Brookfield Corp ON Sells 115,877 Shares of Hess Midstream LP (NYSE:HESM)

Brookfield Corp ON reduced its stake in Hess Midstream LP (NYSE:HESM) by 9.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,105,545 shares of the company’s stock after selling 115,877 shares during the period. Brookfield Corp ON owned 0.50% of Hess Midstream worth $38,993,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Westwood Holdings Group Inc. grew its position in shares of Hess Midstream by 126.8% during the 2nd quarter. Westwood Holdings Group Inc. now owns 1,936,522 shares of the company’s stock worth $70,567,000 after buying an additional 1,082,840 shares in the last quarter. Tortoise Capital Advisors L.L.C. raised its position in shares of Hess Midstream by 12.4% in the 2nd quarter. Tortoise Capital Advisors L.L.C. now owns 7,428,262 shares of the company’s stock worth $270,686,000 after acquiring an additional 822,311 shares in the last quarter. Epoch Investment Partners Inc. grew its stake in Hess Midstream by 23.5% in the second quarter. Epoch Investment Partners Inc. now owns 2,953,324 shares of the company’s stock valued at $107,619,000 after purchasing an additional 562,688 shares during the last quarter. Soros Fund Management LLC bought a new position in Hess Midstream in the third quarter worth about $14,108,000. Finally, TD Asset Management Inc lifted its position in Hess Midstream by 10.4% during the second quarter. TD Asset Management Inc now owns 3,431,555 shares of the company’s stock valued at $125,046,000 after acquiring an additional 322,479 shares during the last quarter. 92.41% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, JPMorgan Chase & Co. lifted their target price on shares of Hess Midstream from $38.00 to $39.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st.

Insider Buying and Selling at Hess Midstream

In other Hess Midstream news, CFO Jonathan C. Stein sold 7,923 shares of the business’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $35.32, for a total value of $279,840.36. Following the transaction, the chief financial officer now directly owns 59,945 shares in the company, valued at $2,117,257.40. The trade was a 11.67 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Infrastructure Investor Global sold 12,650,000 shares of the stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $35.12, for a total value of $444,268,000.00. The disclosure for this sale can be found here.

Hess Midstream Stock Performance

Shares of HESM stock opened at $37.37 on Friday. Hess Midstream LP has a 52-week low of $30.08 and a 52-week high of $39.11. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 7.85. The stock has a market cap of $8.15 billion, a PE ratio of 15.83 and a beta of 1.53. The business has a 50-day simple moving average of $35.88 and a 200-day simple moving average of $36.17.

Hess Midstream (NYSE:HESM) last posted its earnings results on Wednesday, October 30th. The company reported $0.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.05. The business had revenue of $378.50 million for the quarter, compared to analyst estimates of $376.98 million. Hess Midstream had a net margin of 13.06% and a return on equity of 47.87%. The company’s revenue for the quarter was up 4.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.57 EPS. On average, equities analysts expect that Hess Midstream LP will post 2.41 EPS for the current year.

Hess Midstream Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Thursday, November 7th were paid a $0.6846 dividend. This is an increase from Hess Midstream’s previous quarterly dividend of $0.67. This represents a $2.74 annualized dividend and a yield of 7.33%. The ex-dividend date of this dividend was Thursday, November 7th. Hess Midstream’s dividend payout ratio is currently 116.10%.

About Hess Midstream

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.