First Trust Advisors LP Purchases 30,871 Shares of Hess Midstream LP (NYSE:HESM)

First Trust Advisors LP grew its position in shares of Hess Midstream LP (NYSE:HESM - Free Report) by 5.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 608,837 shares of the company's stock after acquiring an additional 30,871 shares during the quarter. First Trust Advisors LP owned about 0.28% of Hess Midstream worth $22,545,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. HITE Hedge Asset Management LLC bought a new position in Hess Midstream in the 4th quarter worth about $19,642,000. Raymond James Financial Inc. bought a new position in Hess Midstream in the 4th quarter worth approximately $12,976,000. Tokio Marine Asset Management Co. Ltd. acquired a new stake in Hess Midstream in the 4th quarter valued at approximately $8,786,000. CIBC Private Wealth Group LLC raised its stake in Hess Midstream by 54.4% during the 4th quarter. CIBC Private Wealth Group LLC now owns 631,123 shares of the company's stock valued at $24,254,000 after acquiring an additional 222,358 shares in the last quarter. Finally, Invesco Ltd. boosted its position in Hess Midstream by 4.9% during the 4th quarter. Invesco Ltd. now owns 4,091,011 shares of the company's stock worth $151,490,000 after acquiring an additional 191,175 shares during the period. Institutional investors own 98.97% of the company's stock.

Hess Midstream Price Performance

Shares of NYSE HESM traded down $0.16 during trading on Thursday, hitting $37.01. The company had a trading volume of 160,052 shares, compared to its average volume of 989,631. Hess Midstream LP has a 52 week low of $32.75 and a 52 week high of $44.05. The company has a market cap of $8.07 billion, a P/E ratio of 14.90 and a beta of 1.14. The company has a debt-to-equity ratio of 7.85, a quick ratio of 0.70 and a current ratio of 0.70. The business's 50-day moving average is $39.74 and its 200 day moving average is $38.35.

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 analysts' consensus estimates of $0.63 by $0.02. Hess Midstream had a net margin of 14.92% and a return on equity of 54.59%. The business had revenue of $382.00 million for the quarter, compared to analyst estimates of $384.28 million. During the same quarter in the previous year, the business earned $0.60 earnings per share. The firm's revenue was up 7.4% compared to the same quarter last year. Equities research 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 will be paid on Wednesday, May 14th. Stockholders of record on Thursday, May 8th will be issued a dividend of $0.7098 per share. This is an increase from Hess Midstream's previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Thursday, May 8th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 7.67%. Hess Midstream's payout ratio is currently 112.45%.

Insider Activity at Hess Midstream

In other Hess Midstream news, major shareholder Blackrock Portfolio Management sold 11,000,000 shares of the stock in a transaction that occurred on Wednesday, February 12th. The shares were sold at an average price of $39.11, for a total value of $430,210,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Analyst Ratings Changes

A number of equities research analysts recently weighed in 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 note on Tuesday, February 18th. Raymond James upped their price target on shares of Hess Midstream from $42.00 to $45.00 and gave the stock an "outperform" rating in a research note on Tuesday, January 28th. Wells Fargo & Company lowered their price objective on shares of Hess Midstream from $42.00 to $41.00 and set an "equal weight" rating on the stock in a research note on Thursday. Finally, JPMorgan Chase & Co. increased their price target on Hess Midstream from $39.00 to $44.00 and gave the company a "neutral" rating in a research note on Thursday, March 27th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, Hess Midstream presently 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.