Mackenzie Financial Corp Cuts Holdings in Hess Midstream LP (NYSE:HESM)

Mackenzie Financial Corp trimmed its holdings in shares of Hess Midstream LP (NYSE:HESM) by 45.5% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 122,423 shares of the company’s stock after selling 102,325 shares during the period. Mackenzie Financial Corp’s holdings in Hess Midstream were worth $3,872,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in HESM. Tower Research Capital LLC TRC bought a new stake in Hess Midstream during the third quarter valued at about $32,000. DekaBank Deutsche Girozentrale bought a new stake in Hess Midstream during the third quarter valued at about $41,000. Dark Forest Capital Management LP bought a new stake in Hess Midstream during the first quarter valued at about $53,000. Great West Life Assurance Co. Can raised its holdings in Hess Midstream by 83.9% during the first quarter. Great West Life Assurance Co. Can now owns 1,762 shares of the company’s stock valued at $56,000 after acquiring an additional 804 shares during the period. Finally, BNP Paribas Arbitrage SNC bought a new stake in Hess Midstream during the third quarter valued at about $71,000. 92.41% of the stock is currently owned by hedge funds and other institutional investors.

Hess Midstream Trading Up 1.4 %

Shares of NYSE HESM opened at $35.33 on Monday. The business’s 50 day moving average is $34.96 and its two-hundred day moving average is $32.64. The company has a debt-to-equity ratio of 8.81, a current ratio of 0.65 and a quick ratio of 0.65. Hess Midstream LP has a 1-year low of $26.86 and a 1-year high of $36.84. The stock has a market capitalization of $8.00 billion, a P/E ratio of 16.90 and a beta of 1.50.

Hess Midstream (NYSE:HESM) last announced its earnings results on Wednesday, January 31st. The company reported $0.55 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.60 by ($0.05). Hess Midstream had a net margin of 8.79% and a return on equity of 28.21%. The business had revenue of $356.50 million for the quarter, compared to analysts’ expectations of $358.86 million. During the same quarter last year, the firm earned $0.49 EPS. The firm’s quarterly revenue was up 13.3% on a year-over-year basis. As a group, research analysts expect that Hess Midstream LP will post 2.54 EPS for the current year.

Hess Midstream Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, February 14th. Shareholders of record on Thursday, February 8th were given a dividend of $0.6343 per share. This represents a $2.54 annualized dividend and a dividend yield of 7.18%. The ex-dividend date was Wednesday, February 7th. This is a positive change from Hess Midstream’s previous quarterly dividend of $0.62. Hess Midstream’s payout ratio is 121.53%.

Wall Street Analysts Forecast Growth

A number of research firms have commented on HESM. JPMorgan Chase & Co. raised their price target on Hess Midstream from $37.00 to $38.00 and gave the company a “neutral” rating in a report on Tuesday, April 16th. UBS Group lifted their target price on Hess Midstream from $35.00 to $38.00 and gave the stock a “buy” rating in a report on Friday, March 1st. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $35.67.

Insider Buying and Selling at Hess Midstream

In other Hess Midstream news, Director Infrastructure Investor Global sold 11,500,000 shares of the business’s stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $32.83, for a total transaction of $377,545,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Hess Midstream Profile

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.