Entropy Technologies LP Grows Position in Hess Midstream LP (NYSE:HESM)

Entropy Technologies LP raised its position in Hess Midstream LP (NYSE:HESM) by 33.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 28,691 shares of the company’s stock after purchasing an additional 7,150 shares during the quarter. Entropy Technologies LP’s holdings in Hess Midstream were worth $1,012,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC purchased a new stake in shares of Hess Midstream in the first quarter worth approximately $30,000. Swiss National Bank lifted its position in shares of Hess Midstream by 14.8% during the first quarter. Swiss National Bank now owns 154,600 shares of the company’s stock worth $5,586,000 after purchasing an additional 19,900 shares during the last quarter. ProShare Advisors LLC lifted its position in shares of Hess Midstream by 5.2% during the first quarter. ProShare Advisors LLC now owns 6,746 shares of the company’s stock worth $244,000 after purchasing an additional 332 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Hess Midstream by 13.6% in the first quarter. Vanguard Group Inc. now owns 456,607 shares of the company’s stock worth $16,497,000 after purchasing an additional 54,769 shares during the last quarter. Finally, Basso Capital Management L.P. increased its stake in Hess Midstream by 12.5% in the 1st quarter. Basso Capital Management L.P. now owns 13,500 shares of the company’s stock worth $488,000 after buying an additional 1,500 shares during the period. Institutional investors own 92.41% of the company’s stock.

Hess Midstream Trading Down 1.8 %

Shares of NYSE HESM opened at $34.19 on Thursday. Hess Midstream LP has a twelve month low of $29.90 and a twelve month high of $39.11. The firm has a market cap of $7.55 billion, a PE ratio of 14.49 and a beta of 1.51. The business has a fifty day simple moving average of $35.61 and a two-hundred day simple moving average of $35.95. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 7.85.

Hess Midstream (NYSE:HESM) last released its quarterly earnings data on Wednesday, October 30th. The company reported $0.63 earnings per share for the quarter, beating the consensus estimate of $0.58 by $0.05. Hess Midstream had a return on equity of 47.87% and a net margin of 13.06%. The firm had revenue of $378.50 million during the quarter, compared to the consensus estimate of $376.98 million. During the same period in the previous year, the company posted $0.57 earnings per share. The firm’s quarterly revenue was up 4.2% on a year-over-year basis. Analysts expect that Hess Midstream LP will post 2.45 earnings per share for the current fiscal year.

Hess Midstream Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Thursday, November 7th will be given a $0.6846 dividend. This represents a $2.74 annualized dividend and a dividend yield of 8.01%. The ex-dividend date of this dividend is Thursday, November 7th. This is a boost from Hess Midstream’s previous quarterly dividend of $0.67. Hess Midstream’s dividend payout ratio is presently 115.68%.

Insider Activity

In other Hess Midstream news, Director Infrastructure Investor Global sold 12,650,000 shares of the company’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $35.12, for a total transaction of $444,268,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CFO Jonathan C. Stein sold 7,923 shares of Hess Midstream stock in a transaction that occurred on 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 owns 59,945 shares of the company’s stock, valued at $2,117,257.40. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Infrastructure Investor Global sold 12,650,000 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $35.12, for a total transaction of $444,268,000.00. The disclosure for this sale can be found here.

Wall Street Analyst Weigh In

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

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.