Van ECK Associates Corp Reduces Position in Hess Midstream LP (NYSE:HESM)

Van ECK Associates Corp lessened its stake in shares of Hess Midstream LP (NYSE:HESM – Get Rating) by 7.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 11,375 shares of the company’s stock after selling 928 shares during the quarter. Van ECK Associates Corp’s holdings in Hess Midstream were worth $340,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Trexquant Investment LP lifted its stake in Hess Midstream by 233.9% in the third quarter. Trexquant Investment LP now owns 49,621 shares of the company’s stock worth $1,266,000 after acquiring an additional 34,759 shares during the period. Tortoise Index Solutions LLC raised its holdings in Hess Midstream by 6.0% in the third quarter. Tortoise Index Solutions LLC now owns 41,324 shares of the company’s stock worth $1,055,000 after purchasing an additional 2,347 shares in the last quarter. Catalyst Capital Advisors LLC raised its holdings in Hess Midstream by 6.3% in the third quarter. Catalyst Capital Advisors LLC now owns 134,607 shares of the company’s stock worth $3,435,000 after purchasing an additional 8,000 shares in the last quarter. Eagle Global Advisors LLC raised its holdings in Hess Midstream by 14.4% in the fourth quarter. Eagle Global Advisors LLC now owns 34,250 shares of the company’s stock worth $1,025,000 after purchasing an additional 4,300 shares in the last quarter. Finally, Engineers Gate Manager LP raised its holdings in Hess Midstream by 170.3% in the third quarter. Engineers Gate Manager LP now owns 33,179 shares of the company’s stock worth $847,000 after purchasing an additional 20,904 shares in the last quarter. Hedge funds and other institutional investors own 87.59% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. UBS Group assumed coverage on Hess Midstream in a report on Wednesday, May 10th. They issued a “buy” rating and a $37.00 price objective for the company. Raymond James initiated coverage on Hess Midstream in a report on Friday, April 21st. They set an “outperform” rating and a $35.00 price target for the company.

Insider Activity

In other news, COO John A. Gatling sold 1,512 shares of Hess Midstream stock in a transaction dated Thursday, March 9th. The stock was sold at an average price of $28.26, for a total transaction of $42,729.12. Following the transaction, the chief operating officer now directly owns 45,090 shares of the company’s stock, valued at approximately $1,274,243.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, COO John A. Gatling sold 1,512 shares of Hess Midstream stock in a transaction dated Thursday, March 9th. The stock was sold at an average price of $28.26, for a total transaction of $42,729.12. Following the transaction, the chief operating officer now directly owns 45,090 shares of the company’s stock, valued at approximately $1,274,243.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Jonathan C. Stein sold 3,973 shares of Hess Midstream stock in a transaction dated Monday, March 13th. The shares were sold at an average price of $27.38, for a total value of $108,780.74. Following the transaction, the chief financial officer now directly owns 43,197 shares in the company, valued at $1,182,733.86. The disclosure for this sale can be found here. Insiders have sold a total of 10,786 shares of company stock valued at $298,622 in the last ninety days.

Hess Midstream Stock Performance

Shares of NYSE:HESM opened at $29.08 on Wednesday. The stock has a market capitalization of $1.28 billion, a price-to-earnings ratio of 14.61 and a beta of 1.60. The stock’s 50-day simple moving average is $28.39 and its two-hundred day simple moving average is $29.14. Hess Midstream LP has a 52-week low of $24.33 and a 52-week high of $34.99.

Hess Midstream Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 12th. Stockholders of record on Thursday, May 4th were given a dividend of $0.5851 per share. This is a boost from Hess Midstream’s previous quarterly dividend of $0.57. This represents a $2.34 dividend on an annualized basis and a dividend yield of 8.05%. The ex-dividend date was Wednesday, May 3rd. Hess Midstream’s payout ratio is presently 117.59%.

Hess Midstream Company Profile

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Hess Midstream LP engages in the ownership, development, and acquisition of midstream assets to provide services to third-party crude oil and natural gas producers. It operates through the following segments: Gathering, Processing and Storage, and Terminaling and Export. The Gathering segment consists of natural gas gathering and compression, crude oil gathering, and produced water gathering and disposal.