Legal & General Group Plc Cuts Stock Holdings in Hess Midstream LP (NYSE:HESM)

Legal & General Group Plc reduced its position in shares of Hess Midstream LP (NYSE:HESM - Free Report) by 9.2% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 106,499 shares of the company's stock after selling 10,810 shares during the quarter. Legal & General Group Plc's holdings in Hess Midstream were worth $3,944,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Raymond James Financial Inc. purchased a new stake in shares of Hess Midstream in the fourth quarter worth $12,976,000. Tokio Marine Asset Management Co. Ltd. purchased a new stake in shares of Hess Midstream in the fourth quarter worth $8,786,000. CIBC Private Wealth Group LLC increased its stake in shares of Hess Midstream by 54.4% in the fourth quarter. CIBC Private Wealth Group LLC now owns 631,123 shares of the company's stock worth $24,254,000 after purchasing an additional 222,358 shares in the last quarter. Invesco Ltd. grew its stake in Hess Midstream by 4.9% during the fourth quarter. Invesco Ltd. now owns 4,091,011 shares of the company's stock valued at $151,490,000 after acquiring an additional 191,175 shares in the last quarter. Finally, Norges Bank purchased a new position in Hess Midstream during the fourth quarter valued at $7,069,000. 98.97% of the stock is currently owned by institutional investors.

Insider Activity at Hess Midstream

In related news, major shareholder Blackrock Portfolio Management sold 11,000,000 shares of Hess Midstream stock in a transaction dated Wednesday, February 12th. The shares were sold at an average price of $39.11, for a total transaction of $430,210,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Analysts Set New Price Targets

Several equities analysts have commented on HESM shares. Citigroup increased their price objective on shares of Hess Midstream from $41.00 to $44.00 and gave the company a "buy" rating in a research report on Tuesday, February 18th. JPMorgan Chase & Co. increased their price objective on shares of Hess Midstream from $39.00 to $44.00 and gave the company a "neutral" rating in a research report on Thursday, March 27th. Raymond James increased their price objective 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, Wells Fargo & Company increased their price objective on shares of Hess Midstream from $40.00 to $42.00 and gave the company an "equal weight" rating in a research report on Tuesday, February 4th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $43.00.

Hess Midstream Trading Up 0.3 %

Shares of Hess Midstream stock traded up $0.10 during trading on Monday, hitting $38.88. The stock had a trading volume of 590,702 shares, compared to its average volume of 993,402. The firm's fifty day simple moving average is $39.87 and its 200-day simple moving average is $38.36. The stock has a market cap of $8.48 billion, a PE ratio of 15.61 and a beta of 1.14. The company has a debt-to-equity ratio of 7.85, a current ratio of 0.70 and a quick ratio of 0.70. Hess Midstream LP has a 12 month low of $32.75 and a 12 month high of $44.05.

Hess Midstream (NYSE:HESM - Get Free Report) last released its earnings results on Wednesday, January 29th. The company reported $0.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.03. Hess Midstream had a net margin of 14.92% and a return on equity of 54.59%. As a group, sell-side analysts expect that Hess Midstream LP will post 2.5 EPS for the current fiscal year.

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.