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

Hess Midstream LP (NYSE:HESM) was the target of a large decline in short interest in June. As of June 15th, there was short interest totalling 4,510,000 shares, a decline of 19.5% from the May 31st total of 5,600,000 shares. Based on an average daily volume of 957,600 shares, the days-to-cover ratio is currently 4.7 days.

Hess Midstream Price Performance

Hess Midstream stock traded down $0.09 during midday trading on Friday, reaching $36.44. The company’s stock had a trading volume of 765,027 shares, compared to its average volume of 1,120,268. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 8.67. The stock has a market cap of $8.15 billion, a PE ratio of 16.49 and a beta of 1.49. Hess Midstream has a 52 week low of $27.57 and a 52 week high of $37.13. The business has a 50-day moving average price of $35.22 and a 200-day moving average price of $34.27.

Hess Midstream (NYSE:HESM) last posted its quarterly earnings results on Thursday, April 25th. The company reported $0.59 earnings per share for the quarter, beating analysts’ consensus estimates of $0.55 by $0.04. The company had revenue of $355.60 million for the quarter, compared to the consensus estimate of $354.98 million. Hess Midstream had a net margin of 10.18% and a return on equity of 35.08%. On average, sell-side analysts predict that Hess Midstream will post 2.5 EPS for the current year.

Hess Midstream Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, May 14th. Shareholders of record on Thursday, May 2nd were paid a dividend of $0.6516 per share. This represents a $2.61 dividend on an annualized basis and a dividend yield of 7.15%. The ex-dividend date was Wednesday, May 1st. This is a boost from Hess Midstream’s previous quarterly dividend of $0.63. Hess Midstream’s payout ratio is presently 118.10%.

Wall Street Analyst Weigh In

A number of research firms recently commented on HESM. Wells Fargo & Company boosted their price target on Hess Midstream from $36.00 to $37.00 and gave the company an “equal weight” rating in a research note on Monday, April 29th. JPMorgan Chase & Co. upped their price target on shares of Hess Midstream from $37.00 to $38.00 and gave the stock a “neutral” rating in a 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 stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $36.50.

Insiders Place Their Bets

In other news, Director Infrastructure Investor Global sold 1,500,000 shares of the firm’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $34.02, for a total transaction of $51,030,000.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Alps Advisors Inc. grew its position in Hess Midstream by 36.0% during the 3rd 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 during the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Hess Midstream by 2.2% during the fourth quarter. Goldman Sachs Group Inc. now owns 3,431,870 shares of the company’s stock worth $108,550,000 after purchasing an additional 72,548 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Hess Midstream by 38.9% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,167,876 shares of the company’s stock worth $100,200,000 after purchasing an additional 887,859 shares during the last quarter. TD Asset Management Inc increased its stake in shares of Hess Midstream by 33.1% in the first quarter. TD Asset Management Inc now owns 3,109,076 shares of the company’s stock valued at $112,331,000 after buying an additional 773,119 shares during the period. Finally, Epoch Investment Partners Inc. raised its holdings in Hess Midstream by 33.3% in the 1st quarter. Epoch Investment Partners Inc. now owns 2,390,636 shares of the company’s stock valued at $86,374,000 after buying an additional 597,750 shares during the last quarter. 92.41% of the stock is currently owned by institutional investors and hedge funds.

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.