Short Interest in Hess Midstream LP (NYSE:HESM) Declines By 19.5%

Hess Midstream LP (NYSE:HESM) was the target of a large drop in short interest in the month of June. As of June 15th, there was short interest totalling 4,510,000 shares, a drop of 19.5% from the May 31st total of 5,600,000 shares. Based on an average daily trading volume, of 957,600 shares, the days-to-cover ratio is currently 4.7 days.

Hess Midstream Stock Up 0.2 %

NYSE:HESM traded up $0.09 during trading hours on Tuesday, reaching $36.86. 62,129 shares of the stock were exchanged, compared to its average volume of 949,752. The company has a debt-to-equity ratio of 8.67, a current ratio of 0.89 and a quick ratio of 0.89. Hess Midstream has a twelve month low of $27.57 and a twelve month high of $37.16. The stock has a market cap of $8.24 billion, a PE ratio of 16.64 and a beta of 1.52. The firm has a 50 day moving average of $35.25 and a 200 day moving average of $34.31.

Hess Midstream (NYSE:HESM) last issued its quarterly earnings results on Thursday, April 25th. The company reported $0.59 EPS for the quarter, topping the consensus estimate of $0.55 by $0.04. The firm had revenue of $355.60 million for the quarter, compared to analysts’ expectations of $354.98 million. Hess Midstream had a net margin of 10.18% and a return on equity of 35.08%. On average, equities analysts expect that Hess Midstream will post 2.5 earnings per share for the current year.

Hess Midstream Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, May 14th. Shareholders of record on Thursday, May 2nd were paid a $0.6516 dividend. The ex-dividend date was Wednesday, May 1st. This represents a $2.61 dividend on an annualized basis and a yield of 7.07%. This is a boost from Hess Midstream’s previous quarterly dividend of $0.63. Hess Midstream’s dividend payout ratio (DPR) is currently 118.10%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on HESM shares. JPMorgan Chase & Co. boosted their target price on Hess Midstream from $37.00 to $38.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 16th. Wells Fargo & Company upped their target price on shares of Hess Midstream from $36.00 to $37.00 and gave the company an “equal weight” rating in a research report on Monday, April 29th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, Hess Midstream currently has a consensus rating of “Moderate Buy” and a consensus target price of $36.50.

Insider Buying and Selling

In other news, Director Infrastructure Investor Global sold 1,500,000 shares of the company’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $34.02, for a total value of $51,030,000.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Institutional Investors Weigh In On Hess Midstream

A number of institutional investors and hedge funds have recently modified their holdings of the company. Alps Advisors Inc. increased its holdings in shares of Hess Midstream by 36.0% in the third quarter. Alps Advisors Inc. now owns 11,728,814 shares of the company’s stock valued at $341,660,000 after purchasing an additional 3,107,528 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of Hess Midstream by 2.2% during the fourth quarter. Goldman Sachs Group Inc. now owns 3,431,870 shares of the company’s stock worth $108,550,000 after acquiring an additional 72,548 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Hess Midstream by 38.9% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,167,876 shares of the company’s stock worth $100,200,000 after purchasing an additional 887,859 shares during the period. TD Asset Management Inc lifted its holdings in Hess Midstream by 33.1% during the 1st quarter. TD Asset Management Inc now owns 3,109,076 shares of the company’s stock worth $112,331,000 after purchasing an additional 773,119 shares during the last quarter. Finally, Epoch Investment Partners Inc. boosted its stake in Hess Midstream by 33.3% in the 1st quarter. Epoch Investment Partners Inc. now owns 2,390,636 shares of the company’s stock valued at $86,374,000 after purchasing an additional 597,750 shares during the period. 92.41% of the stock is owned by institutional investors.

Hess Midstream Company 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.