Commonwealth Equity Services LLC Has $427,000 Stock Position in Hess Midstream LP (NYSE:HESM)

Commonwealth Equity Services LLC increased its holdings in shares of Hess Midstream LP (NYSE:HESM) by 28.4% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 11,709 shares of the company’s stock after acquiring an additional 2,589 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Hess Midstream were worth $427,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. Allspring Global Investments Holdings LLC bought a new position in shares of Hess Midstream during the 1st quarter worth approximately $30,000. Clear Point Advisors Inc. bought a new position in Hess Midstream in the 1st quarter valued at $49,000. Geneos Wealth Management Inc. raised its position in Hess Midstream by 31.3% in the first quarter. Geneos Wealth Management Inc. now owns 2,100 shares of the company’s stock worth $76,000 after acquiring an additional 500 shares during the period. Comerica Bank lifted its stake in Hess Midstream by 7.4% in the first quarter. Comerica Bank now owns 5,553 shares of the company’s stock valued at $201,000 after purchasing an additional 385 shares during the last quarter. Finally, ProShare Advisors LLC increased its holdings in Hess Midstream by 5.2% in the 1st quarter. ProShare Advisors LLC now owns 6,746 shares of the company’s stock worth $244,000 after acquiring an additional 332 shares during the last quarter. Institutional investors own 92.41% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on HESM shares. JPMorgan Chase & Co. raised their price target on Hess Midstream from $38.00 to $39.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. UBS Group lifted their price target on shares of Hess Midstream from $38.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, July 3rd. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $37.20.

Insider Transactions at Hess Midstream

In other Hess Midstream news, Director Infrastructure Investor Global sold 12,650,000 shares of the company’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $35.12, for a total transaction of $444,268,000.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

Hess Midstream Stock Performance

Hess Midstream stock opened at $35.57 on Friday. 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 $7.95 billion, a P/E ratio of 16.10 and a beta of 1.52. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 8.55. The firm has a 50-day moving average of $36.73 and a 200-day moving average of $35.96.

Hess Midstream (NYSE:HESM) last announced its quarterly earnings results on Wednesday, July 31st. The company reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.54 by $0.05. The company had revenue of $365.50 million for the quarter, compared to analysts’ expectations of $365.16 million. Hess Midstream had a net margin of 11.59% and a return on equity of 41.91%. Hess Midstream’s quarterly revenue was up 12.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.50 earnings per share. Sell-side analysts expect that Hess Midstream LP will post 2.36 EPS for the current 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 issued a dividend of $0.6677 per share. The ex-dividend date was Thursday, August 8th. This is an increase from Hess Midstream’s previous quarterly dividend of $0.65. This represents a $2.67 annualized dividend and a dividend yield of 7.51%. Hess Midstream’s dividend payout ratio (DPR) 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.