Thrivent Financial for Lutherans Invests $2.94 Million in Hess Midstream LP (NYSE:HESM)

Thrivent Financial for Lutherans acquired a new stake in shares of Hess Midstream LP (NYSE:HESM) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 80,785 shares of the company’s stock, valued at approximately $2,944,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Wells Fargo & Company MN increased its position in shares of Hess Midstream by 30.7% during the 4th quarter. Wells Fargo & Company MN now owns 434,434 shares of the company’s stock valued at $13,741,000 after purchasing an additional 102,010 shares during the period. Peapack Gladstone Financial Corp raised its position in Hess Midstream by 5.7% in the fourth quarter. Peapack Gladstone Financial Corp now owns 8,957 shares of the company’s stock worth $283,000 after acquiring an additional 484 shares in the last quarter. Goldman Sachs Group Inc. raised its position in Hess Midstream by 2.2% in the fourth quarter. Goldman Sachs Group Inc. now owns 3,431,870 shares of the company’s stock worth $108,550,000 after acquiring an additional 72,548 shares in the last quarter. Epoch Investment Partners Inc. lifted its holdings in Hess Midstream by 82.8% in the 4th quarter. Epoch Investment Partners Inc. now owns 1,792,886 shares of the company’s stock valued at $56,709,000 after acquiring an additional 811,976 shares during the last quarter. Finally, Seven Eight Capital LP bought a new position in shares of Hess Midstream during the 4th quarter valued at about $1,632,000. Institutional investors own 92.41% of the company’s stock.

Insider Activity

In other Hess Midstream news, Director Infrastructure Investor Global sold 12,650,000 shares of the firm’s stock in a transaction dated 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 can be accessed through this hyperlink.

Hess Midstream Price Performance

HESM stock opened at $35.19 on Monday. Hess Midstream LP has a one year low of $27.57 and a one year high of $39.11. The firm has a 50-day moving average of $36.43 and a two-hundred day moving average of $35.97. The firm has a market capitalization of $7.87 billion, a PE ratio of 15.92 and a beta of 1.52. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 8.55.

Hess Midstream (NYSE:HESM) last posted its quarterly earnings data on Wednesday, July 31st. The company reported $0.59 EPS for the quarter, topping analysts’ consensus estimates of $0.54 by $0.05. Hess Midstream had a net margin of 11.59% and a return on equity of 41.91%. The firm had revenue of $365.50 million during the quarter, compared to analyst estimates of $365.16 million. During the same quarter last year, the business posted $0.50 EPS. The company’s revenue was up 12.8% on a year-over-year basis. On average, analysts forecast that Hess Midstream LP will post 2.36 earnings per share for the current year.

Hess Midstream Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Thursday, August 8th were given a $0.6677 dividend. This represents a $2.67 annualized dividend and a dividend yield of 7.59%. The ex-dividend date was Thursday, August 8th. This is a boost from Hess Midstream’s previous quarterly dividend of $0.65. Hess Midstream’s dividend payout ratio (DPR) is 120.81%.

Analysts Set New Price Targets

HESM has been the subject of several recent research reports. UBS Group increased their target price on shares of Hess Midstream from $38.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, July 3rd. JPMorgan Chase & Co. upped their price target on Hess Midstream from $38.00 to $39.00 and gave the company a “neutral” rating in a report on Wednesday, August 21st. Two 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, Hess Midstream presently has a consensus rating of “Moderate Buy” and an average price target of $37.20.

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.