Clearbridge Investments LLC Sells 1,286,000 Shares of Hess Midstream LP (NYSE:HESM)

Clearbridge Investments LLC trimmed its position in shares of Hess Midstream LP (NYSE:HESM) by 49.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,331,185 shares of the company’s stock after selling 1,286,000 shares during the period. Clearbridge Investments LLC owned 0.60% of Hess Midstream worth $48,508,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also bought and sold shares of the company. Westwood Holdings Group Inc. grew its stake in shares of Hess Midstream by 126.8% during the 2nd quarter. Westwood Holdings Group Inc. now owns 1,936,522 shares of the company’s stock worth $70,567,000 after acquiring an additional 1,082,840 shares during the period. Tortoise Capital Advisors L.L.C. increased its stake in shares of Hess Midstream by 12.4% in the second quarter. Tortoise Capital Advisors L.L.C. now owns 7,428,262 shares of the company’s stock worth $270,686,000 after purchasing an additional 822,311 shares in the last quarter. Epoch Investment Partners Inc. raised its position in shares of Hess Midstream by 82.8% in the fourth quarter. Epoch Investment Partners Inc. now owns 1,792,886 shares of the company’s stock valued at $56,709,000 after purchasing an additional 811,976 shares during the period. TD Asset Management Inc raised its position in shares of Hess Midstream by 33.1% in the first quarter. TD Asset Management Inc now owns 3,109,076 shares of the company’s stock valued at $112,331,000 after purchasing an additional 773,119 shares during the period. Finally, BROOKFIELD Corp ON lifted its stake in shares of Hess Midstream by 434.8% during the 1st quarter. BROOKFIELD Corp ON now owns 843,577 shares of the company’s stock valued at $30,478,000 after buying an additional 685,847 shares in the last quarter. 92.41% of the stock is owned by hedge funds and other institutional investors.

Hess Midstream Price Performance

NYSE:HESM opened at $36.23 on Friday. The firm has a market capitalization of $8.10 billion, a price-to-earnings ratio of 16.46 and a beta of 1.52. The company has a debt-to-equity ratio of 8.55, a quick ratio of 1.11 and a current ratio of 1.11. The stock has a fifty day moving average of $36.27 and a 200 day moving average of $35.97. Hess Midstream LP has a 52-week low of $27.57 and a 52-week high of $39.11.

Hess Midstream (NYSE:HESM) last released its quarterly earnings results on Wednesday, July 31st. The company reported $0.59 EPS for the quarter, topping analysts’ consensus estimates of $0.54 by $0.05. The business had revenue of $365.50 million during the quarter, compared to analysts’ expectations of $365.16 million. Hess Midstream had a net margin of 11.59% and a return on equity of 41.91%. The business’s quarterly revenue was up 12.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.50 EPS. On average, research analysts expect that Hess Midstream LP will post 2.36 EPS for the current fiscal year.

Hess Midstream Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Shareholders of record on Thursday, August 8th were given a dividend of $0.6677 per share. This is an increase from Hess Midstream’s previous quarterly dividend of $0.65. The ex-dividend date of this dividend was Thursday, August 8th. This represents a $2.67 dividend on an annualized basis and a yield of 7.37%. Hess Midstream’s dividend payout ratio (DPR) is presently 120.81%.

Analyst Ratings Changes

HESM has been the topic of a number of analyst reports. UBS Group boosted their target price on shares of Hess Midstream from $38.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, July 3rd. JPMorgan Chase & Co. increased their price objective on Hess Midstream from $38.00 to $39.00 and gave the stock 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. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $37.20.

Insider Transactions at Hess Midstream

In related news, Director Infrastructure Investor Global sold 12,650,000 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $35.12, for a total value of $444,268,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

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.