Point72 Asset Management L.P. Lowers Stock Holdings in Hess Midstream LP (NYSE:HESM)

Point72 Asset Management L.P. reduced its position in Hess Midstream LP (NYSE:HESM) by 96.0% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 17,200 shares of the company’s stock after selling 414,640 shares during the quarter. Point72 Asset Management L.P.’s holdings in Hess Midstream were worth $627,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of HESM. Peapack Gladstone Financial Corp lifted its position in Hess Midstream by 5.7% in the 4th quarter. Peapack Gladstone Financial Corp now owns 8,957 shares of the company’s stock worth $283,000 after buying an additional 484 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Hess Midstream by 2.2% in the 4th quarter. Goldman Sachs Group Inc. now owns 3,431,870 shares of the company’s stock valued at $108,550,000 after purchasing an additional 72,548 shares in the last quarter. Seven Eight Capital LP purchased a new stake in shares of Hess Midstream in the 4th quarter valued at $1,632,000. Basso Capital Management L.P. grew its holdings in shares of Hess Midstream by 84.6% during the 4th quarter. Basso Capital Management L.P. now owns 12,000 shares of the company’s stock valued at $380,000 after purchasing an additional 5,500 shares during the last quarter. Finally, Tortoise Index Solutions LLC raised its position in Hess Midstream by 15.4% in the 4th quarter. Tortoise Index Solutions LLC now owns 90,371 shares of the company’s stock worth $2,858,000 after purchasing an additional 12,055 shares during the period. 92.41% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other 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 transaction of $444,268,000.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

Hess Midstream Trading Up 0.3 %

NYSE:HESM opened at $36.35 on Friday. The firm has a market capitalization of $8.13 billion, a P/E ratio of 16.45 and a beta of 1.52. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 8.55. The company has a fifty day moving average of $36.25 and a 200 day moving average of $35.98. Hess Midstream LP has a 52 week low of $27.76 and a 52 week high of $39.11.

Hess Midstream (NYSE:HESM) last released its quarterly earnings data on Wednesday, July 31st. The company reported $0.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.54 by $0.05. The firm had revenue of $365.50 million for 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 company’s revenue for the quarter was up 12.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.50 earnings per share. On average, research analysts predict that Hess Midstream LP will post 2.36 earnings per share for the current year.

Hess Midstream Increases Dividend

The firm 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 a positive change from Hess Midstream’s previous quarterly dividend of $0.65. The ex-dividend date was Thursday, August 8th. This represents a $2.67 dividend on an annualized basis and a yield of 7.35%. Hess Midstream’s dividend payout ratio is presently 120.81%.

Wall Street Analysts Forecast Growth

HESM has been the subject of several analyst reports. JPMorgan Chase & Co. upped their price target on shares of Hess Midstream from $38.00 to $39.00 and gave the company a “neutral” rating in a research report on Wednesday, August 21st. UBS Group boosted their target price on Hess Midstream from $38.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, July 3rd. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, Hess Midstream presently has a consensus rating of “Moderate Buy” and an average target price of $37.20.

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.