Hess Midstream LP (NYSE:HESM) Stake Raised by FORA Capital LLC

FORA Capital LLC increased its holdings in Hess Midstream LP (NYSE:HESM) by 50.3% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,634 shares of the company’s stock after buying an additional 4,562 shares during the quarter. FORA Capital LLC’s holdings in Hess Midstream were worth $481,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Tompkins Financial Corp bought a new position in shares of Hess Midstream in the third quarter worth $71,000. KBC Group NV increased its stake in Hess Midstream by 83.9% during the 3rd quarter. KBC Group NV now owns 2,803 shares of the company’s stock valued at $99,000 after buying an additional 1,279 shares during the period. Brown Brothers Harriman & Co. increased its stake in Hess Midstream by 487.4% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 3,366 shares of the company’s stock valued at $119,000 after buying an additional 2,793 shares during the period. Comerica Bank raised its position in shares of Hess Midstream by 7.4% during the 1st quarter. Comerica Bank now owns 5,553 shares of the company’s stock worth $201,000 after buying an additional 385 shares in the last quarter. Finally, South Street Advisors LLC acquired a new stake in shares of Hess Midstream in the 2nd quarter worth approximately $211,000. 92.41% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Infrastructure Investor Global sold 12,650,000 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $35.12, for a total value of $444,268,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Jonathan C. Stein sold 7,923 shares of Hess Midstream stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $35.32, for a total transaction of $279,840.36. Following the transaction, the chief financial officer now owns 59,945 shares in the company, valued at approximately $2,117,257.40. The trade was a 11.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analyst Ratings Changes

Separately, JPMorgan Chase & Co. raised their price objective on shares of Hess Midstream from $38.00 to $39.00 and gave the company a “neutral” rating in a research note on Wednesday, August 21st.

Hess Midstream Price Performance

NYSE:HESM opened at $37.31 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 business’s 50-day moving average price is $35.62 and its 200 day moving average price is $36.07. Hess Midstream LP has a 52-week low of $30.08 and a 52-week high of $39.11. The firm has a market cap of $8.13 billion, a P/E ratio of 15.81 and a beta of 1.51.

Hess Midstream (NYSE:HESM) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.05. Hess Midstream had a return on equity of 47.87% and a net margin of 13.06%. The company had revenue of $378.50 million for the quarter, compared to analysts’ expectations of $376.98 million. During the same quarter in the prior year, the company earned $0.57 earnings per share. The firm’s revenue was up 4.2% on a year-over-year basis. As a group, sell-side analysts predict that Hess Midstream LP will post 2.45 earnings per share for the current fiscal year.

Hess Midstream Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Thursday, November 7th were given a dividend of $0.6846 per share. The ex-dividend date was Thursday, November 7th. This is a positive change from Hess Midstream’s previous quarterly dividend of $0.67. This represents a $2.74 dividend on an annualized basis and a dividend yield of 7.34%. Hess Midstream’s payout ratio is 115.68%.

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.