Empowered Funds LLC Raises Position in Hess Midstream LP (NYSE:HESM)

Empowered Funds LLC boosted its holdings in shares of Hess Midstream LP (NYSE:HESM) by 12.4% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 81,171 shares of the company’s stock after buying an additional 8,972 shares during the period. Empowered Funds LLC’s holdings in Hess Midstream were worth $3,006,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Sanctuary Advisors LLC bought a new stake in Hess Midstream during the second quarter valued at approximately $426,000. Creative Planning raised its position in shares of Hess Midstream by 32.6% during the 3rd quarter. Creative Planning now owns 7,390 shares of the company’s stock valued at $261,000 after buying an additional 1,815 shares in the last quarter. NBC Securities Inc. lifted its holdings in shares of Hess Midstream by 24,034.0% during the 3rd quarter. NBC Securities Inc. now owns 24,134 shares of the company’s stock worth $851,000 after acquiring an additional 24,034 shares during the last quarter. Seven Grand Managers LLC purchased a new position in Hess Midstream in the third quarter worth $6,349,000. Finally, Raymond James & Associates increased its stake in Hess Midstream by 230.7% in the third quarter. Raymond James & Associates now owns 119,488 shares of the company’s stock valued at $4,214,000 after acquiring an additional 83,358 shares during the last quarter. 98.97% of the stock is currently owned by hedge funds and other institutional investors.

Hess Midstream Price Performance

Shares of NYSE:HESM opened at $39.53 on Friday. 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 stock has a market cap of $8.62 billion, a PE ratio of 15.87 and a beta of 1.53. The company’s fifty day moving average is $38.65 and its 200 day moving average is $36.96. Hess Midstream LP has a 52 week low of $32.64 and a 52 week high of $42.15.

Hess Midstream (NYSE:HESM) last released its quarterly earnings data on Wednesday, January 29th. The company reported $0.68 EPS for the quarter, topping 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 earnings per share for the current year.

Hess Midstream Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Thursday, February 6th will be given a $0.7012 dividend. The ex-dividend date of this dividend is Thursday, February 6th. This represents a $2.80 annualized dividend and a yield of 7.10%. This is an increase from Hess Midstream’s previous quarterly dividend of $0.68. Hess Midstream’s payout ratio is presently 112.45%.

Analyst Upgrades and Downgrades

HESM has been the subject of several research analyst reports. Raymond James lifted their price target on Hess Midstream from $42.00 to $45.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 28th. Wells Fargo & Company boosted their target price on Hess Midstream from $40.00 to $42.00 and gave the stock an “equal weight” rating in a research report on Tuesday, February 4th.

Insider Activity

In other Hess Midstream news, major shareholder Blackrock Portfolio Management sold 11,000,000 shares of the business’s stock in a transaction dated Wednesday, February 12th. The shares were sold at an average price of $39.11, for a total value of $430,210,000.00. The transaction was disclosed in a legal filing with the SEC, 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.