Hess Midstream (NYSE:HESM) Shares Gap Down to $36.87

Hess Midstream LP (NYSE:HESM)’s stock price gapped down prior to trading on Thursday . The stock had previously closed at $36.87, but opened at $35.78. Hess Midstream shares last traded at $35.90, with a volume of 1,154,375 shares.

Analyst Ratings Changes

HESM has been the topic of a number of recent research reports. UBS Group upped their target price on Hess Midstream from $38.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, July 3rd. JPMorgan Chase & Co. upped their price objective on shares of Hess Midstream from $38.00 to $39.00 and gave the company 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 company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $37.20.

Hess Midstream Stock Down 2.5 %

The company has a market capitalization of $8.04 billion, a PE ratio of 16.22 and a beta of 1.52. The company has a debt-to-equity ratio of 8.55, a quick ratio of 1.11 and a current ratio of 1.11. The firm’s 50-day simple moving average is $36.83 and its 200 day simple moving average is $35.94.

Hess Midstream (NYSE:HESM) last announced its quarterly earnings results 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 41.91% and a net margin of 11.59%. The firm’s revenue was up 12.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.50 earnings per share. As a group, equities research analysts forecast that Hess Midstream LP will post 2.36 earnings per share for the current year.

Hess Midstream Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Shareholders of record on Thursday, August 8th were issued a $0.6677 dividend. This represents a $2.67 dividend on an annualized basis and a yield of 7.43%. The ex-dividend date of this dividend was Thursday, August 8th. This is an increase from Hess Midstream’s previous quarterly dividend of $0.65. Hess Midstream’s payout ratio is currently 120.81%.

Hedge Funds Weigh In On Hess Midstream

Several hedge funds have recently modified their holdings of HESM. Naples Global Advisors LLC boosted its holdings in shares of Hess Midstream by 0.5% during the second quarter. Naples Global Advisors LLC now owns 62,220 shares of the company’s stock worth $2,267,000 after purchasing an additional 300 shares during the period. ProShare Advisors LLC raised its position in Hess Midstream by 4.8% in the second quarter. ProShare Advisors LLC now owns 7,069 shares of the company’s stock worth $258,000 after purchasing an additional 323 shares in the last quarter. Granite Group Advisors LLC raised its holdings in shares of Hess Midstream by 5.6% in the 1st quarter. Granite Group Advisors LLC now owns 7,106 shares of the company’s stock worth $257,000 after buying an additional 375 shares in the last quarter. Comerica Bank lifted its holdings in shares of Hess Midstream by 7.4% during the first quarter. Comerica Bank now owns 5,553 shares of the company’s stock valued at $201,000 after acquiring an additional 385 shares during the period. Finally, Peapack Gladstone Financial Corp lifted its holdings in Hess Midstream by 5.7% during the 4th quarter. Peapack Gladstone Financial Corp now owns 8,957 shares of the company’s stock valued at $283,000 after purchasing an additional 484 shares during the last quarter. 92.41% of the stock is currently owned by institutional investors and hedge funds.

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.