Cinctive Capital Management LP Purchases New Stake in Hess Midstream LP (NYSE:HESM)

Cinctive Capital Management LP acquired a new position in Hess Midstream LP (NYSE:HESM) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 99,111 shares of the company’s stock, valued at approximately $3,670,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of HESM. Clearbridge Investments LLC lifted its stake in shares of Hess Midstream by 11.8% in the fourth quarter. Clearbridge Investments LLC now owns 1,751,875 shares of the company’s stock valued at $64,872,000 after purchasing an additional 184,290 shares during the period. Yaupon Capital Management LP acquired a new stake in shares of Hess Midstream during the 3rd quarter valued at approximately $44,088,000. Artemis Investment Management LLP increased its stake in Hess Midstream by 11.9% in the 4th quarter. Artemis Investment Management LLP now owns 851,203 shares of the company’s stock valued at $31,520,000 after purchasing an additional 90,521 shares in the last quarter. CIBC Private Wealth Group LLC raised its holdings in Hess Midstream by 54.4% during the fourth quarter. CIBC Private Wealth Group LLC now owns 631,123 shares of the company’s stock worth $24,254,000 after purchasing an additional 222,358 shares during the last quarter. Finally, Jennison Associates LLC boosted its position in Hess Midstream by 34.7% during the fourth quarter. Jennison Associates LLC now owns 587,496 shares of the company’s stock worth $21,755,000 after purchasing an additional 151,220 shares in the last quarter. Institutional investors and hedge funds own 98.97% of the company’s stock.

Insider Activity

In related news, major shareholder Blackrock Portfolio Management sold 11,000,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 12th. The shares were sold at an average price of $39.11, for a total value of $430,210,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on HESM shares. JPMorgan Chase & Co. lifted their price target on Hess Midstream from $39.00 to $44.00 and gave the stock a “neutral” rating in a research note on Thursday, March 27th. Citigroup lifted their target price on shares of Hess Midstream from $41.00 to $44.00 and gave the stock a “buy” rating in a research report on Tuesday, February 18th. Raymond James increased their price target on shares of Hess Midstream from $42.00 to $45.00 and gave the company an “outperform” rating in a research report on Tuesday, January 28th. Finally, Wells Fargo & Company lifted their price objective on Hess Midstream from $40.00 to $42.00 and gave the stock an “equal weight” rating in a research report on Tuesday, February 4th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $43.00.

Hess Midstream Price Performance

NYSE:HESM opened at $42.92 on Thursday. Hess Midstream LP has a 12-month low of $32.75 and a 12-month high of $44.05. The firm has a market cap of $9.36 billion, a price-to-earnings ratio of 17.24 and a beta of 1.48. The company’s 50-day moving average is $41.25 and its two-hundred day moving average is $38.19. 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 announced 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 net margin of 14.92% and a return on equity of 54.59%. Research analysts expect that Hess Midstream LP will post 2.5 EPS for the current year.

Hess Midstream Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Thursday, February 6th were issued 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 annualized dividend and a dividend yield of 6.53%. Hess Midstream’s dividend payout ratio (DPR) 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.