Mackenzie Financial Corp Trims Holdings in Hess Midstream LP (NYSE:HESM)

Mackenzie Financial Corp decreased its stake in shares of Hess Midstream LP (NYSE:HESM - Free Report) by 45.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 122,423 shares of the company's stock after selling 102,325 shares during the period. Mackenzie Financial Corp owned about 0.05% of Hess Midstream worth $3,872,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. DekaBank Deutsche Girozentrale purchased a new position in Hess Midstream in the third quarter worth $41,000. Avion Wealth raised its stake in shares of Hess Midstream by 66.7% in the third quarter. Avion Wealth now owns 2,500 shares of the company's stock valued at $72,000 after buying an additional 1,000 shares during the period. IFP Advisors Inc raised its stake in shares of Hess Midstream by 23.7% in the third quarter. IFP Advisors Inc now owns 2,935 shares of the company's stock valued at $85,000 after buying an additional 562 shares during the period. Fort Washington Investment Advisors Inc. OH bought a new stake in shares of Hess Midstream in the third quarter valued at $204,000. Finally, Tranquility Partners LLC bought a new stake in shares of Hess Midstream in the third quarter valued at $210,000. Hedge funds and other institutional investors own 92.41% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. UBS Group boosted their target price on Hess Midstream from $35.00 to $38.00 and gave the company a "buy" rating in a research note on Friday, March 1st. JPMorgan Chase & Co. boosted their target price on Hess Midstream from $37.00 to $38.00 and gave the company a "neutral" rating in a research note on Tuesday, April 16th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $35.67.

Hess Midstream Stock Performance

Shares of NYSE:HESM traded up $0.29 during midday trading on Monday, reaching $35.62. 932,547 shares of the company traded hands, compared to its average volume of 895,724. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 8.81. Hess Midstream LP has a 12 month low of $26.86 and a 12 month high of $36.84. The firm has a market capitalization of $8.06 billion, a price-to-earnings ratio of 17.04 and a beta of 1.50. The firm's fifty day moving average price is $35.02 and its two-hundred day moving average price is $32.69.

Hess Midstream (NYSE:HESM - Get Free Report) last released its quarterly earnings data on Wednesday, January 31st. The company reported $0.55 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.60 by ($0.05). Hess Midstream had a net margin of 8.79% and a return on equity of 28.21%. The company had revenue of $356.50 million for the quarter, compared to the consensus estimate of $358.86 million. During the same quarter in the previous year, the firm posted $0.49 earnings per share. The business's revenue for the quarter was up 13.3% compared to the same quarter last year. On average, equities analysts expect that Hess Midstream LP will post 2.54 earnings per share for the current year.

Hess Midstream Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, February 14th. Investors of record on Thursday, February 8th were paid a dividend of $0.6343 per share. This represents a $2.54 dividend on an annualized basis and a dividend yield of 7.12%. This is a positive change from Hess Midstream's previous quarterly dividend of $0.62. The ex-dividend date was Wednesday, February 7th. Hess Midstream's payout ratio is presently 121.53%.

Insiders Place Their Bets

In other Hess Midstream news, Director Infrastructure Investor Global sold 11,500,000 shares of the company's stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $32.83, for a total value of $377,545,000.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.

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.