American Century Companies Inc. Increases Stock Position in Hess Midstream LP (NYSE:HESM)

American Century Companies Inc. increased its stake in shares of Hess Midstream LP (NYSE:HESM) by 18.1% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 132,450 shares of the company’s stock after purchasing an additional 20,344 shares during the period. American Century Companies Inc.’s holdings in Hess Midstream were worth $4,826,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC bought a new stake in Hess Midstream in the 1st quarter worth approximately $30,000. Clear Point Advisors Inc. bought a new stake in shares of Hess Midstream in the first quarter worth $49,000. Geneos Wealth Management Inc. increased its position in Hess Midstream by 31.3% during the first quarter. Geneos Wealth Management Inc. now owns 2,100 shares of the company’s stock valued at $76,000 after acquiring an additional 500 shares during the last quarter. Comerica Bank lifted its holdings 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 acquiring an additional 385 shares during the period. Finally, South Street Advisors LLC purchased a new position in Hess Midstream in the second quarter worth about $211,000. Institutional investors own 92.41% of the company’s stock.

Hess Midstream Stock Performance

Shares of HESM opened at $35.75 on Thursday. The business has a 50-day simple moving average of $36.57 and a two-hundred day simple moving average of $35.98. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 8.55. Hess Midstream LP has a 52 week low of $27.57 and a 52 week high of $39.11. The stock has a market cap of $7.89 billion, a price-to-earnings ratio of 16.17 and a beta of 1.52.

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

Hess Midstream Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Thursday, August 8th were paid a $0.6677 dividend. The ex-dividend date of this dividend was Thursday, August 8th. This is a boost from Hess Midstream’s previous quarterly dividend of $0.65. This represents a $2.67 dividend on an annualized basis and a dividend yield of 7.47%. Hess Midstream’s dividend payout ratio is 120.81%.

Insider Activity

In related news, Director Infrastructure Investor Global sold 12,650,000 shares of the company’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $35.12, for a total value of $444,268,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. UBS Group increased their price objective 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. JPMorgan Chase & Co. upped their target price 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 analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $37.20.

Hess Midstream 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.