12,908 Shares in Hess Midstream LP (NYSE:HESM) Acquired by McIlrath & Eck LLC

McIlrath & Eck LLC bought a new position in shares of Hess Midstream LP (NYSE:HESM) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 12,908 shares of the company’s stock, valued at approximately $455,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in HESM. Tompkins Financial Corp purchased a new stake in shares of Hess Midstream in the 3rd quarter valued at approximately $71,000. KBC Group NV increased its holdings in Hess Midstream by 83.9% in the 3rd quarter. KBC Group NV now owns 2,803 shares of the company’s stock valued at $99,000 after purchasing an additional 1,279 shares during the last quarter. Millburn Ridgefield Corp purchased a new stake in Hess Midstream in the third quarter valued at approximately $100,000. Icon Wealth Advisors LLC lifted its stake in Hess Midstream by 11.1% during the third quarter. Icon Wealth Advisors LLC now owns 3,288 shares of the company’s stock worth $116,000 after purchasing an additional 329 shares in the last quarter. Finally, Brown Brothers Harriman & Co. boosted its position in shares of Hess Midstream by 487.4% during the third quarter. Brown Brothers Harriman & Co. now owns 3,366 shares of the company’s stock worth $119,000 after buying an additional 2,793 shares during the period. Hedge funds and other institutional investors own 98.97% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Hess Midstream Price Performance

Shares of HESM opened at $35.95 on Wednesday. The company has a market cap of $7.84 billion, a P/E ratio of 15.23 and a beta of 1.53. Hess Midstream LP has a fifty-two week low of $30.08 and a fifty-two week high of $39.11. 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 firm’s 50 day moving average price is $35.91 and its 200 day moving average price is $36.18.

Hess Midstream (NYSE:HESM) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.63 earnings per share for the quarter, topping analysts’ consensus estimates of $0.58 by $0.05. The business had revenue of $378.50 million for the quarter, compared to analyst estimates of $376.98 million. Hess Midstream had a return on equity of 47.87% and a net margin of 13.06%. The company’s revenue was up 4.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.57 earnings per share. On average, research analysts forecast that Hess Midstream LP will post 2.41 earnings per share for the current fiscal year.

Hess Midstream Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Thursday, November 7th were given a $0.6846 dividend. The ex-dividend date of this dividend was Thursday, November 7th. This represents a $2.74 dividend on an annualized basis and a yield of 7.62%. This is a positive change from Hess Midstream’s previous quarterly dividend of $0.67. Hess Midstream’s dividend payout ratio (DPR) is currently 116.10%.

Insider Activity

In related news, Director Infrastructure Investor Global sold 12,650,000 shares of the stock in a transaction 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 document filed with the SEC, which is available at the SEC website. Also, CFO Jonathan C. Stein sold 7,923 shares of Hess Midstream stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $35.32, for a total value of $279,840.36. Following the sale, the chief financial officer now directly owns 59,945 shares of the company’s stock, valued at $2,117,257.40. This trade represents a 11.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

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.