Brown Brothers Harriman & Co. Buys 2,793 Shares of Hess Midstream LP (NYSE:HESM)

Brown Brothers Harriman & Co. raised its position in shares of Hess Midstream LP (NYSE:HESM) by 487.4% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,366 shares of the company’s stock after buying an additional 2,793 shares during the quarter. Brown Brothers Harriman & Co.’s holdings in Hess Midstream were worth $119,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of HESM. Vanguard Group Inc. lifted its holdings in shares of Hess Midstream by 13.6% in the 1st quarter. Vanguard Group Inc. now owns 456,607 shares of the company’s stock valued at $16,497,000 after acquiring an additional 54,769 shares during the last quarter. Lazard Asset Management LLC increased its position in Hess Midstream by 15.2% during the first quarter. Lazard Asset Management LLC now owns 13,771 shares of the company’s stock valued at $497,000 after acquiring an additional 1,814 shares during the last quarter. California State Teachers Retirement System raised its stake in shares of Hess Midstream by 15.7% in the first quarter. California State Teachers Retirement System now owns 70,481 shares of the company’s stock valued at $2,546,000 after acquiring an additional 9,577 shares during the period. Comerica Bank lifted its holdings in shares of Hess Midstream by 7.4% in the 1st quarter. Comerica Bank now owns 5,553 shares of the company’s stock worth $201,000 after acquiring an additional 385 shares during the last quarter. Finally, Virtu Financial LLC purchased a new position in shares of Hess Midstream during the 1st quarter worth about $442,000. 92.41% of the stock is currently owned by institutional investors.

Insider Activity

In related news, CFO Jonathan C. Stein sold 7,923 shares of the firm’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $35.32, for a total transaction of $279,840.36. Following the sale, the chief financial officer now owns 59,945 shares of the company’s stock, valued at $2,117,257.40. This trade represents a 11.67 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Infrastructure Investor Global sold 12,650,000 shares of Hess Midstream stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $35.12, for a total value of $444,268,000.00. The disclosure for this sale can be found here.

Analysts Set New Price Targets

Separately, JPMorgan Chase & Co. raised their price objective 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.

Hess Midstream Trading Up 0.5 %

Shares of HESM opened at $37.31 on Friday. The firm has a market capitalization of $8.13 billion, a price-to-earnings ratio of 15.82 and a beta of 1.51. The company has a debt-to-equity ratio of 7.85, a current ratio of 0.70 and a quick ratio of 0.70. Hess Midstream LP has a 1-year low of $30.08 and a 1-year high of $39.11. The company has a 50-day moving average of $35.62 and a 200 day moving average of $36.07.

Hess Midstream (NYSE:HESM) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.58 by $0.05. The firm had revenue of $378.50 million during the quarter, compared to analyst estimates of $376.98 million. Hess Midstream had a return on equity of 47.87% and a net margin of 13.06%. Hess Midstream’s quarterly revenue was up 4.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.57 earnings per share. On average, research analysts expect that Hess Midstream LP will post 2.45 EPS for the current year.

Hess Midstream Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Thursday, November 7th were given a dividend of $0.6846 per share. This is an increase from Hess Midstream’s previous quarterly dividend of $0.67. The ex-dividend date of this dividend was Thursday, November 7th. This represents a $2.74 dividend on an annualized basis and a dividend yield of 7.34%. Hess Midstream’s dividend payout ratio is presently 115.68%.

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.