.00 to $41.00 and set an "equal weight" rating for the company in a research note on Thursday, May 1st. Raymond James raised their price target on shares of Hess Midstream from $42.00 to $45.00 and gave the company an "outperform" rating in a research report on Tuesday, January 28th. Finally, JPMorgan Chase & Co. upped their price objective on Hess Midstream from $39.00 to $44.00 and gave the company a "neutral" rating in a research report on Thursday, March 27th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $42.80.

Hess Midstream Stock Performance

HESM traded up $0.14 during midday trading on Monday, hitting $38.15. 695,376 shares of the company traded hands, compared to its average volume of 991,462. 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 firm has a market capitalization of $8.32 billion, a PE ratio of 15.32 and a beta of 0.67. The company's 50-day moving average is $38.70 and its 200 day moving average is $38.70. Hess Midstream LP has a 52 week low of $33.59 and a 52 week high of $44.05.

Hess Midstream (NYSE:HESM - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The company reported $0.65 EPS for the quarter, topping analysts' consensus estimates 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%. The business's revenue for the quarter was up 7.4% on a year-over-year basis. During the same period in the previous year, the business posted $0.60 earnings per share. On average, research analysts expect that Hess Midstream LP will post 2.5 EPS for the current year.

Hess Midstream Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 14th. Shareholders of record on Thursday, May 8th were given a $0.7098 dividend. This is a boost from Hess Midstream's previous quarterly dividend of $0.70. The ex-dividend date was Thursday, May 8th. This represents a $2.84 dividend on an annualized basis and a yield of 7.44%. Hess Midstream's dividend payout ratio is presently 110.98%.

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.