Hess Midstream LP (NYSE:HESM) Shares Purchased by GAMMA Investing LLC

GAMMA Investing LLC lifted its holdings in Hess Midstream LP (NYSE:HESM) by 4,809.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,587 shares of the company’s stock after purchasing an additional 11,351 shares during the quarter. GAMMA Investing LLC’s holdings in Hess Midstream were worth $4,900,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Zimmer Partners LP purchased a new position in Hess Midstream in the 4th quarter worth $23,415,000. HITE Hedge Asset Management LLC purchased a new position in Hess Midstream in the 4th quarter worth $19,642,000. Deutsche Bank AG raised its stake in Hess Midstream by 56.3% in the 4th quarter. Deutsche Bank AG now owns 1,405,510 shares of the company’s stock worth $52,046,000 after acquiring an additional 506,430 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Hess Midstream by 11.0% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,011,069 shares of the company’s stock worth $185,560,000 after acquiring an additional 496,464 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new position in Hess Midstream in the 4th quarter worth $12,976,000. Institutional investors and hedge funds own 98.97% of the company’s stock.

Hess Midstream Stock Performance

NYSE HESM opened at $38.84 on Wednesday. The stock has a 50-day simple moving average of $37.59 and a two-hundred day simple moving average of $38.89. The firm has a market capitalization of $8.37 billion, a P/E ratio of 15.60 and a beta of 0.63. Hess Midstream LP has a fifty-two week low of $33.59 and a fifty-two week high of $44.05. The company has a debt-to-equity ratio of 7.85, a quick ratio of 0.70 and a current ratio of 0.70.

Hess Midstream (NYSE:HESM) last released its quarterly earnings data on Wednesday, April 30th. The company reported $0.65 earnings per share for the quarter, beating 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 revenue was up 7.4% on a year-over-year basis. During the same quarter last year, the business posted $0.60 EPS. On average, equities analysts forecast that Hess Midstream LP will post 2.5 earnings per share for the current year.

Hess Midstream Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 14th. Investors of record on Thursday, May 8th were paid a $0.7098 dividend. This represents a $2.84 annualized dividend and a dividend yield of 7.31%. The ex-dividend date was Thursday, May 8th. This is a positive change from Hess Midstream’s previous quarterly dividend of $0.70. Hess Midstream’s payout ratio is currently 110.98%.

Insider Activity at Hess Midstream

In related news, major shareholder Blackrock Portfolio Management sold 15,022,517 shares of Hess Midstream stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $36.86, for a total value of $553,729,976.62. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Geurt G. Schoonman sold 3,249 shares of Hess Midstream stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $39.10, for a total value of $127,035.90. The disclosure for this sale can be found here.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on HESM shares. Citigroup raised their target price on Hess Midstream from $41.00 to $44.00 and gave the stock a “buy” rating in a research note on Tuesday, February 18th. Wells Fargo & Company reduced 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. Finally, JPMorgan Chase & Co. raised their target price on Hess Midstream from $39.00 to $44.00 and gave the stock a “neutral” rating in a research note on Thursday, March 27th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $42.80.

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.