Fmr LLC Has $19.03 Million Position in Hess Midstream LP (NYSE:HESM)

Fmr LLC grew its stake in shares of Hess Midstream LP (NYSE:HESM) by 4.6% in the third quarter, Holdings Channel reports. The institutional investor owned 539,518 shares of the company’s stock after purchasing an additional 23,700 shares during the period. Fmr LLC’s holdings in Hess Midstream were worth $19,029,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in the stock. Naples Global Advisors LLC raised its position in shares of Hess Midstream by 0.5% during the second quarter. Naples Global Advisors LLC now owns 62,220 shares of the company’s stock valued at $2,267,000 after buying an additional 300 shares during the last quarter. Seelaus Asset Management LLC raised its position in shares of Hess Midstream by 5.5% during the third quarter. Seelaus Asset Management LLC now owns 5,800 shares of the company’s stock valued at $205,000 after buying an additional 300 shares during the last quarter. ProShare Advisors LLC raised its position in Hess Midstream by 4.8% in the second quarter. ProShare Advisors LLC now owns 7,069 shares of the company’s stock worth $258,000 after purchasing an additional 323 shares in the last quarter. Comerica Bank raised its position in Hess Midstream by 7.4% in the first quarter. Comerica Bank now owns 5,553 shares of the company’s stock worth $201,000 after purchasing an additional 385 shares in the last quarter. Finally, Curi RMB Capital LLC raised its position in Hess Midstream by 7.0% in the third quarter. Curi RMB Capital LLC now owns 10,139 shares of the company’s stock worth $358,000 after purchasing an additional 660 shares in the last quarter. Institutional investors and hedge funds own 98.97% of the company’s stock.

Insider Transactions at Hess Midstream

In other news, CFO Jonathan C. Stein sold 7,923 shares of the stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $35.32, for a total transaction of $279,840.36. Following the sale, the chief financial officer now directly owns 59,945 shares of the company’s stock, valued at $2,117,257.40. This represents a 11.67 % decrease in their ownership of the stock. The transaction 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 the stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $35.12, for a total transaction of $444,268,000.00. The disclosure for this sale can be found here.

Hess Midstream Stock Performance

NYSE:HESM opened at $35.95 on Wednesday. Hess Midstream LP has a 12-month low of $30.08 and a 12-month high of $39.11. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 7.85. The firm has a market capitalization of $7.84 billion, a PE ratio of 15.23 and a beta of 1.53. The firm has a 50-day moving average price of $35.91 and a 200 day moving average price of $36.18.

Hess Midstream (NYSE:HESM) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.05. The company had revenue of $378.50 million during the quarter, compared to analyst estimates of $376.98 million. Hess Midstream had a net margin of 13.06% and a return on equity of 47.87%. The company’s revenue was up 4.2% on a year-over-year basis. During the same quarter last year, the business posted $0.57 earnings per share. Research analysts anticipate that Hess Midstream LP will post 2.41 earnings per share for the current fiscal year.

Hess Midstream Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Thursday, November 7th were issued a dividend of $0.6846 per share. This is a positive change 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 annualized dividend and a dividend yield of 7.62%. Hess Midstream’s dividend payout ratio (DPR) is presently 116.10%.

Wall Street Analysts Forecast Growth

Separately, JPMorgan Chase & Co. increased their price target 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.

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.