WBI Investments LLC Reduces Position in Hess Midstream LP (NYSE:HESM)

WBI Investments LLC trimmed its position in Hess Midstream LP (NYSE:HESM) by 24.3% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 22,480 shares of the company’s stock after selling 7,214 shares during the period. WBI Investments LLC’s holdings in Hess Midstream were worth $812,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of HESM. Capstone Investment Advisors LLC raised its holdings in shares of Hess Midstream by 439.0% during the first quarter. Capstone Investment Advisors LLC now owns 107,806 shares of the company’s stock valued at $3,895,000 after buying an additional 87,806 shares during the last quarter. Naples Global Advisors LLC raised its holdings in shares of Hess Midstream by 3.0% during the first quarter. Naples Global Advisors LLC now owns 61,920 shares of the company’s stock valued at $2,237,000 after buying an additional 1,825 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new stake in shares of Hess Midstream during the first quarter valued at approximately $30,000. Lindbrook Capital LLC bought a new stake in shares of Hess Midstream during the first quarter valued at approximately $518,000. Finally, Cambridge Investment Research Advisors Inc. raised its holdings in shares of Hess Midstream by 5.1% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 76,507 shares of the company’s stock valued at $2,764,000 after buying an additional 3,725 shares during the last quarter. 92.41% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Hess Midstream

In other Hess Midstream news, Director Infrastructure Investor Global sold 1,500,000 shares of Hess Midstream 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 transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Hess Midstream Price Performance

NYSE:HESM traded down $0.06 during midday trading on Thursday, hitting $37.49. 243,464 shares of the stock were exchanged, compared to its average volume of 930,591. The company has a market capitalization of $8.38 billion, a price-to-earnings ratio of 16.95 and a beta of 1.52. Hess Midstream LP has a one year low of $27.57 and a one year high of $37.73. The business has a 50-day moving average price of $35.59 and a two-hundred day moving average price of $34.58. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 8.67.

Hess Midstream (NYSE:HESM) last posted its quarterly 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 analysts’ expectations of $354.98 million. Hess Midstream had a return on equity of 35.08% and a net margin of 10.18%. Sell-side analysts predict that Hess Midstream LP will post 2.5 EPS for the current year.

Hess Midstream Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, May 14th. Shareholders of record on Thursday, May 2nd were issued a $0.6516 dividend. The ex-dividend date was Wednesday, May 1st. This represents a $2.61 annualized dividend and a dividend yield of 6.95%. This is a boost from Hess Midstream’s previous quarterly dividend of $0.63. Hess Midstream’s dividend payout ratio is currently 118.10%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on HESM shares. UBS Group lifted their price target on Hess Midstream from $38.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, July 3rd. JPMorgan Chase & Co. boosted their target price on Hess Midstream from $37.00 to $38.00 and gave the stock a “neutral” rating in a report on Tuesday, April 16th. Finally, Wells Fargo & Company boosted their target price on Hess Midstream from $36.00 to $37.00 and gave the stock an “equal weight” rating in a report on Monday, April 29th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, Hess Midstream presently has a consensus rating of “Moderate Buy” and a consensus price target of $36.83.

Hess Midstream Profile

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.