Raymond James Financial Inc. Takes Position in Hess Midstream LP (NYSE:HESM)

Raymond James Financial Inc. purchased a new position in Hess Midstream LP (NYSE:HESM) during the 4th quarter, Holdings Channel.com reports. The firm purchased 350,410 shares of the company’s stock, valued at approximately $12,976,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in HESM. Yaupon Capital Management LP bought a new stake in Hess Midstream in the third quarter worth $44,088,000. Soros Fund Management LLC purchased a new position in shares of Hess Midstream in the 3rd quarter worth about $14,108,000. Tokio Marine Asset Management Co. Ltd. bought a new position in Hess Midstream in the 4th quarter worth about $8,786,000. Jennison Associates LLC boosted its stake in Hess Midstream by 34.7% in the 4th quarter. Jennison Associates LLC now owns 587,496 shares of the company’s stock worth $21,755,000 after purchasing an additional 151,220 shares in the last quarter. Finally, Nordea Investment Management AB grew its position 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 purchasing an additional 134,171 shares during the last quarter. Institutional investors own 98.97% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Hess Midstream Stock Up 1.5 %

Shares of Hess Midstream stock opened at $43.87 on Thursday. Hess Midstream LP has a twelve month low of $32.75 and a twelve month high of $44.05. 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 company’s 50 day moving average is $40.68 and its 200 day moving average is $37.73. The company has a market cap of $9.56 billion, a price-to-earnings ratio of 17.62 and a beta of 1.48.

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

Hess Midstream Increases Dividend

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

Insider Buying and Selling at Hess Midstream

In other news, major shareholder Blackrock Portfolio Management sold 11,000,000 shares of the business’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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

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.