Hess Midstream LP (NYSE:HESM – Get Rating) declared a quarterly dividend on Monday, January 23rd, Zacks reports. Stockholders of record on Thursday, February 2nd will be paid a dividend of 0.57 per share on Monday, February 13th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 7.35%. The ex-dividend date of this dividend is Wednesday, February 1st. This is an increase from Hess Midstream’s previous quarterly dividend of $0.56.
Hess Midstream has increased its dividend payment by an average of 11.8% per year over the last three years and has increased its dividend every year for the last 5 years. Hess Midstream has a dividend payout ratio of 84.9% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Equities analysts expect Hess Midstream to earn $2.23 per share next year, which means the company may not be able to cover its $2.25 annual dividend with an expected future payout ratio of 100.9%.
Hess Midstream Trading Down 2.6 %
Shares of HESM stock opened at $31.02 on Wednesday. Hess Midstream has a 12-month low of $24.33 and a 12-month high of $35.71. The company has a market cap of $1.36 billion, a price-to-earnings ratio of 15.68 and a beta of 1.62. The stock has a 50 day simple moving average of $30.05 and a 200-day simple moving average of $28.93.
Analysts Set New Price Targets
Several equities analysts recently weighed in on HESM shares. Citigroup started coverage on Hess Midstream in a research note on Friday, December 9th. They issued a “buy” rating and a $34.00 price objective for the company. Morgan Stanley increased their target price on Hess Midstream from $34.00 to $35.00 and gave the company an “equal weight” rating in a report on Monday, January 9th.
Institutional Investors Weigh In On Hess Midstream
A number of large investors have recently bought and sold shares of HESM. Advisor Group Holdings Inc. grew its holdings in Hess Midstream by 43.0% during the 1st quarter. Advisor Group Holdings Inc. now owns 8,053 shares of the company’s stock valued at $241,000 after buying an additional 2,423 shares during the last quarter. Cambridge Investment Research Advisors Inc. acquired a new stake in shares of Hess Midstream during the first quarter worth $244,000. Cetera Advisor Networks LLC acquired a new stake in shares of Hess Midstream during the first quarter worth $445,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new stake in shares of Hess Midstream during the first quarter worth $1,556,000. Finally, BlackRock Inc. boosted its holdings in shares of Hess Midstream by 220.0% during the first quarter. BlackRock Inc. now owns 391,128 shares of the company’s stock worth $11,733,000 after purchasing an additional 268,914 shares during the last quarter. Institutional investors and hedge funds own 87.59% of the company’s stock.
About Hess Midstream
Hess Midstream LP engages in the ownership, development, and acquisition of midstream assets to provide services to third-party crude oil and natural gas producers. It operates through the following segments: Gathering, Processing and Storage, and Terminaling and Export. The Gathering segment consists of natural gas and crude oil gathering and compression.
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