Hess Midstream LP (NYSE:HESM) Raises Dividend to $0.55 Per Share

Hess Midstream LP (NYSE:HESMGet Rating) declared a quarterly dividend on Monday, April 25th, Zacks reports. Shareholders of record on Thursday, May 5th will be given a dividend of 0.549 per share on Friday, May 13th. This represents a $2.20 dividend on an annualized basis and a yield of 7.43%. The ex-dividend date is Wednesday, May 4th. This is a boost from Hess Midstream’s previous quarterly dividend of $0.52.

Hess Midstream has raised its dividend payment by an average of 12.1% annually over the last three years and has raised its dividend annually for the last 5 consecutive years. Hess Midstream has a payout ratio of 80.2% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Equities analysts expect Hess Midstream to earn $2.48 per share next year, which means the company should continue to be able to cover its $2.07 annual dividend with an expected future payout ratio of 83.5%.

NYSE HESM traded down $0.23 on Wednesday, reaching $29.54. 278 shares of the company were exchanged, compared to its average volume of 801,293. The business’s fifty day moving average price is $31.40 and its 200 day moving average price is $28.55. The stock has a market capitalization of $994.41 million, a P/E ratio of 16.91 and a beta of 1.83. Hess Midstream has a fifty-two week low of $21.89 and a fifty-two week high of $35.71.

Hess Midstream (NYSE:HESMGet Rating) last announced its quarterly earnings results on Wednesday, January 26th. The company reported $0.51 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.56 by ($0.05). The firm had revenue of $316.30 million during the quarter. During the same period last year, the firm posted $0.36 EPS. Research analysts anticipate that Hess Midstream will post 2.37 earnings per share for the current year.

A number of equities research analysts have issued reports on the company. Zacks Investment Research raised Hess Midstream from a “sell” rating to a “hold” rating in a research report on Friday, March 18th. Morgan Stanley raised their target price on Hess Midstream from $32.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Finally, Wells Fargo & Company downgraded Hess Midstream from an “overweight” rating to an “equal weight” rating and set a $33.00 price target on the stock. in a research note on Thursday, March 10th. Six research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Hess Midstream presently has an average rating of “Hold” and an average price target of $30.86.

In related news, Director Corp Hess sold 5,117,500 shares of Hess Midstream stock in a transaction on Monday, April 4th. The stock was sold at an average price of $28.50, for a total transaction of $145,848,750.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Jonathan C. Stein sold 3,770 shares of the business’s stock in a transaction on Wednesday, March 9th. The stock was sold at an average price of $32.41, for a total value of $122,185.70. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,129,494 shares of company stock worth $146,229,315.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Royal Bank of Canada raised its holdings in shares of Hess Midstream by 17.4% in the second quarter. Royal Bank of Canada now owns 3,376 shares of the company’s stock worth $85,000 after acquiring an additional 500 shares during the last quarter. Legal & General Group Plc acquired a new position in Hess Midstream in the fourth quarter valued at $231,000. State of Tennessee Treasury Department increased its stake in Hess Midstream by 86.7% in the fourth quarter. State of Tennessee Treasury Department now owns 9,688 shares of the company’s stock valued at $268,000 after purchasing an additional 4,500 shares during the last quarter. Northern Trust Corp acquired a new position in Hess Midstream in the fourth quarter valued at $286,000. Finally, Credit Suisse AG acquired a new position in Hess Midstream in the fourth quarter valued at $698,000.

About Hess Midstream (Get Rating)

Hess Midstream LP owns, develops, operates, and acquires midstream assets. The company operates through three segments: Gathering; Processing and Storage; and Terminaling and Export. The Gathering segment owns natural gas gathering and compression; crude oil gathering systems; and produced water gathering and disposal facilities.

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Dividend History for Hess Midstream (NYSE:HESM)

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