Acadian Asset Management LLC Raises Position in Hess Midstream LP (NYSE:HESM)

Acadian Asset Management LLC raised its stake in Hess Midstream LP (NYSE:HESM) by 24.2% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 11,910 shares of the company’s stock after acquiring an additional 2,324 shares during the period. Acadian Asset Management LLC’s holdings in Hess Midstream were worth $434,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in HESM. Tortoise Capital Advisors L.L.C. increased its position in shares of Hess Midstream by 12.4% in the second quarter. Tortoise Capital Advisors L.L.C. now owns 7,428,262 shares of the company’s stock valued at $270,686,000 after acquiring an additional 822,311 shares during the period. Arizona State Retirement System increased its holdings in Hess Midstream by 4.1% during the 2nd quarter. Arizona State Retirement System now owns 22,427 shares of the company’s stock valued at $817,000 after purchasing an additional 892 shares during the period. TD Asset Management Inc raised its position in Hess Midstream by 10.4% during the 2nd quarter. TD Asset Management Inc now owns 3,431,555 shares of the company’s stock valued at $125,046,000 after purchasing an additional 322,479 shares during the last quarter. Commonwealth Equity Services LLC lifted its holdings in Hess Midstream by 28.4% in the 2nd quarter. Commonwealth Equity Services LLC now owns 11,709 shares of the company’s stock worth $427,000 after buying an additional 2,589 shares during the period. Finally, Maryland State Retirement & Pension System grew its position in shares of Hess Midstream by 12.5% in the 2nd quarter. Maryland State Retirement & Pension System now owns 76,782 shares of the company’s stock worth $2,798,000 after buying an additional 8,543 shares during the last quarter. 92.41% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Hess Midstream Stock Down 0.1 %

Shares of Hess Midstream stock opened at $36.93 on Thursday. The company has a 50-day moving average of $36.83 and a 200 day moving average of $35.94. Hess Midstream LP has a 1 year low of $27.57 and a 1 year high of $39.11. The firm has a market cap of $8.26 billion, a price-to-earnings ratio of 16.67 and a beta of 1.52. The company has a debt-to-equity ratio of 8.55, a current ratio of 1.11 and a quick ratio of 1.11.

Hess Midstream (NYSE:HESM) last posted its quarterly earnings results on Wednesday, July 31st. The company reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.54 by $0.05. The company had revenue of $365.50 million for the quarter, compared to the consensus estimate of $365.16 million. Hess Midstream had a return on equity of 41.91% and a net margin of 11.59%. The firm’s quarterly revenue was up 12.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.50 EPS. As a group, sell-side analysts anticipate that Hess Midstream LP will post 2.36 earnings per share for the current fiscal year.

Hess Midstream Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Thursday, August 8th were given a $0.6677 dividend. This represents a $2.67 annualized dividend and a dividend yield of 7.23%. The ex-dividend date was Thursday, August 8th. This is a positive change from Hess Midstream’s previous quarterly dividend of $0.65. Hess Midstream’s payout ratio is currently 120.81%.

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.