Hess Midstream (NYSE:HESM) Reaches New 52-Week High – Here’s Why

Shares of Hess Midstream LP (NYSE:HESM) reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $44.05 and last traded at $43.87, with a volume of 1352882 shares. The stock had previously closed at $43.21.

Wall Street Analysts Forecast Growth

Several research firms recently commented on HESM. Raymond James upped their target price on Hess Midstream from $42.00 to $45.00 and gave the company an “outperform” rating in a research note on Tuesday, January 28th. Citigroup increased their price objective on shares of Hess Midstream from $41.00 to $44.00 and gave the stock a “buy” rating in a report on Tuesday, February 18th. Finally, Wells Fargo & Company boosted their target price on shares of Hess Midstream from $40.00 to $42.00 and gave the company an “equal weight” rating in a report on Tuesday, February 4th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $42.00.

Hess Midstream Stock Up 1.5 %

The firm has a 50 day moving average price of $40.68 and a two-hundred day moving average price of $37.73. The firm has a market capitalization of $9.56 billion, a price-to-earnings ratio of 17.62 and a beta of 1.48. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 7.85.

Hess Midstream (NYSE:HESM) last released its quarterly earnings data on Wednesday, January 29th. The company reported $0.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.03. Hess Midstream had a net margin of 14.92% and a return on equity of 54.59%. On average, equities analysts expect that Hess Midstream LP will post 2.5 earnings per share for the current fiscal year.

Hess Midstream Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Thursday, February 6th were given a $0.7012 dividend. This is an increase from Hess Midstream’s previous quarterly dividend of $0.68. The ex-dividend date of this dividend was Thursday, February 6th. This represents a $2.80 annualized dividend and a dividend yield of 6.39%. Hess Midstream’s dividend payout ratio is presently 112.45%.

Insider Activity at Hess Midstream

In related news, major shareholder Blackrock Portfolio Management sold 11,000,000 shares of the firm’s stock in a transaction on Wednesday, February 12th. The shares were sold at an average price of $39.11, for a total transaction of $430,210,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Institutional Trading of Hess Midstream

Hedge funds and other institutional investors have recently modified their holdings of the business. Nordea Investment Management AB boosted its stake in Hess Midstream by 98.0% during the 4th quarter. Nordea Investment Management AB now owns 271,051 shares of the company’s stock valued at $10,118,000 after acquiring an additional 134,171 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Hess Midstream by 51.0% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 379,071 shares of the company’s stock worth $13,370,000 after purchasing an additional 128,009 shares during the last quarter. Stifel Financial Corp lifted its position in shares of Hess Midstream by 37.7% during the third quarter. Stifel Financial Corp now owns 11,490 shares of the company’s stock worth $405,000 after purchasing an additional 3,148 shares during the last quarter. Van ECK Associates Corp grew its stake in Hess Midstream by 75.1% in the fourth quarter. Van ECK Associates Corp now owns 23,729 shares of the company’s stock worth $879,000 after purchasing an additional 10,175 shares in the last quarter. Finally, Artemis Investment Management LLP increased its holdings in Hess Midstream by 11.9% in the fourth quarter. Artemis Investment Management LLP now owns 851,203 shares of the company’s stock valued at $31,520,000 after buying an additional 90,521 shares during the last quarter. 98.97% of the stock is owned by hedge funds and other institutional investors.

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.