Arizona State Retirement System Raises Position in Hess Midstream LP (NYSE:HESM)

Arizona State Retirement System grew its position in Hess Midstream LP (NYSE:HESM – Get Rating) by 3.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 12,416 shares of the company’s stock after acquiring an additional 458 shares during the period. Arizona State Retirement System’s holdings in Hess Midstream were worth $371,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Advisor Group Holdings Inc. raised its position in Hess Midstream by 43.0% during the first quarter. Advisor Group Holdings Inc. now owns 8,053 shares of the company’s stock worth $241,000 after acquiring an additional 2,423 shares during the last quarter. Cambridge Investment Research Advisors Inc. purchased a new stake in Hess Midstream in the first quarter valued at approximately $244,000. Cetera Advisor Networks LLC acquired a new position in Hess Midstream during the first quarter worth approximately $445,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new position in Hess Midstream during the first quarter worth approximately $1,556,000. Finally, BlackRock Inc. boosted its holdings in shares of Hess Midstream by 220.0% in the 1st quarter. BlackRock Inc. now owns 391,128 shares of the company’s stock valued at $11,733,000 after purchasing an additional 268,914 shares during the last quarter. Institutional investors and hedge funds own 87.59% of the company’s stock.

Insider Activity

In related news, COO John A. Gatling sold 1,512 shares of the stock in a transaction that occurred on Thursday, March 9th. The stock was sold at an average price of $28.26, for a total value of $42,729.12. Following the completion of 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Hess Midstream news, COO John A. Gatling sold 1,512 shares of the firm’s 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 completion of the sale, the chief operating officer now directly owns 45,090 shares in the company, valued at approximately $1,274,243.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Jonathan C. Stein sold 2,239 shares of the firm’s stock in a transaction dated Thursday, March 9th. The stock was sold at an average price of $28.26, for a total value of $63,274.14. Following the sale, the chief financial officer now owns 39,389 shares of the company’s stock, valued at $1,113,133.14. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 10,786 shares of company stock valued at $298,622.

Hess Midstream Stock Up 1.0 %

Shares of NYSE HESM opened at $27.81 on Monday. The stock’s 50 day moving average price is $28.38 and its two-hundred day moving average price is $29.12. Hess Midstream LP has a 52-week low of $24.33 and a 52-week high of $34.99. The stock has a market capitalization of $1.23 billion, a P/E ratio of 13.97 and a beta of 1.60.

Hess Midstream Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 12th. Stockholders of record on Thursday, May 4th were issued a dividend of $0.5851 per share. The ex-dividend date was Wednesday, May 3rd. This is a positive change from Hess Midstream’s previous quarterly dividend of $0.57. This represents a $2.34 annualized dividend and a dividend yield of 8.42%. Hess Midstream’s dividend payout ratio is 117.59%.

Analyst Upgrades and Downgrades

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

Hess Midstream 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.