FORA Capital LLC Increases Holdings in Hess Midstream LP (NYSE:HESM)

FORA Capital LLC raised its stake in Hess Midstream LP (NYSE:HESM) by 50.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,634 shares of the company’s stock after purchasing an additional 4,562 shares during the quarter. FORA Capital LLC’s holdings in Hess Midstream were worth $481,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Tompkins Financial Corp purchased a new stake in shares of Hess Midstream in the third quarter worth about $71,000. KBC Group NV grew its holdings in Hess Midstream by 83.9% during the 3rd quarter. KBC Group NV now owns 2,803 shares of the company’s stock valued at $99,000 after purchasing an additional 1,279 shares in the last quarter. Brown Brothers Harriman & Co. increased its stake in Hess Midstream by 487.4% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 3,366 shares of the company’s stock worth $119,000 after buying an additional 2,793 shares during the period. Comerica Bank lifted its holdings in Hess Midstream by 7.4% in the 1st quarter. Comerica Bank now owns 5,553 shares of the company’s stock worth $201,000 after buying an additional 385 shares in the last quarter. Finally, Seelaus Asset Management LLC boosted its position in Hess Midstream by 5.5% in the 3rd quarter. Seelaus Asset Management LLC now owns 5,800 shares of the company’s stock valued at $205,000 after buying an additional 300 shares during the last quarter. Institutional investors and hedge funds own 92.41% of the company’s stock.

Hess Midstream Trading Up 0.5 %

HESM opened at $37.31 on Friday. Hess Midstream LP has a 12-month low of $30.08 and a 12-month high of $39.11. The company has a debt-to-equity ratio of 7.85, a current ratio of 0.70 and a quick ratio of 0.70. The stock has a market capitalization of $8.13 billion, a PE ratio of 15.81 and a beta of 1.51. The firm’s fifty day moving average price is $35.62 and its 200 day moving average price is $36.07.

Hess Midstream (NYSE:HESM) last issued its earnings results on Wednesday, October 30th. The company reported $0.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.58 by $0.05. The business had revenue of $378.50 million for the quarter, compared to analyst estimates of $376.98 million. Hess Midstream had a net margin of 13.06% and a return on equity of 47.87%. The company’s revenue for the quarter was up 4.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.57 EPS. As a group, research analysts expect that Hess Midstream LP will post 2.45 EPS for the current fiscal year.

Hess Midstream Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Thursday, November 7th were given a $0.6846 dividend. This is a positive change from Hess Midstream’s previous quarterly dividend of $0.67. The ex-dividend date of this dividend was Thursday, November 7th. This represents a $2.74 annualized dividend and a dividend yield of 7.34%. Hess Midstream’s dividend payout ratio (DPR) is presently 115.68%.

Analyst Upgrades and Downgrades

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

Insider Activity

In other news, CFO Jonathan C. Stein sold 7,923 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $35.32, for a total transaction of $279,840.36. Following the completion of the transaction, the chief financial officer now directly owns 59,945 shares of the company’s stock, valued at approximately $2,117,257.40. This represents a 11.67 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Infrastructure Investor Global sold 12,650,000 shares of the firm’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 value of $444,268,000.00. The disclosure for this sale can be found here.

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.