Northern Trust Corp Grows Stake in Hess Midstream LP (NYSE:HESM)

Northern Trust Corp grew its holdings in Hess Midstream LP (NYSE:HESM) by 17.8% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 85,550 shares of the company’s stock after buying an additional 12,939 shares during the quarter. Northern Trust Corp’s holdings in Hess Midstream were worth $3,168,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of HESM. HITE Hedge Asset Management LLC purchased a new stake in Hess Midstream in the 4th quarter worth approximately $19,642,000. Raymond James Financial Inc. purchased a new position in shares of Hess Midstream in the 4th quarter valued at approximately $12,976,000. Tokio Marine Asset Management Co. Ltd. purchased a new position in shares of Hess Midstream in the 4th quarter valued at approximately $8,786,000. CIBC Private Wealth Group LLC lifted its stake in shares of Hess Midstream by 54.4% in the 4th quarter. CIBC Private Wealth Group LLC now owns 631,123 shares of the company’s stock valued at $24,254,000 after purchasing an additional 222,358 shares during the period. Finally, Invesco Ltd. lifted its stake in shares of Hess Midstream by 4.9% in the 4th quarter. Invesco Ltd. now owns 4,091,011 shares of the company’s stock valued at $151,490,000 after purchasing an additional 191,175 shares during the period. Hedge funds and other institutional investors own 98.97% of the company’s stock.

Hess Midstream Stock Up 0.4%

Shares of NYSE:HESM opened at $38.15 on Friday. The stock has a fifty day simple moving average of $38.70 and a two-hundred day simple moving average of $38.66. The stock has a market capitalization of $8.32 billion, a price-to-earnings ratio of 15.32 and a beta of 0.67. Hess Midstream LP has a 12-month low of $33.59 and a 12-month high of $44.05. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 7.85.

Hess Midstream (NYSE:HESM) last posted its earnings results on Wednesday, April 30th. The company reported $0.65 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.02. The business had revenue of $382.00 million during the quarter, compared to analyst estimates of $384.28 million. Hess Midstream had a return on equity of 54.59% and a net margin of 14.92%. The company’s quarterly revenue was up 7.4% compared to the same quarter last year. During the same quarter last year, the company earned $0.60 EPS. On average, research analysts anticipate that Hess Midstream LP will post 2.5 earnings per share for the current fiscal year.

Hess Midstream Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 14th. Shareholders of record on Thursday, May 8th were issued a $0.7098 dividend. This is a positive change from Hess Midstream’s previous quarterly dividend of $0.70. The ex-dividend date was Thursday, May 8th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 7.44%. Hess Midstream’s dividend payout ratio (DPR) is presently 110.98%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on HESM. Raymond James raised their target price on Hess Midstream from $42.00 to $45.00 and gave the company an “outperform” rating in a research note on Tuesday, January 28th. Wells Fargo & Company lowered their target price on Hess Midstream from $42.00 to $41.00 and set an “equal weight” rating for the company in a research note on Thursday, May 1st. JPMorgan Chase & Co. raised their target price on Hess Midstream from $39.00 to $44.00 and gave the company a “neutral” rating in a research note on Thursday, March 27th. Finally, Citigroup raised their target price on Hess Midstream from $41.00 to $44.00 and gave the company a “buy” rating in a research note on Tuesday, February 18th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Hess Midstream currently has a consensus rating of “Moderate Buy” and a consensus price target of $42.80.

Hess Midstream Company 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.