Hess Midstream LP (NYSE:HESM) Position Boosted by State Street Corp

State Street Corp raised its position in shares of Hess Midstream LP (NYSE:HESM) by 70.0% during the 3rd quarter, Holdings Channel.com reports. The firm owned 323,747 shares of the company’s stock after acquiring an additional 133,330 shares during the period. State Street Corp’s holdings in Hess Midstream were worth $11,419,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Tompkins Financial Corp bought a new position in Hess Midstream during the third quarter valued at approximately $71,000. KBC Group NV boosted its stake in Hess Midstream by 83.9% during the third quarter. KBC Group NV now owns 2,803 shares of the company’s stock worth $99,000 after buying an additional 1,279 shares in the last quarter. Millburn Ridgefield Corp acquired a new position in shares of Hess Midstream in the 3rd quarter worth approximately $100,000. Icon Wealth Advisors LLC increased its position in shares of Hess Midstream by 11.1% during the 3rd quarter. Icon Wealth Advisors LLC now owns 3,288 shares of the company’s stock worth $116,000 after purchasing an additional 329 shares in the last quarter. Finally, Brown Brothers Harriman & Co. raised its position in Hess Midstream by 487.4% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 3,366 shares of the company’s stock valued at $119,000 after purchasing an additional 2,793 shares during the last quarter. 98.97% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CFO Jonathan C. Stein sold 7,923 shares of the stock in a transaction on Monday, November 11th. The stock was sold at an average price of $35.32, for a total value of $279,840.36. Following the sale, the chief financial officer now owns 59,945 shares in the company, valued at approximately $2,117,257.40. This represents a 11.67 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Hess Midstream Trading Up 1.6 %

Shares of NYSE HESM opened at $37.30 on Thursday. The company has a market cap of $8.13 billion, a PE ratio of 15.81 and a beta of 1.53. Hess Midstream LP has a 1-year low of $30.72 and a 1-year high of $39.11. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 7.85. The company has a 50-day moving average of $35.98 and a two-hundred day moving average of $36.29.

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, topping analysts’ consensus estimates of $0.58 by $0.05. Hess Midstream had a net margin of 13.06% and a return on equity of 47.87%. The company had revenue of $378.50 million for the quarter, compared to analysts’ expectations of $376.98 million. During the same period last year, the firm posted $0.57 earnings per share. The business’s quarterly revenue was up 4.2% compared to the same quarter last year. As a group, equities analysts expect that Hess Midstream LP will post 2.41 earnings per share for the current fiscal year.

Hess Midstream Increases Dividend

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

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.