Short Interest in Hess Midstream LP (NYSE:HESM) Rises By 14.9%

Hess Midstream LP (NYSE:HESM) was the target of a significant growth in short interest in August. As of August 15th, there was short interest totalling 4,550,000 shares, a growth of 14.9% from the July 31st total of 3,960,000 shares. Based on an average trading volume of 921,000 shares, the days-to-cover ratio is presently 4.9 days.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. JPMorgan Chase & Co. upped their price objective on Hess Midstream from $38.00 to $39.00 and gave the company a “neutral” rating in a research report on Wednesday, August 21st. UBS Group upped their price target on Hess Midstream from $38.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, July 3rd. Two analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, Hess Midstream presently has an average rating of “Moderate Buy” and a consensus price target of $37.20.

Insiders Place Their Bets

In related 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 sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Hedge Funds Weigh In On Hess Midstream

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Tortoise Capital Advisors L.L.C. raised its holdings in Hess Midstream by 12.4% in the 2nd quarter. Tortoise Capital Advisors L.L.C. now owns 7,428,262 shares of the company’s stock worth $270,686,000 after purchasing an additional 822,311 shares during the period. Goldman Sachs Group Inc. raised its holdings in Hess Midstream by 2.2% in the 4th quarter. Goldman Sachs Group Inc. now owns 3,431,870 shares of the company’s stock worth $108,550,000 after purchasing an additional 72,548 shares during the period. TD Asset Management Inc raised its holdings in Hess Midstream by 10.4% in the 2nd quarter. TD Asset Management Inc now owns 3,431,555 shares of the company’s stock worth $125,046,000 after purchasing an additional 322,479 shares during the period. Epoch Investment Partners Inc. raised its holdings in Hess Midstream by 23.5% in the 2nd quarter. Epoch Investment Partners Inc. now owns 2,953,324 shares of the company’s stock worth $107,619,000 after purchasing an additional 562,688 shares during the period. Finally, Westwood Holdings Group Inc. raised its holdings in Hess Midstream by 126.8% in the 2nd quarter. Westwood Holdings Group Inc. now owns 1,936,522 shares of the company’s stock worth $70,567,000 after purchasing an additional 1,082,840 shares during the period. Hedge funds and other institutional investors own 92.41% of the company’s stock.

Hess Midstream Trading Up 2.2 %

NYSE:HESM opened at $37.38 on Friday. The company has a market cap of $8.36 billion, a PE ratio of 16.91 and a beta of 1.52. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 8.67. The company has a 50 day simple moving average of $36.95 and a two-hundred day simple moving average of $35.70. Hess Midstream has a 12 month low of $27.57 and a 12 month high of $39.11.

Hess Midstream (NYSE:HESM) last issued its quarterly earnings data on Wednesday, July 31st. The company reported $0.59 EPS for the quarter, topping the consensus estimate of $0.54 by $0.05. The company had revenue of $365.50 million during the quarter, compared to analyst estimates of $365.16 million. Hess Midstream had a return on equity of 42.07% and a net margin of 11.59%. Hess Midstream’s revenue was up 12.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.50 earnings per share. Research analysts forecast that Hess Midstream will post 2.26 earnings per share for the current year.

Hess Midstream Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Thursday, August 8th were given a dividend of $0.6677 per share. The ex-dividend date was Thursday, August 8th. This represents a $2.67 annualized dividend and a dividend yield of 7.14%. This is a positive change from Hess Midstream’s previous quarterly dividend of $0.65. Hess Midstream’s dividend payout ratio is presently 120.81%.

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.