Zurcher Kantonalbank Zurich Cantonalbank Increases Stake in Hess Midstream LP (NYSE:HESM)

Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Hess Midstream LP (NYSE:HESM) by 11.4% during the third quarter, HoldingsChannel reports. The fund owned 27,436 shares of the company’s stock after buying an additional 2,818 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Hess Midstream were worth $968,000 as of its most recent filing with the SEC.

Other institutional investors have also added to or reduced their stakes in the company. Westwood Holdings Group Inc. raised its position in shares of Hess Midstream by 126.8% in the second quarter. Westwood Holdings Group Inc. now owns 1,936,522 shares of the company’s stock valued at $70,567,000 after purchasing an additional 1,082,840 shares during the period. Tortoise Capital Advisors L.L.C. boosted its stake in Hess Midstream by 12.4% in the 2nd quarter. Tortoise Capital Advisors L.L.C. now owns 7,428,262 shares of the company’s stock worth $270,686,000 after purchasing an additional 822,311 shares during the period. Epoch Investment Partners Inc. grew its holdings in Hess Midstream by 23.5% during the 2nd quarter. Epoch Investment Partners Inc. now owns 2,953,324 shares of the company’s stock valued at $107,619,000 after buying an additional 562,688 shares in the last quarter. TD Asset Management Inc grew its stake in Hess Midstream by 10.4% during the second quarter. TD Asset Management Inc now owns 3,431,555 shares of the company’s stock valued at $125,046,000 after acquiring an additional 322,479 shares in the last quarter. Finally, Kayne Anderson Capital Advisors LP increased its holdings in shares of Hess Midstream by 7.9% in the third quarter. Kayne Anderson Capital Advisors LP now owns 2,640,514 shares of the company’s stock worth $93,131,000 after purchasing an additional 194,154 shares during the period. 92.41% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, JPMorgan Chase & Co. upped their price objective on shares of Hess Midstream from $38.00 to $39.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st.

Insider Activity

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

Hess Midstream Trading Up 0.1 %

Shares of HESM opened at $37.17 on Friday. The firm has a market cap of $8.10 billion, a price-to-earnings ratio of 15.74 and a beta of 1.53. The firm has a 50 day moving average price of $35.79 and a 200-day moving average price of $36.15. The company has a debt-to-equity ratio of 7.85, a quick ratio of 0.70 and a current ratio of 0.70. Hess Midstream LP has a fifty-two week low of $30.08 and a fifty-two week high of $39.11.

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

Hess Midstream Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Thursday, November 7th were issued a $0.6846 dividend. The ex-dividend date was Thursday, November 7th. This represents a $2.74 annualized dividend and a yield of 7.37%. This is a boost from Hess Midstream’s previous quarterly dividend of $0.67. Hess Midstream’s payout ratio is 116.10%.

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.