Hess Midstream LP (NYSE:HESM - Get Free Report)'s share price gapped down prior to trading on Thursday . The stock had previously closed at $38.19, but opened at $37.40. Hess Midstream shares last traded at $37.21, with a volume of 1,284,174 shares.
Wall Street Analysts Forecast Growth
A number of research analysts have issued reports on HESM shares. Citigroup increased their target price on shares of Hess Midstream from $41.00 to $44.00 and gave the stock a "buy" rating in a research report on Tuesday, February 18th. Wells Fargo & Company reduced their price target on 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. Finally, JPMorgan Chase & Co. raised their price objective on Hess Midstream from $39.00 to $44.00 and gave the stock 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 given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $42.80.
Check Out Our Latest Research Report on HESM
Hess Midstream Stock Up 1.8%
The firm's 50-day moving average price is $38.16 and its 200 day moving average price is $38.81. 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 market capitalization of $8.21 billion, a price-to-earnings ratio of 15.12 and a beta of 0.67.
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, beating the consensus estimate of $0.63 by $0.02. Hess Midstream had a return on equity of 54.59% and a net margin of 14.92%. The company had revenue of $382.00 million for the quarter, compared to analyst estimates of $384.28 million. During the same quarter last year, the company posted $0.60 EPS. The company's revenue for the quarter was up 7.4% compared to the same quarter last year. On average, sell-side analysts forecast that Hess Midstream LP will post 2.5 EPS for the current fiscal year.
Hess Midstream Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 14th. Shareholders of record on Thursday, May 8th were given a $0.7098 dividend. This represents a $2.84 dividend on an annualized basis and a yield of 7.54%. The ex-dividend date of this dividend was Thursday, May 8th. This is a boost from Hess Midstream's previous quarterly dividend of $0.70. Hess Midstream's payout ratio is currently 110.98%.
Insiders Place Their Bets
In other news, major shareholder Blackrock Portfolio Management sold 15,022,517 shares of Hess Midstream stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $36.86, for a total transaction of $553,729,976.62. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.
Hedge Funds Weigh In On Hess Midstream
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Alps Advisors Inc. grew its stake in shares of Hess Midstream by 31.1% in the first quarter. Alps Advisors Inc. now owns 26,356,221 shares of the company's stock worth $1,114,605,000 after purchasing an additional 6,251,664 shares during the last quarter. Artemis Investment Management LLP lifted its holdings in Hess Midstream by 131.4% during the 1st quarter. Artemis Investment Management LLP now owns 1,969,448 shares of the company's stock worth $83,288,000 after buying an additional 1,118,245 shares during the period. Allianz Asset Management GmbH bought a new stake in shares of Hess Midstream in the 1st quarter valued at about $29,640,000. Goldman Sachs Group Inc. increased its stake in shares of Hess Midstream by 10.0% in the first quarter. Goldman Sachs Group Inc. now owns 7,233,773 shares of the company's stock valued at $305,916,000 after buying an additional 655,062 shares during the period. Finally, Zimmer Partners LP bought a new position in shares of Hess Midstream during the fourth quarter worth about $23,415,000. 98.97% of the stock is currently owned by institutional investors and hedge funds.
About Hess Midstream
(
Get Free Report)
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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