Avidian Wealth Enterprises LLC lowered its position in shares of Hess Midstream LP (NYSE:HESM – Free Report) by 24.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,868 shares of the company’s stock after selling 2,256 shares during the quarter. Avidian Wealth Enterprises LLC’s holdings in Hess Midstream were worth $254,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. Tompkins Financial Corp bought a new position in Hess Midstream in the 3rd quarter worth approximately $71,000. KBC Group NV boosted its position in shares of Hess Midstream by 83.9% during the third quarter. KBC Group NV now owns 2,803 shares of the company’s stock worth $99,000 after acquiring an additional 1,279 shares during the last quarter. Millburn Ridgefield Corp purchased a new position in Hess Midstream during the third quarter valued at $100,000. Icon Wealth Advisors LLC increased its holdings in Hess Midstream by 11.1% in the 3rd quarter. Icon Wealth Advisors LLC now owns 3,288 shares of the company’s stock valued at $116,000 after acquiring an additional 329 shares during the last quarter. Finally, Brown Brothers Harriman & Co. lifted its stake in Hess Midstream by 487.4% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 3,366 shares of the company’s stock worth $119,000 after purchasing an additional 2,793 shares in the last quarter. 98.97% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
Several equities research analysts have recently issued reports on the company. Raymond James lifted their target price on Hess Midstream from $42.00 to $45.00 and gave the stock an “outperform” rating in a report on Tuesday, January 28th. Wells Fargo & Company upped their price objective on Hess Midstream from $40.00 to $42.00 and gave the stock an “equal weight” rating in a report on Tuesday, February 4th.
Insider Activity
In related news, major shareholder Blackrock Portfolio Management sold 11,000,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 12th. The stock was sold at an average price of $39.11, for a total transaction of $430,210,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.
Hess Midstream Stock Up 0.6 %
Shares of NYSE:HESM opened at $39.83 on Friday. The company has a market cap of $8.68 billion, a price-to-earnings ratio of 16.00 and a beta of 1.53. Hess Midstream LP has a 12 month low of $32.73 and a 12 month high of $42.15. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 7.85. The company has a 50-day moving average price of $38.70 and a 200 day moving average price of $36.97.
Hess Midstream (NYSE:HESM – Get Free Report) last posted its quarterly earnings data on Wednesday, January 29th. The company reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.65 by $0.03. Hess Midstream had a return on equity of 54.59% and a net margin of 14.92%. As a group, equities research analysts predict that Hess Midstream LP will post 2.5 earnings per share for the current year.
Hess Midstream Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Thursday, February 6th were given a dividend of $0.7012 per share. This is a boost from Hess Midstream’s previous quarterly dividend of $0.68. The ex-dividend date of this dividend was Thursday, February 6th. This represents a $2.80 dividend on an annualized basis and a yield of 7.04%. Hess Midstream’s payout ratio is 112.45%.
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.
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