Hess Midstream LP (NYSE:HESM) Sees Large Drop in Short Interest

Hess Midstream LP (NYSE:HESMGet Free Report) saw a large drop in short interest in May. As of May 31st, there was short interest totalling 5,600,000 shares, a drop of 9.7% from the May 15th total of 6,200,000 shares. Based on an average daily volume of 928,400 shares, the short-interest ratio is currently 6.0 days.

Insider Activity

In other Hess Midstream news, Director Infrastructure Investor Global sold 1,500,000 shares of the firm’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $34.02, for a total value of $51,030,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Hedge Funds Weigh In On Hess Midstream

Several hedge funds have recently added to or reduced their stakes in HESM. Alps Advisors Inc. increased its position in shares of Hess Midstream by 36.0% during the third quarter. Alps Advisors Inc. now owns 11,728,814 shares of the company’s stock worth $341,660,000 after acquiring an additional 3,107,528 shares in the last quarter. TD Asset Management Inc lifted its position in Hess Midstream by 190.8% in the 4th quarter. TD Asset Management Inc now owns 2,335,957 shares of the company’s stock valued at $73,886,000 after acquiring an additional 1,532,700 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in Hess Midstream by 38.9% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,167,876 shares of the company’s stock valued at $100,200,000 after acquiring an additional 887,859 shares in the last quarter. Epoch Investment Partners Inc. lifted its position in Hess Midstream by 82.8% in the 4th quarter. Epoch Investment Partners Inc. now owns 1,792,886 shares of the company’s stock valued at $56,709,000 after acquiring an additional 811,976 shares in the last quarter. Finally, BROOKFIELD Corp ON lifted its position in Hess Midstream by 434.8% in the 1st quarter. BROOKFIELD Corp ON now owns 843,577 shares of the company’s stock valued at $30,478,000 after acquiring an additional 685,847 shares in the last quarter. Institutional investors and hedge funds own 92.41% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently issued reports on HESM. Wells Fargo & Company increased their price target on shares of Hess Midstream from $36.00 to $37.00 and gave the stock an “equal weight” rating in a research report on Monday, April 29th. UBS Group raised their price objective on shares of Hess Midstream from $35.00 to $38.00 and gave the company a “buy” rating in a research report on Friday, March 1st. Finally, JPMorgan Chase & Co. raised their price objective on shares of Hess Midstream from $37.00 to $38.00 and gave the company a “neutral” rating in a research report on Tuesday, April 16th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $36.50.

View Our Latest Stock Analysis on HESM

Hess Midstream Trading Up 1.0 %

Shares of Hess Midstream stock opened at $35.66 on Wednesday. The stock has a market capitalization of $7.97 billion, a P/E ratio of 16.14 and a beta of 1.49. Hess Midstream has a 12-month low of $27.57 and a 12-month high of $36.84. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 8.67. The company has a 50-day simple moving average of $35.04 and a 200 day simple moving average of $33.97.

Hess Midstream (NYSE:HESMGet Free Report) last issued its earnings results on Thursday, April 25th. The company reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.55 by $0.04. The company had revenue of $355.60 million for the quarter, compared to analyst estimates of $354.98 million. Hess Midstream had a net margin of 10.18% and a return on equity of 35.08%. Research analysts expect that Hess Midstream 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 Tuesday, May 14th. Shareholders of record on Thursday, May 2nd were given a dividend of $0.6516 per share. This is a boost from Hess Midstream’s previous quarterly dividend of $0.63. The ex-dividend date of this dividend was Wednesday, May 1st. This represents a $2.61 annualized dividend and a dividend yield of 7.31%. Hess Midstream’s payout ratio is presently 118.10%.

About Hess Midstream

(Get Free Report)

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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