Hess Midstream LP (NYSE:HESM) Shares Purchased by TD Asset Management Inc

TD Asset Management Inc lifted its position in Hess Midstream LP (NYSE:HESM) by 10.4% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,431,555 shares of the company’s stock after purchasing an additional 322,479 shares during the quarter. TD Asset Management Inc owned approximately 1.54% of Hess Midstream worth $125,046,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Epoch Investment Partners Inc. raised its stake in Hess Midstream by 82.8% during 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 during the last quarter. BROOKFIELD Corp ON raised its stake in Hess Midstream by 434.8% during 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 during the last quarter. Kayne Anderson Capital Advisors LP raised its stake in Hess Midstream by 55.8% during the 1st quarter. Kayne Anderson Capital Advisors LP now owns 1,305,561 shares of the company’s stock valued at $47,170,000 after acquiring an additional 467,601 shares during the last quarter. Artemis Investment Management LLP raised its stake in Hess Midstream by 220.0% during the 1st quarter. Artemis Investment Management LLP now owns 585,961 shares of the company’s stock valued at $21,160,000 after acquiring an additional 402,875 shares during the last quarter. Finally, Blackstone Inc. raised its stake in Hess Midstream by 64.7% during the 1st quarter. Blackstone Inc. now owns 621,293 shares of the company’s stock valued at $22,447,000 after acquiring an additional 244,078 shares during the last quarter. 92.41% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

HESM has been the subject of several analyst reports. UBS Group upped their price objective on Hess Midstream from $38.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, July 3rd. JPMorgan Chase & Co. increased their target price on Hess Midstream from $38.00 to $39.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Hess Midstream currently has an average rating of “Moderate Buy” and a consensus price target of $37.20.

Hess Midstream Stock Performance

Shares of HESM stock opened at $36.09 on Friday. The company has a market cap of $8.07 billion, a price-to-earnings ratio of 16.33 and a beta of 1.52. The stock has a 50 day simple moving average of $36.95 and a 200-day simple moving average of $35.80. Hess Midstream LP has a 12-month low of $27.57 and a 12-month high of $39.11. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 8.55.

Hess Midstream (NYSE:HESM) last issued its earnings results on Wednesday, July 31st. The company reported $0.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.54 by $0.05. The business had revenue of $365.50 million during the quarter, compared to the consensus estimate of $365.16 million. Hess Midstream had a return on equity of 41.91% and a net margin of 11.59%. The company’s revenue for the quarter was up 12.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.50 EPS. On average, equities analysts forecast that Hess Midstream LP will post 2.09 EPS for the current year.

Hess Midstream Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Thursday, August 8th were issued a $0.6677 dividend. The ex-dividend date of this dividend was Thursday, August 8th. This represents a $2.67 dividend on an annualized basis and a dividend yield of 7.40%. This is a boost from Hess Midstream’s previous quarterly dividend of $0.65. Hess Midstream’s dividend payout ratio is currently 120.81%.

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.