Cubist Systematic Strategies LLC Buys 86,490 Shares of Hess Midstream LP (NYSE:HESM)

Cubist Systematic Strategies LLC grew its stake in Hess Midstream LP (NYSE:HESM) by 600.9% in the second quarter, HoldingsChannel reports. The fund owned 100,884 shares of the company’s stock after acquiring an additional 86,490 shares during the period. Cubist Systematic Strategies LLC’s holdings in Hess Midstream were worth $3,676,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the stock. Naples Global Advisors LLC raised its position in Hess Midstream by 0.5% in the 2nd 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 last quarter. ProShare Advisors LLC increased its stake in shares of Hess Midstream by 4.8% in the 2nd quarter. ProShare Advisors LLC now owns 7,069 shares of the company’s stock valued at $258,000 after buying an additional 323 shares during the period. Granite Group Advisors LLC raised its position in shares of Hess Midstream by 5.6% during the first quarter. Granite Group Advisors LLC now owns 7,106 shares of the company’s stock worth $257,000 after acquiring an additional 375 shares during the last quarter. Comerica Bank lifted its stake 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 boosted its holdings in Hess Midstream by 5.7% in the fourth quarter. Peapack Gladstone Financial Corp now owns 8,957 shares of the company’s stock valued at $283,000 after acquiring an additional 484 shares during the last quarter. 92.41% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Hess Midstream

In other Hess Midstream news, Director Infrastructure Investor Global sold 12,650,000 shares of the stock in a transaction dated Friday, September 20th. The stock was 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 can be accessed through the SEC website.

Hess Midstream Price Performance

Shares of HESM opened at $35.19 on Friday. The stock has a market cap of $7.87 billion, a P/E ratio of 15.92 and a beta of 1.52. Hess Midstream LP has a 1 year low of $27.57 and a 1 year high of $39.11. The stock’s 50-day moving average price is $36.43 and its two-hundred day moving average price is $35.97. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 8.55.

Hess Midstream (NYSE:HESM) last released its quarterly earnings data 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. Hess Midstream had a net margin of 11.59% and a return on equity of 41.91%. The business had revenue of $365.50 million for the quarter, compared to analyst estimates of $365.16 million. During the same quarter last year, the firm earned $0.50 EPS. Hess Midstream’s quarterly revenue was up 12.8% compared to the same quarter last year. On average, equities analysts predict that Hess Midstream LP will post 2.36 earnings per share for the current year.

Hess Midstream Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Thursday, August 8th were issued a $0.6677 dividend. This is a positive change from Hess Midstream’s previous quarterly dividend of $0.65. The ex-dividend date was Thursday, August 8th. This represents a $2.67 annualized dividend and a dividend yield of 7.59%. Hess Midstream’s payout ratio is 120.81%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on HESM shares. UBS Group boosted their price objective on Hess Midstream from $38.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, July 3rd. JPMorgan Chase & Co. boosted their price target on shares of Hess Midstream from $38.00 to $39.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target 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.